Sumitomo Pharma boosts earnings forecast, cites strong sales

Sumitomo Pharma (TSE: 4506) announced an upward revision to its consolidated earnings forecast for the fiscal year ending March 31, 2025, citing stronger-than-expected sales, particularly in its North American segment with the prostate cancer treatment "Orgovyx," as well as a gain on the sale of its regenerative medicine business. The company now expects revenue of JPY 398.8 billion, up from the previous forecast of JPY 381 billion. Core operating profit is projected to be JPY 43.2 billion, a significant increase from the prior estimate of JPY 30 billion. Net profit attributable to owners of the parent is now forecasted at JPY 23.6 billion, compared to the earlier forecast of JPY 16 billion, resulting in an increase in basic earnings per share from JPY 40.27 to JPY 59.49. The updated forecast also includes a JPY 11.9 billion gain from the transfer of shares related to the regenerative medicine business.