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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