4536
SANTEN PHARMACEUTICAL CO.,LTD.
参天製薬株式会社
Healthcare · Drug Manufacturers - General
Santen Pharmaceutical Co., Ltd. engages in the research and development, manufacturing, and marketing of pharmaceuticals and medical devices in Japan, China, Asia, Europe, the Middle East, Africa, and internationally. Its product portfolio includes tafluprost/timolol maleate, a prostaglandin F2a derivative and a beta-adrenergic receptor blocker for the treatment of glaucoma and ocular hypertension; ciclosporin, an ophthalmic emulsion for the treatment of vernal keratoconjunctivitis, as well as latanoprost, an ophthalmic emulsion of a prostaglandin F2a derivative filed for marketing approval for the treatment of glaucoma and ocular hypertension; and epinastine hydrochloride, a histamine H1 receptor antagonist filed for marketing approval to treat allergic conjunctivitis. The company also offers netarsudil mesylate/latanoprost, a fixed dose combination drug of a ROCK inhibitor and a prostaglandin F2a derivative which is in phase III clinical trial for the treatment of glaucoma and ocular hypertension; and sepetaprost, a prostaglandin analogue eye drop drug that is in phase III clinical trials for the treatment of glaucoma and ocular hypertension. In addition, it develops oxymetazoline hydrochloride, a direct-acting alpha adrenergic receptor agonist which is in phase III clinical trial for treatment of ptosis; and omidenepag isopropyl, an EP2 receptor agonist that is in phase III clinical trial for the treatment of glaucoma and ocular hypertension. Further, the company offers atropine sulfate, a non-selective muscarinic antagonist that is in phase II/III clinical trials for the treatment of juvenile myopia; olodaterol hydrochloride, a ß2 receptor agonist that has completed phase 1/2a clinical trial for the treatment of a dry eye; and sirolimus, an ophthalmic suspension which is in phase 2a clinical trial for the treatment of fuchs endothelial corneal dystrophy and meibomian gland dysfunction. The company was founded in 1890 and is headquartered in Osaka, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
TDnet
FY 2024
TDnet
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥291.6B
¥300.0B
¥302.0B
¥279.0B
¥266.3B
Cost of Sales
—
¥129.0B
¥123.3B
¥113.0B
¥109.7B
Gross Profit
—
¥171.0B
¥178.7B
¥166.1B
¥156.6B
SG&A
—
¥88.0B
¥91.5B
¥96.3B
¥84.5B
Operating Income
¥55.1B
¥59.4B
¥38.5B
¥-3.1B
¥35.9B
Non-Operating Income
—
¥4.0B
¥1.6B
¥1.2B
¥2.5B
Interest Income
—
¥1.1B
¥619M
¥469M
¥402M
Non-Operating Expenses
—
¥2.7B
¥2.7B
¥1.5B
¥1.2B
Interest Expense
—
¥1.1B
¥831M
¥476M
¥249M
Ordinary Income
¥47.8B
¥46.9B
—
—
—
Pre-tax Income
—
¥47.5B
¥29.9B
¥-5.8B
¥35.6B
Net Income (owners)
¥37.6B
¥35.9B
¥26.6B
¥-14.9B
¥27.2B
Minority Interest
—
¥-403M
¥60M
¥-35M
¥-29M
Comprehensive Income
—
¥29.0B
¥40.0B
¥-5.7B
¥38.5B
EBITDA
—
¥64.8B
¥56.7B
¥14.2B
¥52.9B
EPS
¥114.04
¥114.04
¥72.59
¥-38.60
¥68.07
Shares Outstanding
—
341.4M
363.3M
375.6M
400.3M
Shares Issued (total)
—
342.1M
364.0M
375.9M
400.7M
Treasury Shares
—
0.6M
0.7M
0.3M
0.4M
Metric
FY 2025
TDnet
FY 2024
TDnet
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥423.0B
¥423.0B
¥435.7B
¥421.2B
¥460.0B
Current Assets
¥228.8B
¥228.8B
¥236.1B
¥213.3B
¥229.4B
Cash & Deposits
¥80.9B
¥80.9B
¥94.6B
¥57.9B
¥83.0B
Non-Current Assets
¥194.3B
¥194.3B
¥199.6B
¥207.9B
¥230.6B
PP&E
¥78.1B
¥78.1B
¥71.6B
¥66.2B
¥56.3B
Goodwill
—
¥8.2B
¥8.3B
¥7.4B
¥13.7B
Intangible Assets
—
¥75.5B
¥83.8B
¥96.3B
¥130.2B
Deferred Tax Assets
—
¥10.0B
¥10.8B
¥2.8B
¥3.1B
Total Liabilities
¥127.0B
¥127.0B
¥130.3B
¥127.9B
¥123.1B
Current Liabilities
¥87.9B
¥87.9B
¥92.8B
¥89.5B
¥95.8B
Non-Current Liabilities
¥39.1B
¥39.1B
¥37.5B
¥38.4B
¥27.3B
Deferred Tax Liab.
—
¥2.6B
¥1.4B
¥1.6B
¥2.5B
Total Equity
¥296.0B
¥296.0B
¥305.4B
¥293.3B
¥336.8B
Capital Surplus
—
¥9.8B
¥9.9B
¥9.8B
¥9.4B
Retained Earnings
¥223.3B
¥223.3B
¥240.0B
¥238.1B
¥290.5B
Treasury Stock
—
¥-1.2B
¥-1.0B
¥-364M
¥-718M
AOCI
—
¥40.5B
¥48.4B
¥37.8B
¥29.7B
Equity (owners)
¥297.0B
¥297.0B
¥306.1B
¥294.0B
¥337.5B
Minority Interests
—
¥-1.1B
¥-685M
¥-683M
¥-645M
Net Cash ⓘ
¥80.9B
¥80.9B
¥94.6B
¥57.9B
¥83.0B
NCAV ⓘ
¥101.7B
¥101.7B
¥105.8B
¥85.4B
¥106.3B
NCAV/Share
—
¥298
¥291
¥227
¥266
BV/Share
—
¥870
¥843
¥783
¥843
Metric
FY 2025
TDnet
FY 2024
TDnet
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥43.5B
¥43.5B
¥72.6B
¥37.1B
¥46.0B
D&A
¥18.4B
¥18.4B
¥18.2B
¥17.2B
¥17.1B
Investing CF
¥-13.0B
¥-13.0B
¥-6.1B
¥-26.8B
¥-35.2B
CapEx
¥6.8B
¥6.8B
¥9.3B
¥17.3B
¥17.3B
Financing CF
¥-49.3B
¥-49.3B
¥-34.0B
¥-37.2B
¥5.6B
Free Cash Flow
¥36.7B
¥36.7B
¥63.3B
¥19.9B
¥28.7B
Metric
FY 2025
TDnet
FY 2024
TDnet
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
12.7%
11.9%
8.9%
-4.7%
8.1%
ROA
8.9%
8.4%
6.2%
-3.4%
5.9%
EPS
¥114.04
¥114.04
¥72.59
¥-38.60
¥68.07
DPS
¥19.00
¥19.00
¥33.00
¥32.00
¥32.00
BPS
¥923.75
¥923.75
—
—
—
FCF/Share
—
¥107
¥174
¥53
¥72
NCAV/Share
—
¥298
¥291
¥227
¥266
Payout Ratio
16.7%
16.7%
45.5%
—
47.0%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 15
Date Activist Stake Event Flag Demands Source
2025-10-08
Silchester International Investors LLP
9.23%
+1.02%
change
✓ Activist
—
2025-09-22
Silchester International Investors LLP
8.21%
+1.08%
change
✓ Activist
—
2025-09-19
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
5.54%
+0.34%
change
Passive
—
2025-03-24
Silchester International Investors LLP
7.13%
+0.03%
change
✓ Activist
—
2025-03-05
Silchester International Investors LLP
7.1%
+1.02%
change
✓ Activist
—
2025-02-07
Silchester International Investors LLP
6.08%
+1.06%
change
✓ Activist
—
2024-12-05
BlackRock Japan Co., Ltd.
5.27%
initial_5pct
Passive
—
2024-10-18
Black Creek Investment Management, Inc.
3.77%
change
Passive
—
2024-07-29
Mitsubishi UFJ Financial Group Inc.
5.37%
+0.21%
change
Passive
—
2024-06-06
Nomura Asset Management Co., Ltd.
5.26%
change
Passive
—
2024-04-22
Silchester International Investors LLP
5.02%
initial_5pct
✓ Activist
—
2024-03-18
Mitsubishi UFJ Financial Group Inc.
5.16%
change
Passive
—
2023-11-07
Massachusetts Financial Services Company
3.89%
change
Passive
—
2023-09-22
Nomura Securities Co.,Ltd.
6.32%
change
Passive
—
2023-09-06
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
5.2%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 9
#
Shareholder
Shares (thou.)
% of Total
1
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
58,076
17.01%
2
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
18,594
5.45%
3
BNYM AS AGT/CLTS NON TREATY JASDEC
BNYM AS AGT/CLTS NON TREATY JASDEC (常任代理人 株式会社三菱UFJ銀行)
10,857
3.18%
4
Nippon Life Insurance
日本生命保険相互会社 (常任代理人 日本マスタートラスト信託銀行株式会社)
10,662
3.12%
5
Northern Trust Company
NORTHERN TRUST CO.(AVFC)RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST (常任代理人 香港上海銀行東京支店)
10,567
3.09%
6
GOVERNMENT OF NORWAY
GOVERNMENT OF NORWAY (常任代理人 シティバンク、エヌ・エイ東京支店)
8,084
2.37%
7
JPモルガン証券株式会社
7,310
2.14%
8
MUFG Bank
株式会社三菱UFJ銀行
6,989
2.05%
9
Northern Trust Company
NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS (常任代理人 香港上海銀行東京支店)
6,975
2.04%
10
State Street Bank and Trust Company
STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部)
6,944
2.03%
Domestic Nominees
22.5%
+0.2% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
10.3%
+1.8% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
9.7%
-0.6% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
Japan Master Trust Bank
日本マスタートラスト信託銀行
19.56%
16.83%
17.01%
+0.18%
Japan Custody Bank
日本カストディ銀行
10.12%
5.39%
5.45%
+0.06%
Northern Trust
—
2.16%
5.13%
+2.97%
BNY Mellon
4.64%
3.73%
3.18%
-0.55%
Nippon Life Insurance
日本生命保険
2.84%
2.94%
3.12%
+0.18%
GOVERNMENT OF NORWAY
1.98%
1.97%
2.37%
+0.40%
JPモルガン証券
—
1.73%
2.14%
+0.41%
MUFG Bank
三菱UFJ銀行
2.48%
1.92%
2.05%
+0.13%
State Street
4.86%
2.63%
2.03%
-0.60%
ONO PHARMACEUTICAL CO., LTD.
小野薬品工業
last seen 2024
Exited Top 10
1.79%
1.71%
—
Concentration (HHI)
ⓘ
551
360
384
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥7,844M
-60% since 2023
Holdings
9
2 exited
Trend
2 unwinding
vs 2023
Held Company
FY2025
¥7,844M total
FY2023
¥19,424M total
Book Val ¥M
Shares
Book Val ¥M
Shares
ONO PHARMACEUTICAL CO., LTD.
小野薬品工業株式会社
5,540
-7.7%
↓
3,457,400
10,354
3,746,000
M
MEDIPAL HOLDINGS CORPORATION
株式会社メディパルホールディングス
873
373,800
674
373,800
M
Mitsubishi UFJ Financial Group, Inc.
株式会社三菱UFJフィナンシャル・グループ
391
-25.0%
↓
194,340
220
259,040
M
TOHO HOLDINGS CO.,LTD.
東邦ホールディングス株式会社
308
69,050
162
69,050
M
SEIKAGAKU CORPORATION
生化学工業株式会社
307
415,600
338
415,600
M
SUZUKEN CO.,LTD.
株式会社スズケン
209
42,226
141
42,226
M
Vital KSK Holdings Co., Ltd.
株式会社バイタルケーエスケー・ホールディングス
162
128,474
115
128,474
M
螟ァ譛ィ繝倥Ν繧ケ繧ア繧「繝帙�シ繝ォ繝�繧」繝ウ繧ー繧ケ譬ェ蠑丈シ夂、セ
大木ヘルスケアホールディングス株式会社
40
49,509
40
49,509
Hokuyaku Takeyama Holdings Co., Ltd.
株式会社ほくやく・竹山ホールディングス
14
16,261
10
16,261
M
Eisai Co., Ltd.
エーザイ株式会社
—
−100%
Exit
—
7,125
949,500
M
QD Laser, Inc.
株式会社QDレーザ
—
−100%
Exit
—
245
444,480
Portfolio total
7,844
19,424
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding