Sumitomo reports loss in FY2023 and loss of exclusivity for Latuda (lurasidone).
Sumitomo Pharma on May 14 reported an operating loss to the tune of nearly 355 billion yen in FY2023 as per its most recent guidance update last month, battered by a huge patent cliff and underperformances with what it positions as next drivers
The company will revamp its management including its CEO to turn around the embattled business. In the year through March 2024, the Osaka drug maker’s operating loss widened to 354.9 billion yen, from 77 billion yen the prior year, on revenue of 314.6 billion yen, down 43.4%. The company was exposed with significant generic headwinds in the US, where its flagship antipsychotic Latuda (lurasidone) lost its exclusivity in February 2023. Three key products in North America also did not live up to expectations, forcing the drug maker to review its business forecast and incur massive impairment losses on intangible assets like patent rights and goodwill.
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