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Japanese pharmaceutical company specializing in eye-care drugs and treatments, sold globally.
Japanese pharmaceutical company specializing in eye-care drugs and treatments, sold globally.
Japan is the home market, where national insurance sets drug prices and cuts them in regular revisions, so growth leans on Asia, notably China, and Europe, and on new eye drugs. Sales are mostly prescription products reaching patients through eye doctors and hospitals.
In one line: A global ophthalmology-focused pharma, like a smaller Bausch + Lomb pharma arm.
Moat: narrow (IP / patents, brand). Focused therapeutic-area expertise and patents in ophthalmology, a niche most large pharma underserve.
Headquarters: Osaka, Japan · Founded: 1890 · Employees: 3,968
Size Santen Pharmaceutical (4536.T) is a Japan Health Care company (Pharmaceuticals: Major) with a market value of $3.86B, the 296th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,894 on 6 Nov 2026.
Performance Over six months the shares gained 17.2%, against +2.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue fell 0.7% over the last twelve months (peer median +4.5%); the operating margin is 15.7% (peer median 18.3%).
Valuation It trades at 15.6× forward earnings against a peer median of 21.5× (5th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥292B | ¥292B | ¥300B | ¥302B | ¥279B |
| Revenue growth | — | -3% | -1% | +8% | — |
| Gross profit | ¥164B | ¥155B | ¥163B | ¥164B | ¥157B |
| EBITDA | ¥64.3B | ¥63.6B | ¥74.2B | ¥70.1B | ¥49.3B |
| Net income | ¥38.7B | ¥37.4B | ¥36.2B | ¥26.6B | -¥15.0B |
| Free cash flow | ¥35.1B | ¥36.7B | ¥54.3B | ¥63.3B | ¥19.9B |
| Capital expenditure | ¥13.2B | ¥14.3B | ¥11.0B | ¥10.7B | ¥24.6B |
| Total debt | ¥31.0B | ¥34.8B | ¥34.2B | ¥35.2B | ¥36.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Santen Pharmaceutical 4536.T | $3.86B | +17% | -1% | 16% | 15.6× | -5.2% |
| Alcon ALC.SW | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% |
| Bausch + Lomb BLCO.TO | $7.20B | +31% | +11% | 9% | 17.3× | 11.0% |
| Otsuka Hldgs 4578.T | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% |
| Rohto Pharmaceutical 4527.T | $3.97B | +17% | +10% | 12% | 16.7× | -2.1% |
| Novartis NOVN.SW | $298B | +15% | -4% | 30% | 18.4× | 1.7% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 18.4× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4536.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.5% | +5.8% | 6th highest of 21 |
| 6-month return | +17.2% | +2.0% | 3rd highest of 20 |
| Distance from 52-week high | -16.0% | -23.8% | 6th highest of 21 |
| Revenue growth (TTM) | -0.7% | +4.5% | 7th lowest of 19 |
| Operating margin | 15.7% | 18.3% | 7th lowest of 17 |
| Forward P/E | 15.6× | 21.5× | 5th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -5.2% | 1.1% | 4th least demanding of 15 |
| Growth delivered (Del g) | +3.2% | +7.0% | 5th lowest of 15 |
| Hurdle (Req g minus delivered) | -8.3 pp | -11.2 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | +7.6 pp | +7.7 pp | 9th highest of 17 |
| EV / EBITDA | 8.7× | 15.9× | 2nd cheapest of 9 |
| Net debt / EBITDA | -0.7× | -0.3× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Santen Pharmaceutical 4536.T | Japan | $3.86B | +17% | -1% | 16% | 15.6× | -5.2% | +3.2% |
| Zhejiang Huahai Pharmaceutical 600521.SS | China | $3.86B | +8% | +10% | 12% | 22.1× | 7.3% | +5.9% |
| Laboratorios Farmaceuticos Rovi ROVI.MC | Spain | $3.89B | +15% | +3% | 20% | 22.3× | 1.5% | +12.1% |
| Xenon Pharmaceuticals XENE | United States | $3.79B | +4% | -100% | n/a | n/a | n/a | n/a |
| Liquidia LQDA | United States | $3.97B | +5% | +2,234% | 37% | 32.9× | 0.7% | +192.5% |
| Siegfried SFZN.SW | Switzerland | $3.98B | -10% | +4% | 16% | 17.8× | n/a | n/a |
| China Resources Pharmaceutical 3320.HK | Hong Kong | $3.74B | -11% | +8% | 4% | 6.0× | -5.3% | +7.8% |
| Apeloa Pharmaceutical 000739.SZ | China | $3.73B | +18% | -16% | 10% | 25.1× | 6.3% | +4.5% |
| Livzon Pharmaceutical 000513.SZ | China | $3.71B | -4% | -14% | 19% | 16.9× | -9.8% | +2.7% |
| Amylyx Pharmaceuticals AMLX | United States | $3.70B | +97% | +100% | n/a | n/a | n/a | n/a |
| Yuhan 000100.KS | South Korea | $4.05B | -12% | +5% | 5% | 38.6× | 20.2% | +6.2% |
| HUBEI JUMPCAN PHARMACEUTICAL 600566.SS | China | $4.05B | +6% | -4% | 32% | 14.9× | -11.5% | +0.3% |
| Shanghai Junshi Biosciences 688180.SS | China | $4.06B | -24% | +29% | -15% | n/a | n/a | n/a |
| ACADIA Pharmaceuticals ACAD | United States | $3.66B | -5% | +12% | 8% | 21.5× | 16.7% | +19.4% |
| Organon & OGN | United States | $3.64B | +4% | -3% | 20% | 4.0× | -4.5% | -1.0% |
| Simcere Pharmaceutical 2096.HK | Hong Kong | $3.63B | -7% | +27% | 18% | 14.3× | -2.8% | +10.6% |
| Tianjin Pharmaceutical Da Ren Tang 600329.SS | China | $4.11B | +4% | -13% | 20% | 31.4× | 17.8% | -5.8% |
| Suzhou Zelgen Biopharmaceuticals 688266.SS | China | $3.60B | -13% | +136% | 29% | 43.4× | 20.5% | +98.4% |
| Parabilis Medicines PBLS | United States | $3.52B | n/a | n/a | n/a | n/a | n/a | n/a |
| Jiangsu Nhwa Pharmaceutical 002262.SZ | China | $3.47B | +2% | +3% | 19% | 19.6× | -2.2% | +12.0% |
| Viking Therapeutics VKTX | United States | $3.42B | -17% | n/a | n/a | n/a | n/a | n/a |