Overview
Pharmaceutical

SANTEN PHARMACEUTICAL CO.,LTD.

Santen Pharmaceutical is a specialty pharmaceutical company exclusively focused on ophthalmology, engaged in the research, development, manufacturing, and sales of prescription and over-the-counter ophthalmic products. Its product portfolio includes treatments for glaucoma, dry eye, allergic conjunctivitis, retinal diseases, and other ocular conditions, targeting patients, healthcare professionals, and consumers globally. The company leverages its deep ophthalmology expertise and global commercial infrastructure as key competitive strengths.

Market Cap
¥557B
US$3.55B
EV
¥505B
US$3.21B
Stock¥1,734▲+0.73%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
7.5
x
LTM EV/EBIT
10.4
x
LTM PER
14.4
x
LTM PBR
1.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-8.8%pt
100
Oct 23, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
557BUS$3.55BMarket Cap36.9BUS$235M+ Debt78.3BUS$498M− Cash11.0BUS$69.9M− Inv. Sec.505BUS$3.21BEV
AI Briefing
Pure-play global ophthalmology specialist spanning Rx, OTC and devices across Japan, China, Asia, EMEA and North America. FY26/3 revenue ¥292B with OP margin expanding to 16.4%, profitability steadily improving despite topline dip from FY25/3's ¥300B. Market cap ¥555B vs EV ¥503B reflects net cash position; foreign holders like Silchester signal international investor interest in the asset.
Performance & Balance
Revenue 5Y (¥B)
266US$1.70B'22/3279US$1.78B'23/3302US$1.92B'24/3300US$1.91B'25/3292US$1.86B'26/3
EBITDA 5Y (¥B)
52.9US$337M'22/314.2US$90.2M'23/356.7US$361M'24/364.8US$413M'25/366.2US$421M'26/3
Net Income 5Y (¥B)
27.2US$173M'22/3-14.9-US$95.2M'23/326.6US$170M'24/336.3US$231M'25/337.4US$238M'26/3
Capital Structure
89%
EquityD/E 0.12xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
83.0US$529M11.9US$75.6M'22/357.9US$369M28.9US$184M'23/394.6US$602M27.5US$175M'24/393.0US$592M27.5US$175M'25/380.9US$515M36.9US$235M'26/3
Shareholders
Top 10 hold 43.2%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
16.05%
2
Custody Bank of Japan, Ltd. (Trust Account)
6.06%
3
NORTHERN TRUST CO.(AVFC)RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
4.18%
4
Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
3.31%
5
NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
2.80%
6
GOVERNMENT OF NORWAY (Standing Proxy: Citibank, N.A., Tokyo Branch)
2.67%
7
MUFG Bank, Ltd.
2.17%
8
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
2.05%
9
JPMorgan Securities Japan Co., Ltd.
2.01%
10
ONO PHARMACEUTICAL CO.,LTD.
1.93%
Management
10 officers
Takeshi ITO
Representative Director, President and CEO
Apr 1982 Joined the Company Jul 1999 General Manager, Business Development Office, Business Development Division May 2001 General Manager, Planning Office, R&D Strategy Division Dec 2002 General Manager, R&D Coordination Division, R&D Headquarters Apr 2007 General Manager, Surgical Business Division Apr 2012 Executive Officer; General Manager, Pharmaceutical Sales Coordination Division, Pharmaceutical Business Division Apr 2014 Managing Executive Officer; General Manager, Pharmaceutical Business Division Apr 2016 Senior Managing Executive Officer; in charge of Japan Business; General Manager, Pharmaceutical Business Division Jun 2017 Director Apr 2019 Head of Japan Business; General Manager, Ophthalmic Business Division Apr 2022 Representative Director, Executive Vice President Sep 2022 Representative Director, President and CEO (current)
1959-07-16
Rie NAKAJIMA
Director, Executive Officer and COO
Apr 2000 Joined Toyota Motor Corporation Aug 2008 Joined Boston Consulting Group Aug 2011 Joined MSD K.K. Jan 2015 General Manager, Cardiovascular, Lipid and Atherosclerosis Marketing, MSD K.K. Jun 2016 Executive Officer; in charge of Strategy and Long-Term Marketed Products, MSD K.K. Jan 2017 Executive Officer; General Manager, Strategy and Commercial Excellence; in charge of Long-Term Marketed Products, MSD K.K. Jan 2018 Executive Officer; General Manager, Strategy and Commercial Excellence; in charge of Long-Term Marketed Products and Distribution, MSD K.K. Jan 2019 President, MSD Taiwan Nov 2020 Vice President, Strategy and Innovation Lead, Merck & Co., Inc. (Organon) Jun 2021 Vice President, Strategy and Innovation Lead, Organon & Co. Mar 2023 Joined the Company; Executive Officer, COO Jun 2023 Executive Officer, COO; in charge of North America Business Apr 2024 Executive Officer, COO; in charge of China Business Jun 2024 Executive Officer, COO Jun 2024 Director, Executive Officer, COO (current)
1977-12-12
Ippei KURIHARA
Director, Executive Officer; Head of Japan Business and in charge of Business Development
Apr 2005 Joined CYBIRD Co., Ltd. Mar 2008 Joined A.T. Kearney K.K. Apr 2013 Joined Hay Consulting Group K.K. (now Korn Ferry Japan K.K.) Apr 2015 Joined the Company Apr 2018 General Manager, Surgical Development and Strategy Division, Surgical Business Division Apr 2019 General Manager, Japan Business Strategy Planning Division Apr 2021 Executive Officer; General Manager, Marketing Division, Ophthalmic Business Division Sep 2022 Executive Officer; Head of Japan Business; General Manager, Marketing Division, Ophthalmic Business Division Apr 2024 Executive Officer; Head of Japan Business May 2024 Executive Officer; Head of Japan Business; Global Commercial Strategy Jun 2024 Director, Executive Officer; Head of Japan Business; Global Commercial Strategy Oct 2025 Director, Executive Officer; Head of Japan Business; in charge of Business Development (current)
1981-01-02
Masahiko IKAGA
Director
Oct 1979 Joined Tohmatsu & Aoki Audit Corporation (now Deloitte Tohmatsu LLC) Mar 1988 Registered as Certified Public Accountant May 1988 Director, Tohmatsu Touche Ross Consulting Co., Ltd. (now ABeam Consulting Ltd.) May 1990 Partner, Tohmatsu & Aoki Audit Corporation (now Deloitte Tohmatsu LLC) Apr 1993 Director, Tohmatsu Consulting Co., Ltd. (now Deloitte Tohmatsu Consulting LLC) Mar 2000 President and Representative Director, Tohmatsu Consulting Co., Ltd. (now Deloitte Tohmatsu Consulting LLC) Oct 2010 Chairman, Tohmatsu Consulting Co., Ltd. (now Deloitte Tohmatsu Consulting LLC) Nov 2013 Chief Strategy Officer (CSO), Deloitte Tohmatsu LLC Mar 2016 Retired as Partner, Deloitte Tohmatsu LLC Apr 2016 Representative, Masahiko Ikaga Certified Public Accountant Office (current) May 2016 Representative Director, Prajnalink Co., Ltd. (current) Jun 2016 Outside Audit & Supervisory Board Member, Morinaga Milk Industry Co., Ltd. Mar 2017 Outside Audit & Supervisory Board Member, Yamaha Motor Co., Ltd. Jun 2017 Outside Director, Ryobi Limited (current) Jun 2022 Outside Audit & Supervisory Board Member of the Company Jun 2024 Retired as Outside Audit & Supervisory Board Member of the Company Jun 2024 Outside Director of the Company (current)
1955-05-14
Minoru KIKUOKA
Director
Sep 2004 General Manager, Corporate Planning Department, Nitto Denko Corporation; Vice President, Nitto Americas, Inc. Apr 2006 General Manager, Membrane Business Division, Nitto Denko Corporation; CEO, Hydranautics (U.S.) Jul 2011 Director, Corporate Management Division, Nitto Denko Corporation Oct 2014 Managing Executive Officer, Nidec Corporation Apr 2017 Joined Japan Display Inc. May 2019 Managing Executive Officer, CFO, Japan Display Inc. Sep 2019 Representative Director, President and CEO, Japan Display Inc. Aug 2020 Representative Executive Officer, President and CEO, Japan Display Inc. Jan 2021 Senior Advisor, Ichigo Asset Management, Ltd. Mar 2022 Senior Managing Executive Officer, CFO, Astellas Pharma Inc. Apr 2023 Senior Advisor, Ichigo Asset Management, Ltd. Jun 2024 Outside Director of the Company (current)
1962-09-08
Yukiko KURODA
Director
Apr 1986 Joined Sony Corporation Jan 1991 Representative Director, People Focus Consulting Inc. Jun 2010 Outside Audit & Supervisory Board Member, Astellas Pharma Inc. Mar 2011 Outside Director, CAC Corporation (now CAC Holdings Corporation) Apr 2012 Director and Founder, People Focus Consulting Inc. Jun 2013 Outside Director, Marubeni Corporation Jun 2015 Outside Director, Mitsui Chemicals, Inc. Jun 2018 Outside Director, Seven Bank, Ltd. Jun 2018 Outside Director, Terumo Corporation Jun 2022 Outside Director, Obayashi Corporation (current) Aug 2022 Outside Director, Oracle Corporation Japan (current) Apr 2024 Advisor and Founder, People Focus Consulting Inc. (current) Apr 2025 Outside Director, Sekisui House, Ltd. (current) Jun 2025 Outside Director of the Company (current)
1963-09-24
Hiroshi ISAKA
Full-time Audit & Supervisory Board Member
May 1997 Joined the Company Jan 2002 Joined Universal Studios Japan LLC Jan 2010 Joined the Company Apr 2011 General Manager, Corporate Planning Office, Corporate Planning Division Apr 2012 General Manager, Corporate Planning Division Apr 2013 Deputy General Manager, Human Resources, Organization Development and CSR Division Feb 2015 Deputy General Manager, Surgical Business Division Oct 2015 General Manager, Surgical Business Division Apr 2019 General Manager, IOL Business Strategy and Promotion Office Jun 2020 Full-time Audit & Supervisory Board Member of the Company (current)
1963-07-08
Junichi ASATANI
Audit & Supervisory Board Member
Apr 2010 Vice President & CFO, Eisai Inc. Apr 2012 General Manager, Corporate IA Department, Eisai Co., Ltd. Jun 2014 Chief Compliance Officer and Executive Officer in charge of Internal Control, Eisai Co., Ltd. Jun 2020 Executive Officer in charge of Internal Audit, Eisai Co., Ltd. Jul 2021 Advisor, Eisai Co., Ltd. Jun 2023 Outside Audit & Supervisory Board Member of the Company (current)
1961-02-22
Yayoko HOTAKA
Audit & Supervisory Board Member
Apr 1992 Registered as attorney-at-law; joined Ishii Law Office Jan 2005 Joined Morrison & Foerster LLP as Partner Jan 2011 Joined Baker & McKenzie as Partner Sep 2020 Fellow, C4IR Japan Center, World Economic Forum Jun 2021 Outside Audit & Supervisory Board Member, Sumitomo Heavy Industries, Ltd. Apr 2023 Partner, Isshiki Law Office (current) May 2023 Outside Director, Audit and Supervisory Committee Member, Yaskawa Electric Corporation (current) Jun 2023 Outside Audit & Supervisory Board Member of the Company (current) Mar 2024 Outside Director, Sumitomo Heavy Industries, Ltd.
1966-03-20
Yuichiro MUNAKATA
Audit & Supervisory Board Member
Mar 1993 Registered as Certified Public Accountant Jun 1993 Joined Ohta Showa Audit Corporation (now EY ShinNihon LLC) Jul 1998 Stationed at Ernst & Young LLP, New York Office May 2000 Partner, Ohta Showa Century Audit Corporation (now EY ShinNihon LLC) Dec 2001 Obtained U.S. CPA license Jul 2014 Account Leader and Member of Operating Committee, EY Japan Area, ShinNihon LLC (now EY ShinNihon LLC) Sep 2016 Deputy Leader, Assurance, EY Japan Area, EY ShinNihon LLC Apr 2018 Head of FAAS Business Division, EY ShinNihon LLC May 2018 Representative Director, EY Solutions Co., Ltd. Nov 2022 Outside Director, Audit and Supervisory Committee Member, Kasumigaseki Capital Co., Ltd. (current) Jun 2023 Outside Director, Audit and Supervisory Committee Member, Sinanen Holdings Co., Ltd. Jun 2024 Outside Audit & Supervisory Board Member of the Company (current) Jun 2024 Outside Director, Full-time Audit and Supervisory Committee Member, Sinanen Holdings Co., Ltd. (current)
1960-01-05
Large Shareholding Reports
Silchester International Investors LLP
2025-10-08
8.21%→9.23%
Silchester International Investors LLP
2025-09-22
7.13%→8.21%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-09-19
3.02%→2.82%
Silchester International Investors LLP
2025-03-24
7.10%→7.13%
Silchester International Investors LLP
2025-03-05
6.08%→7.10%
Silchester International Investors LLP
2025-02-07
5.02%→6.08%
Silchester International Investors LLP
2024-04-22
5.02%
Disclosures
No disclosures
Primary Source Filings
EDINETAmended
2026-09-14
Amended Securities Registration Statement
EDINET
2026-09-03
Securities Registration Statement
TDnet
2026-08-06
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-18
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-05
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-10
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-08
Large Shareholding Report
EDINET
2025-09-22
Large Shareholding Report
EDINET
2025-09-19
Large Shareholding Report
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-23
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-05-21
中期経営計画
EDINET
2025-03-24
Large Shareholding Report
EDINET
2025-03-05
Large Shareholding Report
EDINET
2025-02-07
Large Shareholding Report
TDnet
2025-02-06
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-11
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-06
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-25
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-04-22
Large Shareholding Report
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-09
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-07
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-27
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-09
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-10
Quarterly Securities Report
EDINET
2022-08-08
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-10
Quarterly Securities Report
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