Want to see JP:4536 full AI Analyst Report?
Top Page
Santen Pharmaceutical Co
(4536)
Select Model
Select Model
Rating:69Neutral
Price Target:
¥2,117.00
▲(7.27% Upside)
Action:Downgraded
Date:08/09/26
The score is primarily supported by improved profitability and returns alongside a low-leverage balance sheet. Offsetting factors are softer cash-flow conversion and declining TTM free-cash-flow versus prior highs, while technical indicators point to weak near-term momentum despite some longer-term trend support. Valuation is reasonable with a modest dividend yield.
Positive Factors
Conservative balance sheet
Zero reported debt in 2026 and a sizable equity base give the company long-term financial flexibility. This durable strength supports R&D funding, geographic expansion, and resilience through product lifecycle swings without relying on market financing or distress-driven asset sales.
Negative Factors
Weak revenue trend
Negative multi-year revenue growth indicates top-line pressure from product lifecycle dynamics or market competition. Sustained or recurring revenue declines constrain scale economics, reduce room for margin expansion, and make long-term investment planning and R&D returns more uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Zero reported debt in 2026 and a sizable equity base give the company long-term financial flexibility. This durable strength supports R&D funding, geographic expansion, and resilience through product lifecycle swings without relying on market financing or distress-driven asset sales.
Read all positive factors
Santen Pharmaceutical Co (4536) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥603.66B
Dividend Yield2.04%
Average Volume (3M)1.30M
Price to Earnings (P/E)15.6
Beta (1Y)0.40
Revenue Growth-0.72%
EPS Growth30.44%
CountryJP
Employees3,968
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)119.09
Shares Outstanding322,290,160
10 Day Avg. Volume1,416,570
30 Day Avg. Volume1,302,203
Financial Highlights & Ratios
PEG Ratio1.62
Price to Book (P/B)1.97
Price to Sales (P/S)2.01
P/FCF Ratio15.96
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥2,450.00Price Target Upside24.14% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)118.29
Revenue Forecast (FY)¥303.67B
Santen Pharmaceutical Co Business Overview & Revenue Model
Company Description
Santen Pharmaceutical Co., Ltd. is a global enterprise engaged in the research, development, manufacturing, and marketing of both pharmaceutical products and medical devices. The company's primary focus lies in ophthalmic solutions, addressing a v...
How the Company Makes Money
Santen primarily makes money by selling ophthalmic prescription pharmaceuticals (and, where applicable, related eye-care products) to wholesalers, hospitals, clinics, and pharmacies, generating revenue when products are shipped and/or when control...
Santen Pharmaceutical Co Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
84
Very Positive
Cash Flow
66
Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 291.84B | 291.62B | 300.00B | 301.96B | 279.04B | 266.26B |
| Gross Profit | 163.72B | 160.97B | 163.21B | 163.88B | 156.57B | 146.85B |
| EBITDA | 67.88B | 67.79B | 66.51B | 48.88B | 11.94B | 52.92B |
| Net Income | 38.68B | 37.37B | 36.26B | 26.64B | -14.95B | 27.22B |
Balance Sheet | ||||||
| Total Assets | 415.85B | 423.03B | 409.28B | 435.70B | 421.18B | 459.98B |
| Cash, Cash Equivalents and Short-Term Investments | 78.26B | 80.88B | 93.00B | 94.58B | 57.90B | 83.01B |
| Total Debt | 31.01B | 34.75B | 33.95B | 35.16B | 35.96B | 22.00B |
| Total Liabilities | 116.58B | 127.02B | 124.10B | 130.33B | 127.88B | 123.13B |
| Stockholders Equity | 300.26B | 296.99B | 286.24B | 306.05B | 293.98B | 337.49B |
Cash Flow | ||||||
| Free Cash Flow | 35.10B | 36.66B | 54.27B | 63.33B | 19.87B | 28.70B |
| Operating Cash Flow | 41.04B | 43.50B | 60.93B | 72.65B | 37.15B | 46.04B |
| Investing Cash Flow | -11.68B | -12.97B | -8.22B | -6.14B | -26.78B | -35.17B |
| Financing Cash Flow | -41.89B | -49.35B | -53.31B | -34.03B | -37.22B | 5.56B |
Santen Pharmaceutical Co Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | ¥63.04B | 15.54 | ― | 3.22% | 13.57% | 0.34% | |
78 Outperform | ¥4.36T | 11.74 | 17.44% | 3.60% | 16.93% | 347.13% | |
69 Neutral | ¥603.66B | 15.64 | 10.89% | 1.93% | -0.72% | 30.44% | |
62 Neutral | ¥144.42B | 19.44 | 6.57% | 1.78% | 5.05% | 50.43% | |
55 Neutral | ¥7.43B | -10.78 | ― | ― | -71.21% | -485.42% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | ¥256.47B | 17.81 | 5.37% | 2.03% | 2.68% | 144.20% |
* Healthcare Sector Average
JP:4536
Santen Pharmaceutical Co
1,862.00
337.50
22.14%
JP:4503
Astellas Pharma
2,391.00
833.07
53.47%
JP:7780
Menicon Co
1,871.00
650.48
53.30%
JP:8086
Nipro
1,532.00
58.63
3.98%
JP:4890
Tsubota Laboratory Incorporated
290.00
-77.00
-20.98%
JP:5889
Japan Eyewear Holdings Co.,Ltd.
2,618.00
588.27
28.98%
Santen Pharmaceutical Co Corporate Events
Santen boosts profits in Q1 and maintains upbeat full-year outlook
Aug 6, 2026
Santen Pharmaceutical Co., Ltd. reported stable revenue of ¥68.96 billion for the three months ended June 30, 2026, a 0.3% increase year on year, while core operating profit rose 9.3% and net profit attributable to owners surged 22.4%. Earnin...
Santen Pharmaceutical Lifts Earnings and Dividends, Signals Growth for FY2027
May 12, 2026
Santen Pharmaceutical reported a slight decline in revenue for the year ended March 31, 2026, but achieved growth in operating profit, net profit, and earnings per share, alongside improved profitability ratios and a stronger equity base. Cash flo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.