Santen Pharmaceutical (4536) Investor update summary

Growth direction and pipeline

• FY2025 onward, target core operating profit margin of 20%+; from FY2026, aim for 10%+ growth through new-product value creation and business development.

• Overseas sales CAGR was forecast at 15% for FY2020–FY2023; Japan remains the stable earnings base.

• FY2024 milestones: Japanese approval secured for Alesion eyelid cream, with launch planned; atropine for myopia filed, with approval expected; oxymetazoline for ptosis met its primary endpoint in Japan’s Phase 3 trial.

• Myopia and ptosis products are expected to launch sequentially across regions from FY2025; estimated regional peak sales total ~¥60bn for myopia and ~¥45bn for ptosis.

Commercial excellence and overseas platform

• Overseas operations span 60+ countries and regions, with an estimated 50m patients served; 2023 forecast sales mix was led by EMEA and China.

• 2023 overseas sales and contribution profit were forecast at ¥1,290bn and ¥47.3bn, versus ¥982bn and ¥35.1bn in FY2022.

• Commercial excellence focuses on consistent strategy and execution, KPI monitoring and PDCA; overseas productivity improved by double digits in FY2023, with 7%+ per-person sales growth targeted for FY2022–FY2025.

• Overseas growth is led by glaucoma, dry eye and anti-infectives, while regional teams build commercial capabilities ahead of myopia and ptosis launches.

EMEA

• EMEA sales reached ¥635bn in FY2023 forecast; ophthalmology share was No. 6 overall and No. 4 excluding retina, with No. 1 positions in glaucoma and dry eye.

• EU5 and the Nordic countries accounted for 62% of EMEA sales; preservative-free products and regional disease needs supported growth above the market.

• Medium-term sales growth target is ~10%, supported by glaucoma and dry-eye portfolios, new launches, self-medication and business development.

• Rocklatan and Catiolanze expand the glaucoma range; Catiolanze is preservative-free and positioned for patients with ocular surface disease.

• Ikervis addresses severe dry eye when artificial tears are insufficient, complementing products spanning earlier treatment stages through severe disease.