Takeda is Japan's largest pharma with a global rare disease and specialty franchise (Entyvio, Takhzyro, plasma-derived therapies). The post-Shire integration is largely complete, and deleveraging has progressed substantially. Patent expirations on Vyvanse and approaching Entyvio LOE create revenue cliff concerns. Pipeline replenishment via TAK-861 (narcolepsy), oncology assets, and BD activity is the recovery thesis. Yen weakness provides translation tailwind.