Sumitomo Pharma (TYO:4506) raised its forecast for fiscal 2025, including an attributable profit of 23.6 billion yen or 59.49 yen per share, driven by stronger-than-expected sales of prostate cancer drug and other products in North America, according to its filing on Tuesday.
This compares with the 16 billion yen or 40.27 yen per share previously forecasted.
Revenue is now expected at 398.8 billion yen from 381 billion yen initially.
A key boost came from the 11.9 billion yen gain recorded after transferring its regenerative medicine business to Racthera and Sumitomo Chemical in February.
This strategic move, alongside robust pharmaceutical performance, marks a turnaround from fiscal 2024's 314.9 billion yen net loss.
Shares of the company surged nearly 15% in morning trade Wednesday.
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