# SANTEN PHARMACEUTICAL CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2024, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第114期(2025/04/01－2026/03/31) (S100YDH1)
> Page: https://vizora.meequs.com/en/company/santen-pharmaceutical
> Retrieved: 2026-09-30T22:01:24.287Z

## Company

Santen Pharmaceutical is a company in Pharmaceuticals listed on TSE Prime. It has 3,744 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANTEN PHARMACEUTICAL CO., LTD. |
| Ticker | 4536 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4536.T) |
| Listing | TSE Prime |
| Head office | 大阪府大阪市北区大深町4番20号 |
| Representative (per filing) | 代表取締役社長兼CEO 伊藤 毅 |
| Employees (consolidated) | 3,744 |
| Fiscal year end | March |
| Website | www.santen.com (https://www.santen.com/) |
| Corporate number | 5120001051819 |
| EDINET | E00949 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100YDH1, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2024-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Efficiency | 92.2 | 32 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Santen Pharmaceutical brought in ¥302B in revenue.
- Revenue changed +8.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥302B |  |
| Operating income | — | Margin — |
| Net income | ¥26.6B | Margin 8.8% |
| Free cash flow | — |  |
| Employees (consolidated) | 3,744 |  |
| Cash ratio | 21.7% | Cash ÷ revenue 31.3% |
| ROE | 8.7% | Equity approximated |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2024, operating cash flow is 2.7× net income

## What changed in 7 years

| Metric | FY ending Mar 2017 | FY ending Mar 2024 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥199096000000 | ¥301965000000 | +51.7% |
| Employees | 3,667 people | 3,744 people | +2.1% |
| Cash and equivalents | ¥52282000000 | ¥94582000000 | +80.9% |

### Change in segment revenue mix

Span: FY ending Mar 2017 → FY ending Mar 2024. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 301,965 | 100.0% | S100YDH1 |
| Pretax income | 29,874 | 9.9% | S100YDH1 |
| Net income attributable to owners | 26,642 | 8.8% | S100YDH1 |

A machine-readable operating income value exists, but it is not in the validated published data, so the chart is omitted.

## Year over year（FY ending Mar 2023 → FY ending Mar 2024、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 279,037 | 301,965 | 22,928 | +8.2% |
| Net income attributable to owners | -14,948 | 26,642 | 41,590 | — |
| Operating cash flow | 37,147 | 72,649 | 35,502 | +95.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 199,096 | — | — | 21,731 | 10,843 | — | S100LRJK |
| FY ending Mar 2018 | 224,942 | — | — | 35,247 | 42,843 | — | S100OEK1 |
| FY ending Mar 2019 | 234,026 | — | — | 31,954 | 32,894 | — | S100R54I |
| FY ending Mar 2022 | 266,257 | — | — | 27,218 | 46,043 | — | S100YDH1 |
| FY ending Mar 2023 | 279,037 | — | — | -14,948 | 37,147 | — | S100YDH1 |
| FY ending Mar 2024 | 301,965 | — | — | 26,642 | 72,649 | — | S100YDH1 |

## People and productivity（FY ending Mar 2024, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.7M |
| Net income per employee (consolidated) | ¥7.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2018 | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,805 | 4,076 | 4,318 | 4,144 | 3,744 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) -9.7% · Revenue (consolidated) +8.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 72,649 | 24.1% | S100YDH1 |
| Investing cash flow | -6,145 | -2.0% | S100YDH1 |
| Financing cash flow | -34,031 | -11.3% | S100YDH1 |
| Change in cash | 32,473 | 10.8% | 算出 |
| Cash and equivalents | 94,582 | 31.3% | S100YDH1 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2018 | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 69,283 | 70,796 | 83,014 | 57,903 | 94,582 | S100OEK1, S100LRJK, S100YDH1 |
| Total assets | 388,463 | 391,186 | 459,976 | 421,179 | 435,699 | S100OEK1, S100R54I, S100YDH1 |
| Net assets | — | 292,572 | — | — | 305,369 | S100LRJK, S100YDH1 |

### Balance sheet history

| Metric | FY ending Mar 2018 | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 388,463 | 391,186 | 459,976 | 421,179 | 435,699 |
| Equity | — | 292,572 | — | — | 305,369 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 69,283 | 70,796 | 83,014 | 57,903 | 94,582 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 21.7% |
| Cash ÷ revenue | 31.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 46,007 JPY mn (of net income 172.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 8.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2018 | — | —× | 9.1% | —× | — | S100OEK1 |
| 2019 | 13.7% | 0.60× | 8.2% | 1.33× | 10.9% | S100R54I, S100LRJK |
| 2022 | — | —× | 5.9% | —× | — | S100YDH1 |
| 2023 | — | —× | -3.4% | —× | — | S100YDH1 |
| 2024 | 8.8% | 0.70× | 6.2% | 1.40× | 8.7% | S100YDH1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 16.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.1% | 2026-03-31 |
| 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） | Major shareholder | 4.2% | 2026-03-31 |
| 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） | Major shareholder | 3.3% | 2026-03-31 |
| 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） | Major shareholder | 2.8% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 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） | Major shareholder | 2.1% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 小野薬品工業株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第114期(2025/04/01－2026/03/31) | S100YDH1 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDH1,, |
| 有価証券報告書－第111期(2022/04/01－2023/03/31) | S100R54I | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R54I,, |
| 有価証券報告書－第110期(令和3年4月1日－令和4年3月31日) | S100OEK1 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEK1,, |
| 有価証券報告書－第109期(令和2年4月1日－令和3年3月31日) | S100LRJK | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRJK,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| スズケン | Co-development | メタコリン塩化物の国内販売権を許諾 | S100YFRU |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).