Sumitomo Pharma Cuts 400 US Jobs as Credit Market Concerns Mount [BNN Bloomberg (Canada)]
SUMITOMO CHEM UNSP/ADR (SOMMY)
NASDAQ:AMEX Investor Relations:
sumitomo-chem.co.jp/english/ir
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Source: BNN Bloomberg
The Osaka-based drugmaker cited a “severe business environment” and the failure of three key drugs to meet its revenue goals as reasons for the job reductions. That followed cuts of around 500 jobs last year. The company's subordinated yen bond due in September 2050 has fallen 41% this year to an all-time low of ¥44.1, putting it deep in distressed territory. That's the lowest price for any outstanding regular bond sold by a Japanese company in yen that hasn't defaulted, according to Bloomberg-compiled data. Sumitomo Pharma's shares have also been weak, contrasting with its peers that have seen gains this year in line with the broad Topix index, which is about 6% away from record highs marked in 1989. The company's stock has tumbled 23% so far this year, even as the Topix climbed 15% and the Topix pharma gauge gained 11%. “We believe that the current decline in corporate bond prices is a result of the ongoing losses,” said Katsuya Kiyose at Sumitomo Pharma's IR department. “We
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