Sumitomo Pharma Cuts 400 US Jobs as Credit Market Concerns Mount [Yahoo! Finance]
SUMITOMO CHEM UNSP/ADR (SOMMY)
NASDAQ:AMEX Investor Relations:
sumitomo-chem.co.jp/english/ir
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Source: Yahoo! Finance
Most Read from Bloomberg America Blew Almost $2 Trillion. Make It Stop. Supreme Court Rules Trump Can Appear on Presidential Ballots Wall Street's DEI Retreat Has Officially Begun China Scraps Premier Li's Briefing, Breaking Years of Convention Chicago to Go Ahead With Plan to Revamp Empty Downtown Towers 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% awa
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