Conference on Q1 FY2023
(April 1 to June 30, 2023)
Financial Results
Sumitomo Pharma Co., Ltd.
July 31, 2023
Disclaimer Regarding Forward-looking Statements
This material contains forecasts, projections, targets, plans, and other forward-looking statements regarding the Group's financial results and other data. Such forward-looking statements are based on the Company's assumptions, estimates, outlook, and other judgments made in light of information available at the time of disclosure of such statements and involve both known and unknown risks and uncertainties.
Accordingly, plans, goals, and other statements may not be realized as described, and actual financial results, success/failure or progress of development, and other projections may differ materially from those presented herein.
Information concerning pharmaceuticals and medical devices (including those under development) contained herein is not intended as advertising or as medical advice.
© Sumitomo Pharma Co., Ltd. All Rights Reserved. | 1 |
Financial Results for Q1 FY2023
© Sumitomo Pharma Co., Ltd. All Rights Reserved. | 2 |
Financial Results for Q1 FY2023
Sumitomo Pharma America (SMPA) Launches as New Combined Organization
- SMPA launched on July 1, 2023 through consolidation the functions and human resources of Sumitomo Pharma's seven U.S. subsidiaries including Sunovion, Sumitovant, Myovant, Urovant, etc.
- The combination is expected to reduce the total number of employees in North America by approx. 500*1 by the end of FY2023, with cost synergies (SG&A and R&D expenses) of approx. US$260M in FY2023 and US$400M
in FY2024*2
Sumitomo Pharma America, Inc.
- U.S. Flagship Location: Cambridge, Massachusetts, U.S. with additional offices across NA and Europe
- Commercial Products: ORGOVYX®, MYFEMBREE®, GEMTESA®, APTIOM®, RETHYMIC®, and LATUDA®
- R&D & Pipeline: More than 30 assets including small molecule compounds and regenerative medicine/cell therapies in Psychiatry & Neurology such as ulotaront and Oncology as well as Other Areas, with dozens of clinical studies underway
- Number of employees: Approx. 1,700 (as of July 1, 2023)
- Leadership team: Comprised of industry-leading experts with deep life sciences expertise. Additionally, the following three leaders have been appointed Executive Officers of Sumitomo Pharma effective July 1, 2023
Myrtle Potter | ||||
President & CEO | ||||
Armin Szegedi | ||||
Adele Gulfo | ||||
CEO of Biopharma | Chief Medical | |||
Commercial Unit | Officer | |||
© Sumitomo Pharma Co., Ltd. All Rights Reserved. 3 |
Financial Results for Q1 FY2023
Financial Results for Q1 FY2023 (Core Basis)
The forecasts are not revised
Billions of yen
Q1YTD | Q1YTD | Change | |||
FY2022 | FY2023 | ||||
Value | FX impact | % | |||
Results | Results | ||||
Revenue | 159.9 | 75.7 | (84.2) | 2.2 | (52.7) |
Cost of sales | 46.1 | 30.4 | (15.6) | (3.2) | (33.9) |
Gross profit | 113.8 | 45.3 | (68.6) | 5.4 | (60.2) |
SG&A expenses | 76.0 | 61.8 | (14.2) | 2.4 | (18.7) |
R&D expenses | 24.4 | 22.8 | (1.6) | 0.9 | (6.6) |
Other operating income/expenses | 0.0 | 5.9 | 5.9 | - | - |
Core operating profit | 13.4 | (33.5) | (46.9) | 2.2 | - |
Non-recurring items | 1.2 | (18.1) | (19.3) | ||
(negative number indicates loss) | |||||
Operating profit | 14.6 | (51.6) | (66.2) | - | |
Finance income/costs | 32.0 | 20.5 | (11.5) | ||
Profit before taxes | 46.6 | (31.1) | (77.7) | - | |
Income tax expenses | 18.5 | 7.8 | (10.7) | ||
Net profit | 28.1 | (38.9) | (67.0) | - | |
Net profit attributable to owners | 31.1 | (38.9) | (70.0) | - | |
of the parent | |||||
FY2023
May 15 | % |
forecasts | |
- 20.9
- 23.1
230.0 19.7
- 28.1
- 27.2
12.0 49.0
(62.0) 54.1
(16.0)
(78.0) | 66.1 |
(3.0) | |
(81.0) | |
(1.0) | |
(80.0) | 48.6 |
(80.0) | 48.6 |
- Revenue decreased significantly due
to LATUDA®'s loss of exclusivity in the U.S. - Share transfer of Sumitomo Pharma Animal Health Co., Ltd. Included in Other operating income/ expenses
- Business structure improvement expenses in North America recognized as Non- recurring item
From Q1 FY2023, segments have been changed from four (Japan, North America, China, and Other Regions) to three
Average rates: | Period end rates: |
Q1 FY2022 Results : 1US$ = ¥129.73, 1RMB = ¥19.60 | As of the end of March 2023 : 1US$ = ¥133.54, 1RMB = ¥19.42 |
Q1 FY2023 Results : 1US$ = ¥137.50, 1RMB = ¥19.57 | As of the end of June 2023 : 1US$ = ¥144.99, 1RMB = ¥19.95 |
FY2023 forecasts : 1US$ = ¥130.00, 1RMB = ¥19.50 |
(Japan, North America, and Asia)
© Sumitomo Pharma Co., Ltd. All Rights Reserved. | 4 |
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Sumitomo Pharma Co. Ltd. published this content on 31 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2023 10:14:19 UTC.