Sumitomo to lay off about 400 employees, reshuffle execs in North America as sales disappoints
Sumitomo Pharma is laying off another 400 employees in North America and shaking up its leadership team after three of its drugs failed to hit expected sales targets. Myrtle Potter, president and CEO of Sumitomo Pharma America, will be departing at the end of March.
The Japanese company had already reorganized its North American unit once in 2023, cutting 500 jobs in the process. But the lower-than-expected growth — coming in below projections in its 2027 business plan — prompted it to streamline its organizational operations further, according to the company.
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