bearish
Sumitomo Pharma (4506 JP): Pain Continues with Dwindling Sales; Trial Setback Worsens Outlook
351 Views04 Sep 2023 10:57
SUMMARY
- Sumitomo Pharma (4506 JP) recorded 53% YoY and 21% QoQ decline in Q1FY24 revenue to ¥75.7B, mainly due to the impact of the loss of exclusivity for Latuda in U.S.
- Sumitomo’s schizophrenia drug candidate ulotaront missed primary endpoints in phase 3 trial. Clinical setback on one of the two phase 3 drug candidates is quite a blow for the company.
- Sumitomo reaffirmed FY24 guidance, which calls for revenue decline of 35% YoY to ¥362B. The company guided for adjusted operating loss of ¥62B and net loss of ¥80B in FY24.
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Tina Banerjee
Global Healthcare Analyst
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