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

Eyeing Further 213 213 3 Specialization

CONTENTS 1 2 4 6 12 18 2 24 3 32 36 4 41 77 78 8 CEO CSR 3 31 IMSJPM 213 IMS Health IMS-JPM 28.4-213.3

1 1. 189 189 12

P.12 P.24 8.3% 2 1 No.2 39.7% 5.4% No.2 19.1% 3 1.9 % 1.3 % 213 3 1,191 83.1% 1 No.1( ) 35.3% 1 3, 4MR 211-213 211 213 1. 213 3DMARDs IMS-JPM 2. 3. 213 3

5 3 1135 4 3 4 4. 5mL P.3 22 2 22 22 1 211-213 P. 6 CEO

3 31 29 21 211 212 213 213 213/212 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 2,976 114,416 26,732 17,161 16,966 17,225 3,281 2,949 119,66 24,681 16,521 21,729 16,72 3,69 3,291 $ 1,265,987 262,427 175,661 231,36 177,777 38,368 34,991 4.1% (7.7) (3.7) 28.1 (2.9) 1. 11.6 151,12 154 125,181 166,878 75 137,343 184,81 152 156,99 198,81 179 164,514 199,641 145 164,88 $ 2,122,77 1,538 1,752,346.4% (19.).2 1 EPS 119.8 118.97 1,472.32 8. 22.1 219.85 1,614.8 8. 249.71 249.42 1,793.15 9. 196.96 196.76 1,887.81 1. 195.81 195.51 1,998.44 1. $ 2.8 2.8 21.25 1.6 (.6)% (.6) 5.9. % % % ROE% DOE% 15.2 12.8 18.2 8. 5.4 2,69 26.8 19. 12.8 14.3 5.2 2,756 27.7 16.5 11.9 14.5 5.3 2,867 23.4 16.6 15.1 1.7 5.4 3,53 2.7 15.4 14. 1. 5.1 3,5 1. 213 3 31194.5 2. 12 15 133. 4. 1,5 % 3 4 % 4 1,191 1,144 1,16 1,18 1,16 16.5 16.6 19. 15.4 75 12.8 29 21 211 212 213 15 2 37 296 267 27.7 247 2 26.8 23.4 155 2.7 15.2 29 21 211 212 213 2

EPS 2 1 185 18.2 141 12.8 132 11.9 172 15.1 29 21 211 212 213 167 14. % 3 15 28 5 DE-19 5 3 3 249.71 22.1 196.96 195.81 213 187 15 172 119.8 165 15 11 29 21 211 212 213 EPS 28 12 2 ROE 1 DOE 2, % 2 12 % 1 1,645 1,648 1,373 1,561 1,252 14.3 14.5 1, 1.7 1. 8. 29 21 211 212 213 ROE 1 29 3 ROE2 21 3 ROE 6 6 8 8 1 9 1 5.4 5.2 5.3 5.4 1 5.1 29 21 211 212 213 DOE 5 DOE 5% 5 % 14 134.4 7 67.2 5.8 36.3 36. 29 21 211 212 213 5. 212 8137 212 11 5.67 P.42 P.46 P.48 11

CEO CEO 22 213 8 CEO

213 3 213 3 4.1%1,191 7.7% 2473.7%165 212 11 6 1 213 4 CSO CEO 1. 213 8 6 ROEDOE 213 3 1 1 DOE 5.1%6 5% 214 3 DOE5% 213 3 137 4,938,5 CEO 211-213 1. 2. 3. 4. 4 2 5. 2. 4 213 7 1

3 22 3 KANAME POC 1 DE-19 3 DE-117 212 7 1/2a 2 212 1 213 6 DE-111 213 1 1 DE-118 212 11 DE-114 212 3 Cyclokat 3 Cyclokat 3 1. Proof of Concept 2. 3. 212 3 1 2 3 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-118 213 8 6 4.

4.3%811214 3 1 2.3.4% No.1 7.2% 95.5% 74.6% 212 11 214 3 778 212 3 811 213 3 98 214 3 CEO

214 3 212 3 213 3 214 3 11 86 67 212 7 1 4 1. 213 7 1 213 3 27.6%86 22 2% 212 7 22 2 MR 1 MR 29 211 1 211 12 No.1

CEO 212 3 213 3 214 3 11 89 92 214 3 2. ISO NGO 213 3 3.6%92 211-213 28 212 1,5 214 3 CSR CSR CSR CSR ISO26 2 CSR 22 CSR CSR

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

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 213 13

QOL Quality of Life 4 VEGF

QOL VEGF VEGF 3 2 1 VEGF 4 2 QOL VEGF 3, 1,5 28 29 21 211 212 26 27 28 29 21 211 212 IMS-JPM Message 211 No.1 1 3,

VEGF 213 3 4 31 83 214 398 52

DE-19 SAKURA 1 15 211-213 DE-19 SAKURA 1 315 DE-12 BRVO 2 2/3 4 1. Study Assessing double-masked Uveitis treatment 2. Branch Retinal Vein Occlusion Message 4 1 33 VEGF2

Research and Development CEO 213 213 3 212 1 214 3POC 1

213 4 CSO 1. Proof of Concept 3 3 213 3 KANAME DE-111 212 1 213 6213 11 DE-118 DE-19 3 Cyclokat 3 2 2.

1 2 3 DE-15 21 12 DE-89 211 12 212 1 1 2 3 28 12 28 6 DE-85 212 3 21 8 21 3 211 1 DE-111 212 1 213 6 DE-117 1/2a DE-118 213 1 DE-9 MSD 213 8 6

DE-15 2 2 DE-89 21 12 211 12 DE-85 DE-118 1 213 1 DE-9 2 NMDA MSD 28 12 28 6 23 4 29 4 29 9 6 1 2 1 3 DE-111 212 1 213 6 1. 2 POC Proof of Concept DE-117 EP2 1/2a

1 2 3 DE-12 BRVO 1 2/3 DE-19 1. Branch Retinal Vein Occlusion 1 2 3 DE-114 212 11 1 2 3 Cyclokat Vekacia Catioprost Cortiject 1/2 2 1 2 3 DE-98 213 8 6

DE-12 BRVO 1 2/3 1. Branch Retinal Vein Occlusion DE-19 21 6 3 DE-85 28 6 DE-111 212213 DE-114 DE-118 1 28212 213 1 H1 212 11 Cyclokat 32 Vekacia 3 Catioprost F2 Cortiject DE-98 APO-1 2

213 3 81,125 4.3% 213 3 7.3%2,734 4.3%811 25 35.3% 1, 756 778 724 727 811 5 29 21 211 212 213 6 6 4, 3 2,269 2,349 2,474 2,549 2,734 2, 29 21 211 212 213 29 21 211 212 213 6 1, 35.3% 5 29 21 211 212 213 VEGF 6

11.3%397 213 3 QOL Quality of Life 7.2% 182 74 21 12 95.5% 55 63 74.6% 8 25 125 1995 1 29 21 211 212 213 1. 21 P2Y2 2 2.

2.8%948 35% 1 25 125 28 12 213 3 5.9%76 5 21 6 9 7 3.4% 214 3 1 29 21 211 212 213 28 21 1 11.9%189 213 3 2.8%95 85 61.6%

2 1 16.8% 39 29 21 211 212 213 2 1987 213 3 2.6%4 36 16.% 5 211 6 1.5% 25 29 21 211 212 213 21 H1 H1

12 96 98 97 99 98 213 3 9,811 -.7% 6 29 21 211 212 213 1987 EN1995 EN QOL EN 1 5 29 21 211 212 213 EN 24 DMARDs 1 273 7 1. 213 3 1.7% EN6.5% 24 7 19.6%.7% 98 11 DMARDs39.7% DMARDs EN QOL Quality of Life 3

213 3 6,459 +4.8% 213 3 2,179 +13.9% 8 4 52 52 47 46 65 3 15 15 19 22 1 6 29 21 211 212 213 213 3 FX 4 213 3 FX 4.8%64 59 PC 29 21 211 212 213 28 29 211 213 1 213 3 13.9% 21 79

213 3 18,355-3.6% 25 125 21 19 183 13 29 21 211 212 213 184 29 6 213 8 6 3.6%183 55 1% 34 29 4 23 1 12.5%178 56 29 3

213 3 198 25 28 29 MR 21 5 MR212 2% TOPICS 212 7 No.1 211 GMP 1 : 1. Good Manufacturing Practice

CSR CSR QOL Quality of Life: CSR 189 12 3 22 211-213 QOL Quality of Life CSR CSR CSR 211 4CSR ISO26 1 CSR CSR CSR CSR CSR 1. ISO NGO

CSR CSR CSR 3ISO26 KPI CSR CSR CSR CSR CSRCSR Plan Do Check Action PDCA CSR CSR CSR ISO26 CSR 3 ISO26 7 7 CSR CSR CSR CSR CSR CSR CSR NPO NGO

MR http://www.santen.co.jp/ 3 MR 1997 CSR

ISO141 25 NGO CO 2 t-co2 4 3.26 3.1 3.7 2.91 2.81 2 29 21 211 212 213 CSR CSR http://www.santen.co.jp/

213 6 CSR 1 1 1 1. CEO 1213 6 2 35 213 3 1 34 213 3 1

1999 12 CSR 3 213 61 3 3 212 23 61 59 23 61 71 29 52 3 1 7 213 6 http://www.santen.co.jp/

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

IR 2 1 3 Message 3 213 3

213 8 CEO CSR CEO

2 98.1% 4.4%1,168 1 12.2% 22 56 4.1%1,19 66 2.9% 1,13 36 92.7% 4.3%811 25 12.5%178 56 5.7%989 81 EN 1.1% 59.3%14 81 FX 4.8%64 74 12.2%22 46 9.6% 1 % 213 3 212 3 116,81 111,846 4.4 11,336 17,249 2.9 98,981 93,62 5.7 9,874 9,987 (1.1) 1,481 3,642 (59.3) 6,474 4,597 4.8 2,256 2,57 (12.2) 2,246 2,558 (12.2) 1 12 (9.6) 119,66 114,416 4.1 98 74

1,5 7.7%246 81 1,16 1,16 1,18 1,144 1,191 23.4%2.7% 75 % 4 4 29 21 211 212 213 2 155 296 26.8 37 27.7 267 23.4 247 2.7 2 15.2 17.3%415 1 4. 34.9% 29 21 211 212 213 % 5 1 415 359 347 344 354 25 5 35.4 31.4 31.1 3.9 34.9 29 21 211 212 213 1.1% 528 84 2.9%167 2 9 11 57 1 55 1 26 7 1 15 9 71 38.2% 35.4% 6 52 462 456 523 529 3 29 21 211 212 213

3.7%165 21 15.% 13.9% 1EPS 196.96 195.811 196.76 195.51 1EPS 1 3 3 249.71 22.1 196.96 195.81 213 15 187 119.8 172 165 15 11 29 21 211 212 213.4% 8 4 1,996 41 ROA 8.9%8.3% 1,325 83 7.6%66.4% 67 58 274 2396 38 ROA ROA % 2,5 2 1,25 5 69 345 9 27 11 74 98 24.5% 28 87 1,51 6.6 1,669 11.8 2 72 1,651 33 1,848 12.1 1,988 1,996 29 21 211 212 213 82.8%82.6% 1 5.9% 11.63 1,998.44ROE 1.7%1.% 8.9 8.3 ROE ROE % 2, 2 1,252 1,373 14.3 1,561 14.5 1,645 1,648 1 1, 8. 1.7 1. 1 29 21 211 212 213

152 38 597 97 99 43 45 96215 57 99 43 255 92 55 6 13 72 45 96 46 8 48 83 36 9 215 57 137 6384 69 152 38 597 97 ROE DOE 211 213 213 DOE 5.% 11DOE 5.1% 1DOE 1 DOE % 12 1 6 8 5.4 8 5.2 9 5.3 1 5.4 1 5.1 5 29 21 211 212 213 213 3 212 3 9,943 21,483 (11,54) (4,596) (1,273) 5,677 (21,557) (8,559) (12,998) 59,797 75,35 (15,238)

PL 213 3 15.4% 2 213 3 27% XE EN

1 7% PL

11 3 31 23 24 25 26 9,253 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 2,995 48 366 182 94 9,947 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 13,971 1 93.67 71.65 125.85 15.26 85.97 71.64 125.71 15.1 1,14.21 1,176.83 1,249.32 1,368.27 2. 4. 5. 6. 15,88 23,196 6,619 2,879 (9,951) 5,246 (2,97) (1,33) (6,57) (12,122) (12,712) (5,9) 34.5 7.6 36.1 218.7 % 145.8 54.7 14. 26.9 83,431 91,231 82,735 93,893 4,85 37,237 32,676 3,395 147,148 15,238 139,98 15,458 23,47 12,686 6,882 5,614 97,126 13,5 18,24 118,637 ROE% 8.8 6.3 1.4 11.5 ROA% 5.7 4.3 7.6 9. % 66. 68.9 77.3 78.9 % 68.7 11.8 142.3 163. PER 12.3 24.3 18.3 18.8 DOE% 1.9 3.5 4.1 4.6 9,74 87,963 86,659 86,751 2,5 2,335 2,38 2,312 1. 213 3 311 =94.5 2. 12 1513 3.

27 28 29 21 211 212 213 213 1,486 13,394 11,619 11,594 11,812 114,416 119,66 $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 52,884 562,293 2,412 2,371 15,494 29,64 3,739 26,732 24,681 262,427 91 97 65 53 36 23 7 74 21,39 2,483 15,824 28,61 31,74 27,791 25,592 272,19 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 16,521 175,661 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 16,72 177,777 151.58 146.15 119.8 22.1 249.71 196.96 195.81 $ 2.8 151.31 145.94 118.97 219.85 249.42 196.76 195.51 2.8 1,481.83 1,494.48 1,472.32 1,614.8 1,793.15 1,887.81 1,998.44 21.25 65. 8. 8. 8. 9. 1. 1. 1.6 14,959 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) 164.3 163.6 165.5 558.1 488.5 1,285. 3,37.8 36.4 34.1 5.5 2.5 1.1 1.1 1.9 1,82 12,754 11,53 118,832 137,668 14,288 132,583 $1,49,74 3,485 29,849 28,665 26,574 24,957 25,523 27,42 291,549 159,99 156,547 151,12 166,878 184,81 198,81 199,641 2,122,77 5,446 5,278 154 75 152 179 145 1,538 128,587 126,998 125,181 137,343 156,99 164,514 164,88 1,752,346 1.6 9.9 8. 14.3 14.5 1.7 1. 8.5 8. 6.6 11.8 12.1 8.9 8.3 8.8 81.1 82.9 82.3 84.5 82.8 82.6 165.3 126.2 154.3 143.1 156.2 155. 183.8 2. 15.9 23. 12.7 13.3 17.9 22.7 4.6 5.4 5.4 5.2 5.3 5.4 5.1 86,825 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

213212 3 31 3 213 212 213 6 59,797 75,35 $ 635,82 6 7 2,94 3,939 22,265 6 763 625 8,111 43,78 37,299 458,33 (2) (1) (2) 43,839 37,923 466,124 8 2,949 17,949 222,744 16 1,88 1,921 19,995 4,24 3,521 42,774 132,583 14,288 1,49,74 9 1 8,241 8,213 87,621 42,87 41,58 455,154 11,818 11,258 125,662 11,936 11,32 126,99 252 242 2,676 2,455 1,366 26,98 77,59 73,457 824,12 (5,89) (47,934) (532,571) 27,42 25,523 291,549 6 16 16 166 6 7 18,158 12,396 193,7 5,936 5,82 63,118 6,768 5,942 71,961 1,42 1,134 15,96 16 4,46 6,5 47,425 2,88 1,2 3,618 39,638 32,99 421,454 199,641 198,81 $2,122,77

3 213 212 213 6 9,266 8,75 $ 98,525 6 9,868 9,9 14,927 4,22 4,486 44,678 6 16 3,39 5,283 32,39 636 573 6,761 27,11 27,426 287,2 11 145 179 1,538 12 3,664 3,459 38,963 12 249 223 2,647 16 2,269 1,996 24,128 16 162 1,76 1,11 495 1,727 7,498 6,514 79,79 17 34,59 33,94 366,99 13 13 22,,212 22,, 82,469,13212 87,146,83 7,81 6,695 75,289 13 7,775 8,49 82,672 151,2 156,3 1,65,55 9212 1,246 (2) (4) (27) 165,856 17,77 1,763,484 7 1,92 51 2,416 (2,968) (6,37) (31,554) (1,48) (6,256) (11,138) 14 324 347 3,452 165,132 164,861 1,755,798 199,641 198,81 $2,122,77

213212211 3 3 213 212 211 213 119,66 114,416 11,812 $1,265,987 41,51 35,385 34,437 441,267 77,565 79,31 76,375 824,72 52,884 52,299 45,636 562,293 24,681 26,732 3,739 262,427 522 529 521 5,55 158 143 137 1,68 92 17 (123) 977 (7) (23) (36) (74) 57 (15) 7 (15) (135) (19) 1 (19) 146 28 23 1,549 25,592 27,791 31,74 272,19 16 7,98 9,912 9,97 84,86 1,163 718 (229) 12,362 9,71 1,63 9,741 96,448 16,521 17,161 21,333 175,661 16,521 17,161 21,333 175,661 16,521 17,161 21,333 175,661 4 1,869 494 (579) 19,869 3,339 (689) (957) 35,56 5,28 (195) (1,536) 55,375 21,729 16,966 19,797 231,36 21,729 16,966 19,797 $ 231,36 3 1 213 212 211 213 195.81 196.96 249.71 $ 2.8 195.51 196.76 249.42 2.8 1. 1. 9. 1.6

213212211 3 21 4 1 6,539 7,234 133,53 (4,958) 136 (4,661) 26 76 76 (6,88) 21,333 (26) 659 4,982 (579) (957) 45 211 3 31 6,615 7,969 147,578 (2) (443) (5,618) 35 8 8 (8,79) 17,161 (2) 494 (689) 42 212 3 31 6,695 8,49 156,3 (4) 51 (6,37) 347 386 386 (8,469) 16,521 (13,738) (66) (13,8) 13,74 1,869 3,339 (23) 213 3 31 7,81 7,775 151,2 (2) 1,92 (2,968) 324 3 212 4 1 $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) 213 3 31 $75,289 $82,672 $1,65,55 $ (27) $2,416 $(31,554) $3,452

213212211 3 3 213 212 211 213 25,592 27,791 31,74 $ 272,19 2,657 2,787 2,976 28,247 634 162 6,744 1 19 187 179 359 1,987 (522) (529) (521) (5,55) 7 23 36 74 (5,56) 1,37 (3,893) (59,112) (2,589) (3,294) (1,299) (27,527) 1,17 2,34 522 12,443 (1,79) 1 (11) (19,4) 19,786 3,219 29,243 21,375 532 549 513 5,661 (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) 37 6 188 394 (4,883) (2,42) (4,296) (51,918) 1 377 2 12 (87) (1,783) (5,873) (8,577) 4,68 7,632 3,922 49,748 (1,84) (7) (1) 3 8 29 (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) 675 149 14 7,182 (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 64,349 797,825 59,797 75,35 72,482 $ 635,82

3 213 212 211 213 1,171 $ 6,251 6,195 (34) (2,32) (2) 1,955 (32) (119) 1,84 $

1. 2. 1 212 3 2 1 213 4 2 3 6 7 3 1 46

5 6 8 7 1998 4 1 1998 4 1 31 5 7 8 4 1 8 9 9 28 3 31 1 1 11 1 1212

13 14 15 15 113 1 213 212211 3 313 84,368 87,127 85,433 1 213212 211 3 313 84,5 87,214 85,534 1 1616 17 3 18 213 3 31 19 211 3 31 18 2 3 31 21 2 3 31 25 22 6 3 212 3 31 24 21 12 4 24 21 12 4 212 4 1 45 484

2 26 24 5 17 25 24 5 17 1. 2. 214 3 3. i 213 3 ii 214 3 214 3 1,71318,223 2272,423 3. 213 3 311 94.5 4. 213212 3 31 213 212 213 2,896 881 $ 3,795 (57) 2,896 824 3,795 (1,27) (33) (1,926) 1,869 494 19,869 3,339 (689) 35,56 5,28 (195) $ 55,375

5. 1 Novasorb* Cyclokat Novasorb * 211 1 11 1% 1% 3 1,42126,559 553 6,727 1,955133,286 4 6,19575,376 1 5 1,171 14,247 12,446151,432 13,617165,679 34 4,134 2,32 28,227 2,66 32,361 6 6,17 75,65 7 212 3 2 212 3 211 1 11 211 12 31

6. 1 2 1 213212 3 31 3 213 212 59,797 59,797 () 75,35 75,35 () 43,841 43,841 37,924 37,924 86 86 198 198 4,218 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)

213 $ 635,82 $ 635,798 $ (4) 466,144 466,144 919 919 44,851 44,846 (5) 164,563 164,563 (98,525) (98,525) (14,927) (14,927) (32,39) (32,39) 1. 2. 3. 213 212 213 468 138 $4,969 19 21 199 487 159 $5,168 4. 213 212 213 1 1 1 1 1 1 59,797 75,35 $ 635,82 $ 43,841 37,924 466,144 86 198 919 2, 2,2 3,721 5 21,265 23,392 15,724 2,2 116,878 5 $1,124,13 $23,392 5.11

7. 213212 3 31 213 212 1,74 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) 213212 3 31 213 212 12,12 15,61 3,49 4,43 5,195 1,152 3 3 5 416 (84) 7,628 6,556 (1,72) 12,512 15,477 2,965 11,674 11,754 8 213 $127,723 $16,135 $32,412 5,317 4,428 (889) $133,4 $164,563 $31,523 213 212 3 314715,2143

213212 3 31 213 212 213 89 $ 794 (15) $ 211 3 3115 5% 3 5% 8. 213212 3 31 213 212 213 16,73 14,672 $177,62 625 6 6,643 3,621 2,677 38,499 2,949 17,949 $222,744 9. 28 3 31 213212 3 31 213 212 213 $ 1 $ 1 $

213 3 313 213 212 211 213 13 143 $ 12 133 $ 1 $ 213212 3 31 213 212 213 1 428 21 $ 4,546 1 847 491 9,6 1,275 692 $13,552 1. 213 3 313 213 212 211 213 $ 19 19 $ 212 3 31 11. 213212 3 31 213 212 213 213 9 3 14 $ 215 9 3 58 5 613 87 115 925 145 179 $1,538

213 3 31 3 31 215 74 $ 784 216 5 529 217 5 53 218 5 51 219 11 121 145 $1,538 12. 2 12 213212 3 31 213 212 213 (17,372) (14,926) $(184,78) 11,53 1,286 117,517 (6,319) (4,64) (67,191) 2,655 1,181 28,228 (249) (223) (2,647) (3,913) (3,682) $ (41,61) 213 3 313 213 212 211 213 989 896 921 $1,514 294 279 276 3,128 (28) (198) (195) (2,29) 39 182 169 3,289 928 862 791 9,865 2,312 2,21 1,962 $24,587 52 69 38 $ 553

213 3 313 213 212 211.99% 2.% 2.% 2.% 2.% 2.% * 14 14 14 * 1 1 1% 13. 5% 25% 1% 213 212 3 31 1,551 16,4961,551 212 8 1 13,739146,77 212 11 1 212 11 16 4,938,5 667,15 13,8139,81 13,74146,95 213 3 312 27 213 3 313 213 3 31 213 6 25 15.53 4,123 43,843 14. 212 2 1 212 6 2 211 6 22 21 6 23 29 6 24 3 7 3 7 4 6 4 8 124,3 114,5 12,5 168,4 212 7 4 211 7 5 21 7 6 29 7 3 214 6 23 222 6 2 213 6 24 221 6 22 212 6 25 22 6 23 211 6 27 219 6 24

28 6 25 27 6 26 26 6 27 25 6 24 4 8 4 8 7 8 8 5 2 161,7 99,3 12,7 129,2 28 7 2 27 7 3 26 7 4 25 7 4 21 6 28 218 6 25 29 6 27 217 6 26 28 6 28 216 6 24 27 6 25 215 6 23 24 6 25 23 6 26 22 6 26 5 4 2 5 5 2 5 7 2 78,2 137,6 92, 24 7 5 23 7 4 22 7 5 26 6 26 214 6 24 25 6 27 213 6 25 24 6 27 212 6 25 212 6 2 211 6 22 21 6 23 29 6 24 28 6 25 27 6 26 124,3 124,3 26 6 27 25 6 24 24 6 25 23 6 26 22 6 26

212 6 2 211 6 22 21 6 23 29 6 24 28 6 25 27 6 26 114,5 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, 89,5 26 6 27 25 6 24 24 6 25 23 6 26 92,1 11, 3,7 9 21,3 62,1 28,4 7,8 38,9 2,3 9 212 6 2 211 6 22 21 6 23 29 6 24 28 6 25 27 6 26 3,315 3,23 3,17 2,92 2,734 3,5 3,838 3,616 3,531 4,27 439. 42.99 43.71 427.73 423.16 69.45 26 6 27 25 6 24 24 6 25 23 6 26 2,715 2,48 1,743 1,176 3,698 3,61 3,435 * 579.5 * 26 5 1 213 6 25 3 1 3,6 15. 213212211 3 313 16,72177,77717,22513,221 16. 213 3 31337.9% 4.4% 4.4%

213 3 313 213 212 211 37.9% 4.4% 4.4% 2.8 (.3) (5.2) 1.5 1.1.7 2.7 (.5) (.5).3 (.5) (5.1) (6.2) (4.3) (.7).2.2 35.4% 38.2% 31.3% 213212 3 31 213 212 213 5,842 5,65 $ 62,112 2,562 2,633 27,239 1,37 894 11,25 882 876 9,383 821 812 8,729 626 1,279 6,658 321 418 3,416 88 79 939 58 58 618 57 57 64 43 3 462 18 18 187 1,837 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

213212 3 31 213 212 213 1,88 1,921 $ 19,995 4,46 6,5 47,425 (2,269) (1,996) (24,128) 4,71 6,425 $ 43,292 23 114 23 117 211 12 2 212 4 1 4.4% 212 4 1214 4 1 37.9%215 4 1 35.5% 17. 213 3 31131,38 18. 213 3 31 116,81 2,256 119,66 119,66 114 114 (114) 116,81 2,37 119,18 (114) 119,66 25,354 (673) 24,681 24,681 12,546 2,444 122,99 76,651 199,641 2,67 5 2,657 2,657 634 634 634 5,198 45 5,243 5,243

212 3 31 111,846 2,57 114,416 114,416 113 113 (113) 111,846 2,683 114,529 (113) 114,416 26,684 48 26,732 26,732 16,535 2,126 18,661 9,14 198,81 2,718 69 2,787 2,787 162 162 162 15,92 69 15,971 15,971 211 3 31 18,576 2,236 11,812 11,812 122 122 (122) 18,576 2,358 11,934 (122) 11,812 3,518 221 3,739 3,739 9,67 1,814 91,881 92,92 184,81 2,91 75 2,976 2,976 2,143 44 2,187 2,187 213 3 31 $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) 1,265,987 269,583 (7,156) 262,427 262,427 1,281,722 25,985 1,37,77 815, 2,122,77 27,713 534 28,247 28,247 6,744 6,744 6,744 55,269 479 55,748 55,748 1. 2. 3. 4.

213 212 211 213 98,981 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 23,874 1 12 11 111 119,66 114,416 11,812 $1,265,987 213 212 211 213 1,712 95,374 92,549 $1,7,826 9,22 8,88 8,517 97,845 582 3,451 3,7 6,192 8,56 6,76 6,668 91,14 1 5 8 11 119,66 114,416 11,812 $1,265,987 22,56 21,157 2,939 $239,878 2,597 2,245 1,962 27,618 71 635 478 7,545 1,553 1,486 1,578 16,58 27,42 25,523 24,957 $291,549 213 212 211 213 25,486 23,297 21,465 $27,978 21,716 2,392 2,712 23,92 11,929 11,825 11,567 126,839

213 212 211 213 19 $ 19 $ 213 212 213 634 162 $6,744 634 162 $6,744 5,936 5,82 $63,118 5,936 5,82 $63,118 19. 213 4 26 1. 2. 3, 213 5 3. 5 1% 3,5 1%

1 CEO 2 1. 213 3 31 2 8% 3 4 5 213 8 9 CEO Santen Pharmaceutical Co.,Ltd. Annual Report 213Internal Control Report

213 212 3 31213 3 31 3 213 212 3 31 213 3 31 3 213 3 31 3 213 3 31 213 3 31 KPMG AZSA LLC 213 8 9 Santen Pharmaceutical Co., Ltd. Annual Report 213Independent Auditor s Report

213 3 31 URL 53-8552 4 2 A 25F TEL 6-6321-7 6-482-936 IR 213 6 17 ir@santen.co.jp http://www.santen.co.jp 189 7,81 7,998 4536 213 7 UFJ 541-852 36 3 TEL 12-94-777 3,51,93 82,469,13 1.1 %.% 1 1,186 12.4 55223 4,778 5.8 3,31 4. 2,978 3.6 2,696 3.3 UFJ 2,12 2.6 2,52 2.5 RBC IST LONDON - LENDING ACCOUNT 1,965 2.4 35.4% 44.6% 92.8% 9.%.9%.%.7%.5% 1.4% 4.6% 1,929 2.3 1,836 2.2 5, 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 13/4 29 21 211 212 213 3,34 3,195 3,445 3,655 4,99 2,46 2,694 2,731 2,778 3,33 1. 1 1 12 31 2. 2136

213 8 929-1494 2-14 TEL 767-29-2666 FAX 767-29-4233 522-314 348-3 TEL 749-48-29 FAX 749-48-291 Niittyhaankatu 2, P.O. Box 33, FIN-33721 Tampere, Finland TEL +358-3-284-8111 FAX +358-3-318-19 21526 169 TEL +86-512-6295-75 FAX +86-512-6295-78 63-11 8916-16 TEL 743-79-451 FAX 743-79-4521

53-85524-2 A TEL 6-6321-7 FAX 6-6328-582 522-314 348-3 TEL 749-48-2234 FAX 749-48-2239 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 +1-415-268-91 FAX +1-51-655-5682 Advanced Vision Science, Inc. 5743 Thornwood Drive, Goleta, California 93117, U.S.A. TEL +1-85-683-3851 FAX +1-85-964-365 Santen Holdings EU B.V. Herikerbergweg 238, 111CM Amsterdam Zuidoost, Netherlands Santen Oy Niittyhaankatu 2, P.O. Box 33, FIN-33721 Tampere, Finland TEL +358-3-284-8111 FAX +358-3-318-19 Santen S.A.S. 1 rue Pierre Fontaine, Genavenir IV, F-9158 Evry cedex, France TEL:+33-1-69-87-4-2 FAX: +33-1-69-87-4-3 Santen GmbH Erika-Mann-Strasse 21 8636 Munchen, Germany TEL +49-89-84878- FAX +49-89-84878-6 SantenPharma AB Santen Pharmaceutical (China) Co., Ltd. Solna torg 3, SE-17145 Solna, Sweden TEL +46-8-83-414 FAX +46-8-83-4145 21526 169 TEL +86-512-6295-75 FAX +86-512-6295-78 Santen Pharmaceutical Korea Co., Ltd. 3F C&K Tower, 35, Yeoksam-ro 25-gil, Gangnam-gu, Seoul, 135-921, Korea TEL +82-2-754-1434 FAX +82-2-754-2929 Taiwan Santen Pharmaceutical Co., Ltd. 57 16 TEL +886-2-27-1553 FAX +886-2-27-173 Santen India Private Limited No. 216, Raheja Chambers, 12 Museum Road, Bangalore 56 1, India TEL:+91-8-4932-37 FAX:+91-8-4932-3799 1738 1 W3-126B TEL +86-1-8515-1515 FAX +86-1-8515-12

19 199 189 1925 1935 1944 1945 1958 1996 1997 1998 21 2 21 1977 1 1982 1985 199 1 1993 1994 1991 FX 1992 1995 EN 197 1975 1978 1981 1985 4NE 1986 1987 1952 1953 1954 1962 P 1963 1965 1899

2 21 22 23 23-25 ISO141 SAIN 24 25 211 211-213 212 1% 213 26 26-21 27 28 29 21 1999 XE FX 2 21 22 E 4 23 29 FX V 21 212 VEGF 4 213 PC 24 26 1 AL 27 a 28 4i

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