CONTENTS CEO CSR 3 31 IMSJPM 213 IMS Health IMS-JPM

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1 Eyeing Further Specialization

2 CONTENTS CEO CSR 3 31 IMSJPM 213 IMS Health IMS-JPM

3

4 P.12 P % 2 1 No % 5.4% No % % 1.3 % , % 1 No.1( ) 35.3% 1 3, 4MR DMARDs IMS-JPM

5 mL P P. 6 CEO

6 /212 11,619 15,494 1,123 4,896 18,458 2,953 4,21 11,594 29,64 18,723 18,826 14,123 1,315 3,421 11,812 3,739 21,333 19,797 13,221 1,651 2, ,416 26,732 17,161 16,966 17,225 3,281 2, ,66 24,681 16,521 21,729 16,72 3,69 3,291 $ 1,265, , , ,36 177,777 38,368 34, % (7.7) (3.7) 28.1 (2.9) , , , , , ,99 198, , , ,88 $ 2,122,77 1,538 1,752,346.4% (19.).2 1 EPS , , , , , $ (.6)% (.6) 5.9. % % % ROE% DOE% , , , , , ,5 % 3 4 % 4 1,191 1,144 1,16 1,18 1,

7 EPS % DE EPS ROE 1 DOE 2, % 2 12 % 1 1,645 1,648 1,373 1,561 1, , ROE ROE ROE DOE 5 DOE 5% 5 % P.42 P.46 P.48 11

8 CEO CEO CEO

9 %1, % % CSO CEO ROEDOE DOE 5.1%6 5% DOE5% ,938,5 CEO

10 KANAME POC 1 DE-19 3 DE /2a DE DE DE Cyclokat 3 Cyclokat 3 1. Proof of Concept DE-117 EP2 DE-15 DE-9 DE-98 APO-1 Cyclokat DE-19 DE-12 Vekacia DE-111 DE-114 DE-85 DE-89 4 DE

11 4.3% % No.1 7.2% 95.5% 74.6% CEO

12 % % MR 1 MR No.1

13 CEO ISO NGO % , CSR CSR CSR CSR ISO26 2 CSR 22 CSR CSR

14 Eyeing Further Specialization Back-of-the-eye Diseases No.1

15 網膜疾患領域の市場ポテンシャル 高齢化などを背景として 網膜疾患領域市場は急速な成長を遂げています 後眼部領域には 滲出型加齢黄斑変性や 糖尿病に 起因する網膜症や黄斑浮腫など 未充足ニーズの高 い疾患が多く存在しており 世界中の患者さんが画期 特集 眼科における未充足領域への挑戦 後眼部領域に対する治療剤は少なく 有効な新薬が求められています えにくくなり 患者さんの QOL Quality of Life 生活 の質 を著しく低下させます 新生血管が発生 発育して 血液や滲出液が漏れ 的な新薬を待ち望んでいます また 海外市場に目を 出 す原因物質として VEGF が見 つ かっています 向けても 網膜疾患領域市場は未充足ニーズが高く VEGFは正常な血管を形成し 維持するために不可欠 各国で拡大を続けています このような観点からも な物質ですが 本来は必要のない血管を発生させるこ 当社の今後の成長において この市場が高いポテン とによって 滲出型加齢黄斑変性を引き起こします 滲出型加齢黄斑変性は 2 年前には有効な治療 シャルを有していると考えています 加齢黄斑変性とは 視力に最も重要な網膜の中心 方法がありませんでしたが その後 レーザー治療 に位置する黄斑部に異常が生じる疾患で 萎縮型と 抗体医薬 バイオ製剤など 治療法が飛躍的に進歩 滲出型に分類されます 滲出型の場合 黄斑部の網 しました 高齢化なども背景に 国内の網膜疾患領域 膜下で病的な新生血管が形成され 血液中の水分の 市場は年率約 2% の成長を示しており 医療用眼科 漏出等により網膜の破壊や機能障害が起こります 薬市場全体の約 1%を占めるに至っています そのため 視野の中心にある 一番見たいもの が見 滲出型加齢黄斑変性のメカニズム これらのイラストはイメージ図です 網膜でのイメージ 見え方のイメージ 新生血管 出血 黄斑 滲出型加齢黄斑変性では 黄斑部の網膜が 脈絡膜にある新生血管からの出血や 漏れ 出た血液中の水分により傷められ 中心部 網膜 正面から見た図 脈絡膜 横から見た図 に見えないところやゆがみが生じます Santen Pharmaceutical Co., Ltd. Annual Report

16 QOL Quality of Life 4 VEGF

17 QOL VEGF VEGF VEGF 4 2 QOL VEGF 3, 1, IMS-JPM Message 211 No.1 1 3,

18 VEGF

19 DE-19 SAKURA DE-19 SAKURA DE-12 BRVO 2 2/ Study Assessing double-masked Uveitis treatment 2. Branch Retinal Vein Occlusion Message VEGF2

20 Research and Development CEO POC 1

21 213 4 CSO 1. Proof of Concept KANAME DE DE-118 DE-19 3 Cyclokat

22 1 2 3 DE DE DE DE DE-117 1/2a DE DE-9 MSD

23 DE DE DE-85 DE DE-9 2 NMDA MSD DE POC Proof of Concept DE-117 EP2 1/2a

24 1 2 3 DE-12 BRVO 1 2/3 DE Branch Retinal Vein Occlusion DE Cyclokat Vekacia Catioprost Cortiject 1/ DE

25 DE-12 BRVO 1 2/3 1. Branch Retinal Vein Occlusion DE DE DE DE-114 DE H Cyclokat 32 Vekacia 3 Catioprost F2 Cortiject DE-98 APO-1 2

26 , % %2, % % 1, , 3 2,269 2,349 2,474 2,549 2,734 2, , 35.3% VEGF 6

27 11.3% QOL Quality of Life 7.2% % % P2Y2 2 2.

28 2.8%948 35% % % % % %

29 % % % % H1 H1

30 , % EN1995 EN QOL EN EN 24 DMARDs % EN6.5% %.7% DMARDs39.7% DMARDs EN QOL Quality of Life 3

31 , % , % FX FX 4.8%64 59 PC % 21 79

32 , % % % %

33 MR 21 5 MR212 2% TOPICS No GMP 1 : 1. Good Manufacturing Practice

34 CSR CSR QOL Quality of Life: CSR QOL Quality of Life CSR CSR CSR 211 4CSR ISO26 1 CSR CSR CSR CSR CSR 1. ISO NGO

35 CSR CSR CSR 3ISO26 KPI CSR CSR CSR CSR CSRCSR Plan Do Check Action PDCA CSR CSR CSR ISO26 CSR 3 ISO CSR CSR CSR CSR CSR CSR CSR NPO NGO

36 MR 3 MR 1997 CSR

37 ISO NGO CO 2 t-co CSR CSR

38 213 6 CSR CEO

39 CSR

40 4 3 PDCA 1 BCM 1. P PlanD DoC CheckA Action

41 IR Message

42 213 8 CEO CSR CEO

43

44 2 98.1% 4.4%1, % %1, % 1, % 4.3% % % EN 1.1% 59.3%14 81 FX 4.8% % % 1 % ,81 111, ,336 17, ,981 93, ,874 9,987 (1.1) 1,481 3,642 (59.3) 6,474 4, ,256 2,57 (12.2) 2,246 2,558 (12.2) 1 12 (9.6) 119,66 114,

45 1,5 7.7% ,16 1,16 1,18 1,144 1, %2.7% 75 % % % % % % % 35.4%

46 3.7% % 13.9% 1EPS EPS % 8 4 1, ROA 8.9%8.3% 1, %66.4% ROA ROA % 2,5 2 1, % , , , , ,988 1, %82.6% 1 5.9% ,998.44ROE 1.7%1.% ROE ROE % 2, 2 1,252 1, , ,645 1, ,

47 ROE DOE DOE 5.% 11DOE 5.1% 1DOE 1 DOE % ,943 21,483 (11,54) (4,596) (1,273) 5,677 (21,557) (8,559) (12,998) 59,797 75,35 (15,238)

48 PL % % XE EN

49 1 7% PL

50 ,253 89,858 92,696 98,398 32,272 31,859 33,71 34,535 45,284 43,475 4,4 42,868 12,697 14,524 18,982 2, ,947 13,775 18,436 2,342 1,444 7,454 7,413 7,319 8,53 6,321 11,23 13,23 7,46 3,226 4,97 2,16 4,311 4,521 4,75 4,824 12,719 11,853 12,62 13, , , , , ,88 23,196 6,619 2,879 (9,951) 5,246 (2,97) (1,33) (6,57) (12,122) (12,712) (5,9) % ,431 91,231 82,735 93,893 4,85 37,237 32,676 3, ,148 15, ,98 15,458 23,47 12,686 6,882 5,614 97,126 13,5 18,24 118,637 ROE% ROA% % % PER DOE% ,74 87,963 86,659 86,751 2,5 2,335 2,38 2, =

51 ,486 13,394 11,619 11,594 11, , ,66 $1,265,987 35,484 36,513 35,947 34,71 34,437 35,385 41,51 441,267 44,59 46,51 5,178 46,244 45,636 52,299 52, ,293 2,412 2,371 15,494 29,64 3,739 26,732 24, , ,39 2,483 15,824 28,61 31,74 27,791 25, ,19 7,891 7,832 5,71 9,887 9,741 1,63 9,71 96,448 13,148 12,651 1,123 18,723 21,333 17,161 16, ,661 3,556 3,151 2,953 1,315 1,651 3,281 3,69 38,368 4,761 4,593 4,21 3,421 2,976 2,949 3,291 34,991 13,663 12,942 18,458 14,123 13,221 17,225 16,72 177, $ , , , , , , , ,959 15,468 11,849 26,11 17,768 21,483 9,943 $ 15,718 (5,846) (2,83) (5,619) (829) (7,676) (1,273) (4,596) (48,866) (5,691) (11,415) (11,373) (6,753) (1,57) (8,559) (21,557) (229,211) ,285. 3, ,82 12,754 11,53 118, ,668 14, ,583 $1,49,74 3,485 29,849 28,665 26,574 24,957 25,523 27,42 291, ,99 156, ,12 166, ,81 198,81 199,641 2,122,77 5,446 5, , , , , , ,99 164, ,88 1,752, ,825 86,867 86,916 86,992 87,53 87,147 82,469 2,49 2,483 2,69 2,756 2,867 3,53 3,5

52 ,797 75,35 $ 635, ,94 3,939 22, ,111 43,78 37, ,33 (2) (1) (2) 43,839 37, , ,949 17, , ,88 1,921 19,995 4,24 3,521 42, ,583 14,288 1,49, ,241 8,213 87,621 42,87 41,58 455,154 11,818 11, ,662 11,936 11,32 126, ,676 2,455 1,366 26,98 77,59 73, ,12 (5,89) (47,934) (532,571) 27,42 25, , ,158 12, ,7 5,936 5,82 63,118 6,768 5,942 71,961 1,42 1,134 15, ,46 6,5 47,425 2,88 1,2 3,618 39,638 32,99 421, , ,81 $2,122,77

53 ,266 8,75 $ 98, ,868 9,9 14,927 4,22 4,486 44, ,39 5,283 32, ,761 27,11 27, , , ,664 3,459 38, , ,269 1,996 24, ,76 1, ,727 7,498 6,514 79, ,59 33,94 366, ,,212 22,, 82,469, ,146,83 7,81 6,695 75, ,775 8,49 82, ,2 156,3 1,65, ,246 (2) (4) (27) 165,856 17,77 1,763, , ,416 (2,968) (6,37) (31,554) (1,48) (6,256) (11,138) , , ,861 1,755, , ,81 $2,122,77

54 ,66 114,416 11,812 $1,265,987 41,51 35,385 34, ,267 77,565 79,31 76, ,72 52,884 52,299 45, ,293 24,681 26,732 3, , , , (123) 977 (7) (23) (36) (74) 57 (15) 7 (15) (135) (19) 1 (19) ,549 25,592 27,791 31,74 272, ,98 9,912 9,97 84,86 1, (229) 12,362 9,71 1,63 9,741 96,448 16,521 17,161 21, ,661 16,521 17,161 21, ,661 16,521 17,161 21, , , (579) 19,869 3,339 (689) (957) 35,56 5,28 (195) (1,536) 55,375 21,729 16,966 19, ,36 21,729 16,966 19,797 $ 231, $

55 ,539 7, ,53 (4,958) 136 (4,661) (6,88) 21,333 (26) 659 4,982 (579) (957) ,615 7, ,578 (2) (443) (5,618) (8,79) 17,161 (2) 494 (689) ,695 8,49 156,3 (4) 51 (6,37) (8,469) 16,521 (13,738) (66) (13,8) 13,74 1,869 3,339 (23) ,81 7, ,2 (2) 1,92 (2,968) $71,185 $85,583 $1,659,15 $ (46) $ 547 $(67,6) $3,69 4,14 4,14 (9,45) 175,661 (146,76) (7,15) (139,81) 146,95 19,869 35,56 (238) $75,289 $82,672 $1,65,55 $ (27) $2,416 $(31,554) $3,452

56 ,592 27,791 31,74 $ 272,19 2,657 2,787 2,976 28, , ,987 (522) (529) (521) (5,55) (5,56) 1,37 (3,893) (59,112) (2,589) (3,294) (1,299) (27,527) 1,17 2, ,443 (1,79) 1 (11) (19,4) 19,786 3,219 29,243 21, ,661 (3) (17) (36) (35) (1,372) (9,268) (11,952) (11,283) 9,943 21,483 17,768 15,718 (3,69) (3,281) (1,651) (38,368) (4,883) (2,42) (4,296) (51,918) (87) (1,783) (5,873) (8,577) 4,68 7,632 3,922 49,748 (1,84) (7) (1) (18) (1) 15 (186) (4,596) (1,273) (7,676) (48,866) 259 (776) (13,763) (2) (26) (146,349) 5,641 (8,469) (8,76) (6,88) (9,44) ,182 (21,557) (8,559) (1,57) (229,211) 972 (98) (389) 1,336 (15,238) 2,553 8,133 (162,23) 75,35 72,482 64, ,825 59,797 75,35 72,482 $ 635,82

57 ,171 $ 6,251 6,195 (34) (2,32) (2) 1,955 (32) (119) 1,84 $

58

59

60 ,368 87,127 85, ,5 87,214 85,

61 i ii ,71318, , , $ 3,795 (57) 2, ,795 (1,27) (33) (1,926) 1, ,869 3,339 (689) 35,56 5,28 (195) $ 55,375

62 5. 1 Novasorb* Cyclokat Novasorb * % 1% 3 1,42126, ,727 1,955133, ,19575, ,171 14,247 12,446151,432 13,617165, ,134 2,32 28,227 2,66 32, ,17 75,

63 ,797 59,797 () 75,35 75,35 () 43,841 43,841 37,924 37, ,218 4,218 () 4,239 4,236 (3) 15,477 15,477 11,754 11,754 (9,266) (9,266) (8,75) (8,75) (9,868) (9,868) (9,9) (9,9) (3,39) (3,39) (5,283) (5,283)

64 213 $ 635,82 $ 635,798 $ (4) 466, , ,851 44,846 (5) 164, ,563 (98,525) (98,525) (14,927) (14,927) (32,39) (32,39) $4, $5, ,797 75,35 $ 635,82 $ 43,841 37, , , 2,2 3, ,265 23,392 15,724 2,2 116,878 5 $1,124,13 $23,

65 ,74 1,75 1 2,514 2,513 (1) 4,239 4,236 (3) 4,218 4,218 () 4,239 4,236 (3) 213 $18,119 $18,125 $ 6 26,732 26,721 (11) $44,851 $44,846 $ (5) ,12 15,61 3,49 4,43 5,195 1, (84) 7,628 6,556 (1,72) 12,512 15,477 2,965 11,674 11, $127,723 $16,135 $32,412 5,317 4,428 (889) $133,4 $164,563 $31, ,2143

66 $ 794 (15) $ % 3 5% ,73 14,672 $177, ,643 3,621 2,677 38,499 2,949 17,949 $222, $ 1 $ 1 $

67 $ $ 1 $ $ 4, ,6 1, $13, $ $ $ $1,538

68 $ $1, (17,372) (14,926) $(184,78) 11,53 1, ,517 (6,319) (4,64) (67,191) 2,655 1,181 28,228 (249) (223) (2,647) (3,913) (3,682) $ (41,61) $1, ,128 (28) (198) (195) (2,29) , ,865 2,312 2,21 1,962 $24, $ 553

69 % 2.% 2.% 2.% 2.% 2.% * * 1 1 1% 13. 5% 25% 1% ,551 16,4961, ,739146, ,938,5 667,15 13,8139,81 13,74146, ,123 43, ,3 114,5 12,5 168,

70 ,7 99,3 12,7 129, ,2 137,6 92, ,3 124,

71 ,5 12,5 168,4 156,8 99,3 124,3 28,8 57,6 52,8 9,8 124,3 114,5 91,7 11,8 14, 89, ,1 11, 3,7 9 21,3 62,1 28,4 7,8 38,9 2, ,315 3,23 3,17 2,92 2,734 3,5 3,838 3,616 3,531 4, ,715 2,48 1,743 1,176 3,698 3,61 3,435 * * , ,72177,77717,22513, % 4.4% 4.4%

72 % 4.4% 4.4% 2.8 (.3) (5.2) (.5) (.5).3 (.5) (5.1) (6.2) (4.3) (.7) % 38.2% 31.3% ,842 5,65 $ 62,112 2,562 2,633 27,239 1, , , , ,279 6, , ,837 1,419 19,528 14,192 14,178 15,9 (6,764) (5,683) (71,916) 7,428 8,495 78,984 (2,256) (1,98) (23,984) (1,57) (3) (11,242) (18) (32) (188) (26) (28) (278) (3,357) (2,7) (35,692) 4,71 6,425 $ 43,292

73 ,88 1,921 $ 19,995 4,46 6,5 47,425 (2,269) (1,996) (24,128) 4,71 6,425 $ 43, % % % , ,81 2, ,66 119, (114) 116,81 2,37 119,18 (114) 119,66 25,354 (673) 24,681 24,681 12,546 2, ,99 76, ,641 2,67 5 2,657 2, , ,243 5,243

74 ,846 2,57 114, , (113) 111,846 2, ,529 (113) 114,416 26, ,732 26,732 16,535 2,126 18,661 9,14 198,81 2, ,787 2, , ,971 15, ,576 2,236 11,812 11, (122) 18,576 2,358 11,934 (122) 11,812 3, ,739 3,739 9,67 1,814 91,881 92,92 184,81 2, ,976 2,976 2, ,187 2, $1,242,2 $23,985 $1,265,987 $ $1,265,987 1,213 1,213 (1,213) 1,242,2 25,198 1,267,2 (1,213) 1,265, ,583 (7,156) 262, ,427 1,281,722 25,985 1,37,77 815, 2,122,77 27, ,247 28,247 6,744 6,744 6,744 55, ,748 55,

75 ,981 93,62 9,797 $1,52,436 9,874 9,987 9,834 14,988 1,481 3,642 3,222 15,742 6,474 4,597 4,723 68,836 2,246 2,558 2,225 23, ,66 114,416 11,812 $1,265, ,712 95,374 92,549 $1,7,826 9,22 8,88 8,517 97, ,451 3,7 6,192 8,56 6,76 6,668 91, ,66 114,416 11,812 $1,265,987 22,56 21,157 2,939 $239,878 2,597 2,245 1,962 27, ,545 1,553 1,486 1,578 16,58 27,42 25,523 24,957 $291, ,486 23,297 21,465 $27,978 21,716 2,392 2,712 23,92 11,929 11,825 11, ,839

76 $ 19 $ $6, $6,744 5,936 5,82 $63,118 5,936 5,82 $63, , % 3,5 1%

77 1 CEO % CEO Santen Pharmaceutical Co.,Ltd. Annual Report 213Internal Control Report

78 KPMG AZSA LLC Santen Pharmaceutical Co., Ltd. Annual Report 213Independent Auditor s Report

79 URL A 25F TEL IR ir@santen.co.jp ,81 7, UFJ TEL ,51,93 82,469, %.% 1 1, , , , , UFJ 2, , RBC IST LONDON - LENDING ACCOUNT 1, % 44.6% 92.8% 9.%.9%.%.7%.5% 1.4% 4.6% 1, , , 4, 3, 2, 1, TOPIX 1 12, 8/4 9/4 1/4 11/4 12/4 13/4 1. TOPIX 9, 6, 3, 8/4 9/4 1/4 11/4 12/4 13/ ,34 3,195 3,445 3,655 4,99 2,46 2,694 2,731 2,778 3,

80 TEL FAX TEL FAX Niittyhaankatu 2, P.O. Box 33, FIN Tampere, Finland TEL FAX TEL FAX TEL FAX

81 A TEL FAX TEL FAX Santen Holdings U.S. Inc. 21 Powell Street, Suite 16, Emeryville, California 9468, U.S.A. Santen Inc. 21 Powell Street, Suite 16, Emeryville, California 9468, U.S.A. TEL FAX Advanced Vision Science, Inc Thornwood Drive, Goleta, California 93117, U.S.A. TEL FAX Santen Holdings EU B.V. Herikerbergweg 238, 111CM Amsterdam Zuidoost, Netherlands Santen Oy Niittyhaankatu 2, P.O. Box 33, FIN Tampere, Finland TEL FAX Santen S.A.S. 1 rue Pierre Fontaine, Genavenir IV, F-9158 Evry cedex, France TEL: FAX: Santen GmbH Erika-Mann-Strasse Munchen, Germany TEL FAX SantenPharma AB Santen Pharmaceutical (China) Co., Ltd. Solna torg 3, SE Solna, Sweden TEL FAX TEL FAX Santen Pharmaceutical Korea Co., Ltd. 3F C&K Tower, 35, Yeoksam-ro 25-gil, Gangnam-gu, Seoul, , Korea TEL FAX Taiwan Santen Pharmaceutical Co., Ltd TEL FAX Santen India Private Limited No. 216, Raheja Chambers, 12 Museum Road, Bangalore 56 1, India TEL: FAX: W3-126B TEL FAX

82 FX EN NE P

83 ISO141 SAIN % XE FX E FX V VEGF PC AL 27 a 28 4i

84 OFTAQUIX Printed in Japan

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