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1 Our vision

2 8% No

3 for growth Santen Annual Report 24 1

4 for the future 2 Santen Annual Report 24

5 for strength Santen Annual Report 24 3

6 % % % % ROE % Santen Annual Report 24

7 JJVCI JJVCI SIP JJVCI MR SAIN % DE-85 DE TNFDE-96 Santen Annual Report 24 5

8 23-25 for growth... JJVCI JJVCI FDA 1.5% ph JJVCI MR JJVCI Santen Annual Report 24

9 23-25 SAIN SAIN 23 SAIN RPDCA R SAIN MR SAINMR MR MR SAIN MR MR SAIN 6 MR SAIN MR Santen Annual Report 24 7

10 23-25 PGDE- 85 PG for the future... DE OJT 8 Santen Annual Report 24

11 23-25 DE-85 3 Santen Annual Report 24 9

12 % DE-76 DE-85 DE-92 DE-9 diquafosol DE-89 tetrasodium + DE-94 A DE-96 DE-99 DE PGPG PG TNF APO-1 1 Santen Annual Report 24

13 23-25 PG 8% TNF DE-96 Santen Annual Report 24 11

14 Q 5 IT 1 Q Santen Annual Report for strength SIP

15 Santen Annual Report SIP SIP 51 SIP SIP 15 SIP 2 1 IT Q

16 / ,858 9,253 (.4)% $ 85, ,524 12, , ,321 8,53 (25.7) 59, ,853 12,719 (6.8) 112, ,226 7,46 (54.2) 3, ,521 4, , (23.5)% $ (16.7) , , % $1,422, ,5 97, ,74 ROE % 8.8%... 2,335 2, NET SALES NET INCOME RETURN ON EQUITY ROE 1, Santen Annual Report

17 % 5.2% 8.9% 5.1% % 4 MR 39.% 1 1 DMARDs EN 42.5% 1 1 FX 4 2% DMARDs IMS Copyright IMS Japan KK, Santen Annual Report 24 15

18 2, 1,5 1, Copyright IMS Japan KK. 24 IMS % SAIN 11.1% 3.7% 5.6% 7.5% 1.7% 36.8% 13.8% 1.8% 6.4% 2.% % Copyright IMS Japan KK. 24 IMS 24 EBM 16 Santen Annual Report

19 8, 7, 6, 5, 4, 3, 2, 1, 16, 14, 12, 1, 8, 6, 4, 2, % % Vision Times 3 31 Santen Annual Report 24 17

20 25, 1, 2, 9, 8, 15, 7, 6, 1, 5, 4, 3, 5, 2, 1, % 8% 2 3.1% % 3.9% XE 3 1.7% Santen Annual Report

21 8, 7, 6, 5, 4, 3, 2, 1, % 9.9% , 2.7% Santen Annual Report 24 19

22 26.9% , , 12 1, JJVCI 24 2JJVCI 8, 3 6, 4, 2, ,5 4, 3,5 3, 2,5 2, 1,5 1, % FDA AAO Santen Annual Report

23 5% EU CM CM ESCRS Santen Annual Report 24 21

24 APAO 25 4 Asian Ophthalmology.com SARS 23 Asian Ophthalmology.com Santen Annual Report 24

25 6 7 (DMARDs) 5.3% TNF 9, 8, 7, 6, EN2 DMARDs DMARDs 24 4 DMARDs ENA 5, 4, 3, 2, 1, EN 4 EN4.4% EN DMARDs DMARDs EN 3 31 Santen Annual Report 24 23

26 8, 7, 6, 5, 4, 3, 2, 1, FX4 17.4% % CM 24 Santen Annual Report

27 1,4 1,2 1, MR 3, % AVS ( MD-14) 5% 8% 3 31 Santen Annual Report 24 25

28 26 Santen Annual Report ISO141 ISO141 ISO ISO141 3 NPO 23

29 Santen Annual Report

30 28 Santen Annual Report

31 Santen Annual Report 24 29

32 7 15.9% % % 9 27 DMARDs % % , 8, 6, 4, 2, % % ,61 79, ,744 71, ,969 7, (41.3) 4,672 5,656 (17.4) (.4) 4,21 4,332 (2.8) 89,858 9,253 (.4) % % 35.5%.3 15, 12, 9, 6, 3, % % 16.2% , 32, 24, 16, 8, % , 16, 12, 8, 4, Santen Annual Report

33 % % % % % 54.1% % % 7.% EPS EPS 1, 1 EPS 8, 6, 4, 2, % ROA ROA 1, , 6. 15, 5. ROA 5.7% 4.3% , 4. 9, 6, 3, % % 6.7% % % % Santen Annual Report 24 31

34 % 75, 6, , , 15, % % % ROE ROE 1,35 1, 8, 8. 2, , 4, 2, % 68.9% 2.9 ROE 8.8% 6.3% 2.5 ROE % 1, , % ,196 15,88 7,388 5,246 (9,951) 15,197 (12,122) (6,57) (5,615) 41,423 25,54 16, % % Santen Annual Report

35 FDA % 3.2% PL % % XE EN Santen Annual Report 24 33

36 % PL 34 Santen Annual Report 24

37 ,858 9,253 88,966 88,449 83,577 79,639 77,957 75,216 $ 85, ,859 32,272 32,71 33,385 32,195 32,746 31,278 27,552 31, ,475 45,284 44,475 38,546 33,894 3,294 3,535 27, , ,524 12,697 11,79 16,518 17,488 16,599 16,144 19,68 137, , ,775 9,947 12,679 15,521 14,422 15,969 14,917 18,913 13, ,454 1,444 7,373 7,87 6,481 7,864 7,594 9,915 7, ,321 8,53 5,36 7,714 7,941 8,15 7,323 8,998 59, ,226 7,46 6,586 4,943 2,51 3,443 5,898 16,725 3, ,521 4,311 5,334 5,683 5,725 6,314 6,674 4,22 42, ,853 12,719 12,187 1,511 9,221 7,335 7,731 6, , $ ,196 15,88 6,941 6,832 9,372 16,339 11,535 16,181 $ 219, ,246 (9,951) (6,374) (3,172) 837 (8,35) (9,537) (28,259) 49, (12,122) (6,57) (5,684) (7,193) (3,817) (3,857) (1,677) 18,61 (114,755)... 91,231 83,431 86,64 88,25 82,218 78,18 7,892 69,65 $ 863, ,237 4,85 42,159 36,684 37,416 39,638 43,425 47, , , , ,13 153, , , ,822 14,226 1,422, ,686 23,47 24,467 25,482 26,491 27,496 31,168 31,87 12, ,5 97,126 95,11 94,834 95,669 88,95 81,998 75, ,74 ROE % ROA % % ,963 9,74 9,74 92,721 95,75 95,75 95,75 86, ,335 2,5 2,463 2,167 2,93 2,37 2,1 1, Santen Annual Report 24 35

38 ,423 25,54 $ 392, ,1 6,354 19, , ,945 31,831 32, (16) (13) (154)... 32,44 32,53 37, ,394 11,684 98, ,256 1,22 21, ,78 6,634 25, ,231 83, , ,646 1,991 1, ,553 39, , ,128 11,59 15, ,588 1,744 1, ,751 4,967 16, ,666 77, , (38,429) (36,485) (363,767)... 37,237 4,85 352, ,43 9,692 18, ,324 1,599 12, ,677 3,183 25, ,814 2,331 17, ,472 5,88 42, ,77 22,867 26, , ,148 $1,422, Santen Annual Report 24

39 ,361 $ 3, ,4 5,476 47, ,854 9,117 83, ,49 4,165 32, , , , , ,154 39, , ,27 2, , ,773 5,754 54, ,514 1,913 14, ,584 1, , ,844, ,585,454 87,963, ,74, ,214 6,214 58, ,99 6,99 65, ,845 9, , , ,5... (2,854) (3,566) (27,16) 13,54 1,43 98, , ,771, (4) (3,277) (38)... 13,5 97, , , ,148 $1,422,166 Santen Annual Report 24 37

40 ,858 9,253 88,966 $85, ,859 32,272 32,71 31, ,999 57,981 56, ,26 7, ,475 45,284 44, , ,524 12,697 11,79 137, , (366) (48) (465) (3,46)... 1,712 16, , (377) (3,567)... (21) (62) (179) (1,92)... (2,23)... (719) (6,812)... (855) (8,96)... (386) (3,657) (472) (4,471)... 13,775 9,947 12,679 13, , ,932 82, (1,297) (12,28) 7,454 1,444 7,373 7, ,321 8,53 5,36 $ 59, $ Santen Annual Report 24

41 ,214 6,214 6,26 $ 58, ,214 6,214 6,214 $ 58, ,99 6,99 6,9 $ 65, ,99 6,99 6,99 $ 65, ,552 83,893 83,735 $ 857, ,321 8,53 5,36 59, (1,758) (1,814) (1,854) (16,642)... (3) (3) (36) (288)... (3,24) (3,258) (3,669)... 91,845 9,552 83,893 $ 869, ,29 $ 2, ,132 (18) (816) 1, , $ 13,5... (3,566) (2,383) (3,256) $ (33,757) (1,183) 873 6, (2,854) (3,566) (2,383) $ (27,16) (3,277) (6) (41) $ (31,15)... (3) (3,271) (3,223) (34)... 3,24 3,258 3, (4) (3,277) (6) $ (38) Santen Annual Report 24 39

42 ,775 9,947 12,679 $13, ,521 4,311 5,334 42, (24) (268) (34) (2,271)... (1,712) (16,25) , ,92... (315) 6,966 1,84 (2,984)... 1, (184) 12,77... (441) 66 (2,138) (4,172)... 1,222 (1,355) (2,688) 11, ,762 22,123 15, , ,24... (329) (458) (465) (3,111)... 3,3 28, (453) (5,997) (8,66) (4,288)... 1,98 18, ,196 15,88 6, , (3,226) (7,46) (6,586) (3,536)... (511) (3,74) (267) (4,835)... 1, , ,77 35, (7,22) (5,252) (2,841) (66,47)... 11,52 4,854 1,898 19,49... (537) ,12... (359) (3,41)... 5,246 (9,951) (6,374) 49, , 94, (416) (1,421) (624) (3,938)... (19,945) (188,82)... (3) (3,274) (3,223) (34)... (1,758) (1,812) (1,854) (16,642) (12,122) (6,57) (5,684) (114,755) ,369 (566) (4,94) 154, ,54 25,62 3, , ,423 25,54 25,62 $392,113 4 Santen Annual Report 24

43 , ) 2) 3) 4 1 4) 5 Santen Annual Report 24 41

44 5) 6) 6 7) ) 1 9) 7 11) 1 12) 1) 8 13) ) ,931 9,452 92, Santen Annual Report 24

45 ,942 99,635 11, ) 14 16) ,5 13 (1) 1,512 3,737 (16) 3, ,58 2,525 (58) 8,525 4, (42) 5, (81) (75) 872 7,5 2,534 (139) 9,4 5,856 1,2 (495) 6, $14,199 $ 124 $ (5) $14, $57,341 $23,898 $ (547) $8, , (768) 8,276 $66,32 $23,981 $(1,315) $88,968 Santen Annual Report 24 43

46 ,5 2,5 $7,996 $ ,25 4,733 2, , , ,513 5, ,783 9,5 1,15 8, $85,242 $1, , , (23) (23) $18,228 $1,84 $1, ,11 2,117 $19, ,462 6,877 51, , ,984 2,28 18,781 1,394 11,684 $98,39 44 Santen Annual Report 24

47 ,28 11,5 $125, ,1 9,372 94, ,279 1,633 31, , , , ,991 11, , ,32 9,524 97, ,689 1,965 $ 34, $ 7, ,98 1,592 28,29 3,79 2,18 $ 35, ,88 $ 6, ,692 $ 6, $ $ , $ 2, , , Santen Annual Report 24 45

48 %... 19,945 $ 28.44%... 1, 94, % , % 4.75%... 2,35 2,718 22, ,686 23,47 12, (416) (2,361) (3,938) 12,27 2,686 $ 116, , $ 3, , , , ,416 98, , ,686 $12, (12,14) (12,3) $(114,915)... 5,512 4,591 52,18... (6,628) (7,412) (62,735)... 1,296 2,124 12, (441) (466) (4,179)... (5,773) (5,754) $ (54,65) 1% 46 Santen Annual Report 24

49 , $1, ,57... (92) (142) (132) (869) , ,381 1,281 1,266 $13, $ % 2.% 3.%... 2.% 3.% 3.% % % 25% 25% ,55114,686 1, ,638 24, , ,953 84,19 796, ,768,713 3, ,741,3,24 3,669 Santen Annual Report 24 47

50 , 2, , 2, , 1, , 2, , 1, , 2, $ ,6 1, ,6 1,76 $ , ,853 (112,23 ) 12,719 12, Santen Annual Report 24

51 % % 42. % 42. % (8.3) (4.6)... (49.3) (.4) % 14.5 % 58.2 % ,715 5,95 $ 54, ,844 1,847 17, , , , , , , , , , , , ,273 9, , (6,975) (5,296) (66,31)... 5,298 4,169 5, (1,26) (226) (9,699)... (22) (213) (1,913)... (197)... (27) (32) (254)... (1,255) (668) (11,866)... 4,43 3,51 $ 38,271 Santen Annual Report 24 49

52 ,256 1,22 $ 21, ,814 2,331 17, (27) (32) (254)... 4,43 3,51 $ 38, ,427 5 Santen Annual Report 24

53 ,338 81,858 82,624 $ 751, , , ,356 82,518 83,143 76, ,849 6,643 4,845 83, , ,98 1, ,5 7,626 5,943 94, ,671 1,752 1,498 15, ,36 7,648 7,414 57, ,77 9,4 8,912 72, (8,21) (9,291) (9,32) (77,715)... 89,858 9,253 88,966 $ 85, ,351 2,652 18,879 $ 192,65... (2,599) (3,816) (3,384) (24,63)... (55) (1,83) (474) (5,21)... (2,678) (3,56) (3,231) (25,356)... 14,524 12,697 11,79 $ 137, , ,75 117,864 $1,257, ,669 9,865 21,397 11, ,16 7,3 7,936 56, (238) 53 4,96 (2,261)... 15, , ,13 $1,422, ,37 3,56 3,9 $ 41, ,814 4,65 3,5 55, ,197 2,364 1,89 2, ,381 1,52 8,318 $ 117, ,858 9,253 88,966 $ 85, % 11.7% 9.3% 13.8% Santen Annual Report 24 51

54 Santen Annual Report 24

55 24 8 Santen Annual Report 24 53

56 TEL: FAX: % TEL: FAX: % 3 Santen Holdings U.S. Inc. 555 Gateway Drive, Napa, California 94558, U.S.A. 1% 4 Santen Inc. 555 Gateway Drive, Napa, California 94558, U.S.A. TEL: FAX: % * 5 Advanced Vision Science, Inc Thornwood Drive, Goleta, California 93117, U.S.A. TEL: FAX: % * 6 Santen Oy Niittyhaankatu 2, P.O. Box 33, FIN Tampere, Finland TEL: FAX: % 7 SantenPharma AB Solna torg 3, SE Solna, Sweden TEL: FAX: % 8 Santen GmbH Industriestrasse 1, Germering D-8211, Germany TEL: FAX: % 9 Taiwan Santen Pharmaceutical Co., Ltd TEL: FAX: % 1 Santen Pharmaceutical Korea, Co., Ltd. Room 12, Center Building, 91-1, Sogongdong, Chung-ku, Seoul Republic of Korea TEL: FAX: % * TEL: FAX: TEL: FAX: TEL: FAX: TEL: FAX: TEL: FAX: TEL: FAX: TEL: FAX: Santen Annual Report 24

57 TEL: FAX: % 34.9% E : ir@santen.co.jp URL: %.4% 6,214 7, % 12.% 4536 UFJ TEL: ,335 1,694 87,963, , % 5, , , , , UFJ 2, , , , , 2,4 1,8 1,2 6 99/4 TOPIX /4 1/4 2/4 3/4 4/4 TOPIX 8, 6, 4, 2, 99/4 /4 1/4 2/4 3/4 4/ ,8 2,41 1,635 1,435 1,943 1,659 1, ,99 1, Santen Annual Report 24 55

58 4 FX AG 1%

80% No.1 3... 1... 2... 5... 5... 9... 13... 14... 22... 22... 23... 24... 26... 27... 53... 54

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