Sumitomo Pharma rebuts Gotham City Research report on alleged ¥116.2 billion “Swiss Shuffle”
Reuters2026/08/07 04:43- Sumitomo Pharma issued additional rebuttals to an Aug. 3 Gotham City Research report alleging earnings inflation tied to a “¥116 billion Swiss Shuffle.”
- It defended FY ended March 31, 2026 results, citing a properly booked JPY 49 billion gain on a partial transfer of its Asia business.
- It rejected claims that higher receivables signaled channel stuffing, citing factoring differences, gross-vs-net presentation, IFRS held-for-sale reclassification effects.
- It detailed JPY 164.5 billion dividends from Sumitomo Pharma Switzerland, booked as JPY 48.3 billion income, JPY 116.2 billion investment reduction under Japanese GAAP.
- It said KPMG AZSA issued unqualified audit opinions; it signaled potential legal action over inaccurate or misleading information.
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