Santen Pharmaceutical Co Ltd (JP:4536)
:4536
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Santen Pharmaceutical Co
(4536)
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Rating:72Outperform
Price Target:
¥2,106.00
▲(31.87% Upside)
Action:ReiteratedDate:02/07/26
The score is driven primarily by solid financial health and recovering profitability supported by low leverage, partially offset by declining revenue and a recent weakening in TTM cash flow. Technicals are neutral-to-constructive with longer-term trend support but limited near-term momentum, while valuation appears fair rather than compelling.
Positive Factors
Conservative balance sheet
Santen's very low debt-to-equity (around 0.10–0.13) and large equity base provide durable financial flexibility. This conservative capital structure supports continued R&D and manufacturing investment, smooths funding for launches, and reduces refinancing risk over the next several months.
Negative Factors
Declining revenue
Revenue has declined (roughly -4.6% in the provided metric) and the income statement notes softer top-line trends. Persistent revenue contraction can erode scale, reduce pricing power in regulated markets, and limit resources for new launches or geographic rollouts if not reversed.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Santen's very low debt-to-equity (around 0.10–0.13) and large equity base provide durable financial flexibility. This conservative capital structure supports continued R&D and manufacturing investment, smooths funding for launches, and reduces refinancing risk over the next several months.
Read all positive factors
Santen Pharmaceutical Co (4536) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥530.26B
Dividend Yield2.3%
Average Volume (3M)1.30M
Price to Earnings (P/E)16.7
Beta (1Y)0.45
Revenue Growth-4.61%
EPS Growth17.36%
CountryJP
Employees3,744
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - General
Share Statistics
EPS (TTM)24.40
Shares Outstanding322,281,650
10 Day Avg. Volume1,416,570
30 Day Avg. Volume1,302,203
Financial Highlights & Ratios
PEG Ratio0.32
Price to Book (P/B)1.73
Price to Sales (P/S)1.65
P/FCF Ratio9.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)112.79
Revenue Forecast (FY)¥295.72B
Santen Pharmaceutical Co Business Overview & Revenue Model
Company Description
Santen Pharmaceutical Co., Ltd. (Ticker: 4536) is a global pharmaceutical company headquartered in Japan, specializing in the research, development, manufacturing, and marketing of products primarily for ophthalmology. Established in 1890, Santen ...
How the Company Makes Money
Santen makes money primarily by selling ophthalmic prescription pharmaceuticals. Its core revenue stream is product sales of branded eye-drop and other ocular therapies, which are generated through: (1) Domestic sales: sales to wholesalers, hospit...
Santen Pharmaceutical Co Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
67
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 287.99B | 300.00B | 301.96B | 279.04B | 266.26B | 249.60B |
| Gross Profit | 155.02B | 163.21B | 163.88B | 156.57B | 146.85B | 140.73B |
| EBITDA | 59.47B | 74.18B | 70.08B | 49.26B | 53.03B | 54.99B |
| Net Income | 30.61B | 36.26B | 26.64B | -14.95B | 27.22B | 9.31B |
Balance Sheet | ||||||
| Total Assets | 401.16B | 409.28B | 435.70B | 421.18B | 459.98B | 405.29B |
| Cash, Cash Equivalents and Short-Term Investments | 61.54B | 93.00B | 94.58B | 57.90B | 83.01B | 62.89B |
| Total Debt | 36.15B | 33.95B | 35.16B | 35.96B | 22.00B | 10.15B |
| Total Liabilities | 118.72B | 124.10B | 130.33B | 127.88B | 123.13B | 95.64B |
| Stockholders Equity | 283.38B | 286.24B | 306.05B | 293.98B | 337.49B | 310.18B |
Cash Flow | ||||||
| Free Cash Flow | 35.53B | 54.27B | 63.33B | 19.87B | 28.70B | 34.67B |
| Operating Cash Flow | 41.41B | 60.93B | 72.65B | 37.15B | 46.04B | 38.81B |
| Investing Cash Flow | -12.59B | -8.22B | -6.14B | -26.78B | -35.17B | -53.35B |
| Financing Cash Flow | -48.70B | -53.31B | -34.03B | -37.22B | 5.56B | -16.68B |
Santen Pharmaceutical Co Technical Analysis
Positive
1597.00
Price Trends
1726.72
Positive
1680.66
Positive
1626.56
Positive
Market Momentum
27.34
Positive
49.18
Neutral
4.46
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4536, the sentiment is Positive. The current price of 1597 is below the 20-day moving average (MA) of 1798.86, below the 50-day MA of 1726.72, and below the 200-day MA of 1626.56, indicating a neutral trend. The MACD of 27.34 indicates Positive momentum. The RSI at 49.18 is Neutral, neither overbought nor oversold. The STOCH value of 4.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4536.
Santen Pharmaceutical Co Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥53.86B | 12.81 | ― | 3.22% | 11.84% | -5.68% | |
74 Outperform | ¥126.06B | 9.26 | 7.81% | 1.78% | 3.00% | 36.97% | |
72 Outperform | ¥530.26B | 16.66 | 10.89% | 2.30% | -4.61% | 17.36% | |
68 Neutral | ¥7.61B | -11.77 | ― | ― | -44.99% | -199.29% | |
67 Neutral | ¥4.30T | 15.48 | 7.97% | 3.61% | 11.87% | 474.27% | |
62 Neutral | ¥248.64B | 5.59 | 4.38% | 2.03% | 4.10% | 199.63% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
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Santen Pharmaceutical Co Corporate Events
Santen Pharmaceutical Posts Lower Nine-Month Earnings but Raises Annual Dividend and Maintains Outlook
Feb 5, 2026
Santen Pharmaceutical reported weaker consolidated results for the nine months ended December 31, 2025, with revenue declining 5.4% year on year to ¥210.8 billion and core operating profit dropping 20.3%, reflecting profit pressure despite a ...
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.