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Oct. 06, 2022Print(PDF/177KB)Finances

Sumitomo Pharma Announces Posting Impairment Loss

Sumitomo Pharma Co., Ltd. (Head Office: Osaka, Japan; Representative Director, President and CEO: Hiroshi Nomura; Securities Code: 4506, Prime Market of TSE) announced today that the Company will post an impairment loss for the second quarter of the fiscal year ending March 31, 2023 according to the details below.

1.Details of impairment loss
It has been 2 years since the launch of KYNMOBI® in September 2020. Since KYNMOBI® has not been performing up to expectations, the Company has reviewed forecast of its earnings and will post an impairment loss of 54,370 million yen ($406 million) associated with the product.
KYNMOBI® is a treatment for OFF episodes associated with Parkinson's disease, which is being marketed in the United States by Sunovion Pharmaceuticals Inc., a U.S. subsidiary of the Company.

2.Future outlook
The impact of this matter on the Company's consolidated financial results is currently being investigated and any future disclosure in this regard will be made promptly. Since the impairment loss is a non-cash profit and loss item, cashflow will not be affected.