* Q1 operating profit Y98.9 bln vs Y195 bln a year earlier
* Takeda booked gains from asset sales a year earlier(Adds details)
TOKYO, July 31 (Reuters) - Japan's Takeda Pharmaceutical CoLtd on Tuesday reported that its operating profithalved from the year-ago quarter, when the drugmaker had bookedgains from asset sales.
Operating profit came in at 98.9 billion yen ($889.3million) for the quarter ended June, its weakest first quarterresult in three years.
Many of Takeda's top-performing drugs posted stronger sales,but the company is facing a weak late-stage pipeline. To plugthe gap, the company agreed in May to acquire London-listedShire for $62 billion dollars.
The deal, which is expected to close in the first half of2019, will increase Takeda's pipeline of Phase III programmes to10 from three and turn it into one of the world's largestdrugmakers.
In the first quarter bowel disease drug Entyvio sales hit61.3 billion yen, up 34 percent on a year earlier. Multiplemyeloma drug Ninlaro sales were 14 billion yen, up 40 percent.
The company is bracing for lower sales of blockbuster bloodcancer drug Velcade, which lost market exclusivity in the UnitedStates last year. Sales of the drug were down 13 percent in thefirst quarter.
Takeda has recently reported a slew of potentially positivepipeline news.
Last week, the company said its targeted lung cancer drugAlunbrig demonstrated a statistically significant improvement inprogression-free survival of patients.
The interim results from a Phase 3 trial could lead toexpansion of the drug's use against rivals Xalkori from PfizerInc, and Alecensa from Chugai Pharmaceutical Co Ltd, a unit of Roche Holding AG.
Earlier this month Takeda said Ninlaro improved survivalwhen used as a maintenance therapy for cancer patients followingstem cell transplants.
Other upcoming readouts awaited by analysts include Takeda'snext generation Dengue vaccine and a vaccine for the Norovirus.
Takeda maintained its full-year operating profit forecast of201 billion yen.($1 = 111.2100 yen)(Reporting by Sam Nussey; editing by Richard Pullin)