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Transcription:

2005 2005 3 Looking ahead

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

20052004 3 2005 3 2004 3 2005/2004 2005 3... 92,696 89,858 3.2% $ 863,175... 18,982 14,524 30.7 176,761... 11,023 6,321 74.4 102,642... 12,620 11,853 6.5 117,511... 4,907 3,226 52.1 45,690... 4,750 4,521 5.1 44,229 1... 125.85 71.65 75.6% $ 1.17... 125.71 71.64 75.5 1.17... 50.00 40.00 25.0 0.47... 139,980 150,238 (6.8)% $1,303,472... 108,240 103,500 4.6 1,007,913 ROE... 10.4% 6.3%... 2,308 2,335 1. 2005 3 311107.39 2. 1,000 884 890 903 899 927 200 120 12 190 110 165 100 10 800 150 145 85 117 126 80 77 8 600 63 100 60 53 6 400 40 4 50 200 20 2 8.1 5.6 8.8 6.3 10.4 0 01 02 03 04 05 0 01 02 03 04 05 0 01 02 03 04 05 0 01 02 03 04 05 3 31 1 Santen Annual Report 2005

2005 3 2003 20052 3 2 Santen Annual Report 2005

2003 2005 2.7% 927 3.2%190 30.7%11074.4% 2003 2005 2006 3 2003 2005 2 10 2004 7 2 1 1 1 2003 12 JJVCI 2004 2 JJVCI 2002 MR 6 2493 30 1 10 50 2006 3 3 Santen Annual Report 2005

4 Santen Annual Report 2005 5.2% 9759.6% 208 13.4% 125ROE 10% 2007 3 2005 8 MR SAIN 2 DE-085 DE-092 DE-089 DE-096 DE-096 3 12 8 2005 7 3 SIP 1 3

Maximizing Growth Potential 2003 2005 180100 1 3 5 Santen Annual Report 2005

2003 2005 1990 2 96 3ROE19% 1,000 800 600 400 200 0 2003-2005 2000-2002 95 96 97 98 99 00 01 02 03 04 05 06 2006 3 31 250 200 150 100 50 0 93 97 2000 200 2002117 3,000 1,000 31 2000 20 30 2 BPR 3 6 Santen Annual Report 2005

2003 12 JJVCI 2004 2 2 15 5 2002 2 15 3 60 90 7 IT BPR 2004 4 BPR BPR 7 Santen Annual Report 2005

8 Santen Annual Report 2005 APO-12004 11 Argenes 66 0.1 3 ROE 10.4% 10% ROE CFO ROA 35 36% 30% 20% DE-085 DE-092 JJVCI

For the Future... 3 1 9 Santen Annual Report 2005

10 Santen Annual Report 2005 QOL 2003 2005 4 1 2 3 4 1.5 56.5 5 SMO Site Management Organization DE-085 3 1 2 EBM 3 61 2 3 DE-092 2006

DE-089 4 TNFDE-096 2 3 DE-085 DE-092 3 20062007 33 2007 1 20111 3 64 1 2 1 2 11 Santen Annual Report 2005

2005 7 1.5% DE-076 DE-085 DE-092 DE-090 DE-089 + DE-094 A DE-096 DE-099 3 2004 3 2003 8 PG PG PG TNF 12 Santen Annual Report 2005

2005 3926 96 0.8% 5.7% 9.0% 2.9%... 14... 14... 18... 19... 20... 21... 22... 22 81.6% 400 MR 39.6% 1 1 DMARDs EN 42.9% 1 1 FX 40 20% 2 2 1 2005 3DMARDs IMS Copyright IMS Japan KK, 2005 2 2005 3 13 Santen Annual Report 2005

2,500 2,000 1,500 1,000 500 0 01 02 03 04 05 Copyright IMS Japan KK. 2005 IMS 2001-2005 2005 3 11.0% 3.3% 5.6% 6.5% 13.7% 36.1% 12.7% 11.1% Copyright IMS Japan KK. 2005 IMS 2005 2004 4 2.7% SAIN 9.0% 683 83 3 31 14 Santen Annual Report 2005

80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 01 02 03 04 05 2005 7 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 01 02 03 04 05 10%8 800 3 QOL 6.1% 142 31 3 31 15 Santen Annual Report 2005

20,000 15,000 10,000 5,000 1.4% 80% 1.5% 126 67 12.7% 36 79 2 4.3% 163 46 0 01 02 03 04 05 12,000 10,000 8,000 6,000 4,000 2,000 0 01 02 03 04 05 36% 4.5% 749 2008 2004 10 XE 4 28.0% 120 52 2002 1240 17 1 60% 2006 3 QOL 3 31 16 Santen Annual Report 2005

7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 01 02 03 04 05 2001 6 36.0% 80.2% 49 17 4 44.5%9 82 71.3% 58 25 1.722.4% 2006 3 20 4,000 3 31 17 Santen Annual Report 2005

14,000 19.8% 72 41 12,000 10,000 8,000 6,000 4,000 2,000 0 01 02 03 04 05 2004 10 AAO 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 3 01 02 03 04 05 2004 2 JJVCI 3 JJVCI 70.7% 17 3 2004 9 2004 2 JJVCI 3 79.77 81 2006 3JJVCI 3 QOL 3 31 18 Santen Annual Report 2005

5 12% EU 2004 922 ESCRS 2002 7 9.7% 47 94 2007 2008DE-085 2006 3 19 Santen Annual Report 2005

2004 12 10 25.3% 27 52 2006 3 20 Santen Annual Report 2005

9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 01 02 03 04 05 70 DMARDs 5% 2332003 TNF EN DMARDs 2004 4 DMARDs QOL EN A EN 4.8% 83 53 2006 3 EN 3 DMARDs DMARDs 2005 449 EN 3 31 21 Santen Annual Report 2005

8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 FX40 13.0% 52 77 2006 3 0 01 02 03 04 05 2005 4 FX CM 1,400 1,200 1,000 800 600 400 200 0 01 02 03 04 05 400MR 3,000 2003 3 20.5% 2004 12 17.5% 7 55 AVS :MD-14 2004 8 3 31 22 Santen Annual Report 2005

23 Santen Annual Report 2005 NPO 10 1997 2002 3 2004 9 8 ISO14001 ISO14001 2001 2002 2005

2005 85 38 2003 1 15 2005 8 3 48 5 2005 5 7 2 55 1. 97 2. 50 3. 34 4. 21 5. 53 280 19 120 280 20280 21 1,666 21 95 7 20 3 3 4 1999 4 2 5 12 2003-2005 2005 7 2005 7 3 24 Santen Annual Report 2005

25 Santen Annual Report 2005 1999 7 2004 1999 12 2002 2003 9 * 2006 3 e- 2005 7 1 2005 7

2005 7 26 Santen Annual Report 2005

... 28 9... 34... 36... 38... 39... 40... 41... 52 27 Santen Annual Report 2005

18 4443.8%23 66 100,000 80,000 60,000 40,000 20,000 0 01 02 03 04 05 42 37 5.3% 842 98 2005 3 2004 3 84,298 80,061 5.3 75,625 71,745 5.4 8,353 7,969 4.8 320 347 (7.9) 5,277 4,672 13.0 755 915 (17.5) 2,366 4,210 (43.8) 92,696 89,858 3.2 2004 4 56 669.0%683 83 40,000 32,000 50 40 17 8619.8%72 41 DMARDs 2 2004 7 3 844.8%83 53 6 513.0%52 77 24,000 16,000 8,000 0 01 02 03 04 05 18 515.8%337 10 35.4% 36.4% 1.0 30 20 10 0 2004 12 1 6017.5% 7 55 3 31 28 Santen Annual Report 2005

15,000 12,000 9,000 6,000 3,000 0 0 01 02 03 04 05 34 718.0% 400 4 15 12 9 6 3 3 16 2 11 17 12 1 14 18 5442.7% 24 87 8 23 4 41 7 19 8 55 74 1 3 1 EPS 1 EPS 20,000 12,000 125 16,000 12,000 8,000 4,000 10,000 8,000 6,000 4,000 2,000 100 75 50 25 0 01 02 03 04 05 0 0 01 02 03 04 05 44 5830.7% 189 82 16.2% 20.5% 4.3 20% 2 327.1% 5 46 16 4945.9%19 41 47 274.4% 110 23 1 7.0% 11.9% 4.9 1 EPS 71.65 125.8554.201 71.64125.7154.07 3 31 29 Santen Annual Report 2005

ROA 180,000 ROA 8.0 75,000 400 150,000 120,000 90,000 7.0 6.0 5.0 4.0 60,000 45,000 30,000 300 200 60,000 3.0 2.0 30,000 1.0 0 0 01 02 03 04 05 15,000 0 0 01 02 03 04 05 100 102 586.8% 1,399 80 84 969.3% 827 35 90 4221.8% 60.7% 59.1% 1.6 45 6112.2% 326 76 ROA 4.3% 7.6% 3.3 149 9832.1% 317 40 49 3218.2%222 22 47 1958.0% 35 655.6%605 12 3.363.72 0.36 100 6651.4%95 18 56 5646.1% 39 1567.8% 58 4 45.8%68 82 3 31 30 Santen Annual Report 2005

ROE ROE 120,000 100,000 80,000 12.0 10.0 8.0 90 4221.8%323 81 66 19 29 7127 12 60,000 6.0 40,000 20,000 47 404.6%1,082 40 0 01 02 03 04 05 68 9% 77 3% 8.4 ROE 6.3% 10.4% 4.1 172.49 6.2% 0 4.0 2.0 2005 3 2004 3 6,619 23,196 (16,577) (2,907) 5,246 8,223 (12,712) (12,122) (590) 32,381 41,423 (9,042) 165 7771.5% 66 19 46 61 112 36 1,249.32 52 46 29 7 5 904.9% 127 12 199 45 100 50 3 31 31 Santen Annual Report 2005

32 Santen Annual Report 2005 8 2 1 2004 42.7% 3.2% PL 2005 310.0% FDA 2 100 2 2005 33

33 Santen Annual Report 2005 XE EN 2004 2 16 10 7 PL

9 3 31 2005 2004 2003 2002... 92,696 89,858 90,253 88,966... 33,710 31,859 32,272 32,701... 40,004 43,475 45,284 44,475... 18,982 14,524 12,697 11,790... 182 366 480 465... 18,436 13,775 9,947 12,679... 7,413 7,454 1,444 7,373... 11,023 6,321 8,503 5,306... 4,907 3,226 7,046 6,586... 4,750 4,521 4,311 5,334... 12,620 11,853 12,719 12,187 1... 125.85 71.65 93.67 57.34... 125.71 71.64 85.97 53.07 BPS... 1,249.32 1,176.83 1,104.21 1,048.51... 50.00 40.00 20.00 20.00... 6,619 23,196 15,808 6,941... (2,907) 5,246 (9,951) (6,374)... (12,712) (12,122) (6,507) (5,684)... 36.1 70.6 34.5 14.9... 1.0 0.5 1.5 3.5... 82,735 91,231 83,431 86,064... 32,676 37,237 40,850 42,159... 139,980 150,238 147,148 152,103... 6,882 12,686 23,047 24,467... 108,240 103,500 97,126 95,101 ROE %... 10.4 6.3 8.8 5.6 ROA %... 7.6 4.3 5.7 3.5 %... 77.3 68.9 66.0 62.5 %... 142.3 101.8 68.7 86.6 PER... 18.3 24.3 12.3 25.3... 86,659 87,963 90,704 90,704... 2,308 2,335 2,500 2,463 1. 2005 3 311107.39 2. 12 1411 3. 2005 2004 2003 20022001 3 31 2000 3 31 34 Santen Annual Report 2005

9 2001 2000 1999 1998 1997 2005 88,449 83,577 79,639 77,957 75,216 $ 863,175 33,385 32,195 32,746 31,278 27,552 313,903 38,546 33,894 30,294 30,535 27,984 372,511 16,518 17,488 16,599 16,144 19,680 176,761 430 462 588 654 624 1,698 15,521 14,422 15,969 14,917 18,913 171,678 7,807 6,481 7,864 7,594 9,915 69,036 7,714 7,941 8,105 7,323 8,998 102,642 4,943 2,510 3,443 5,898 16,725 45,690 5,683 5,725 6,314 6,674 4,202 44,229 10,511 9,221 7,335 7,731 6,213 117,511 81.32 83.54 85.27 77.06 105.32 $ 1.17 75.01 77.04 78.63 71.01 99.87 1.17 1,022.99 1,006.48 935.71 862.88 877.12 11.63 20.00 12.00 12.00 12.00 12.00 0.47 6,832 9,372 16,339 11,535 16,181 $ 61,637 (3,172) 837 (8,305) (9,537) (28,259) (27,071) (7,193) (3,817) (3,857) (1,677) 18,610 (118,372) 16.8 20.3 27.8 21.6 32.8 3.7 2.7 1.7 2.7 2.0 88,025 82,218 78,018 70,892 69,065 $ 770,417 36,684 37,416 39,638 43,425 47,278 304,275 153,243 149,968 144,913 138,822 140,226 1,303,472 25,482 26,491 27,496 31,168 31,807 64,085 94,834 95,669 88,950 81,998 75,759 1,007,913 8.1 8.6 9.5 9.3 11.9 5.1 5.4 5.7 5.2 6.4 61.9 63.8 61.4 59.1 54.0 134.3 139.4 145.0 106.1 131.8 27.3 26.3 25.9 20.1 21.6 92,721 95,075 95,075 95,075 86,410 2,167 2,093 2,037 2,010 1,910 35 Santen Annual Report 2005

20052004 3 31 3 2005 2004 2005 4... 32,381 41,423 $ 301,525 4... 914 2,010 8,513... 398 511 3,704... 35,227 31,945 328,034... (18) (16) (168)... 35,607 32,440 331,570 6... 9,827 10,394 91,507 14... 1,625 2,256 15,132... 2,381 2,708 22,170... 82,735 91,231 770,417 78... 9,487 10,646 88,338... 40,257 41,553 374,869... 11,036 11,128 102,770... 10,609 10,588 98,791... 182 1,751 1,693... 71,571 75,666 666,461... (38,895) (38,429) (362,186)... 32,676 37,237 304,275... 53 4... 14,314 11,430 133,287... 1,015 1,324 9,456... 2,303 2,677 21,442 14... 1,052 1,814 9,792... 5,885 4,472 54,803... 24,569 21,770 228,780... 139,980 150,238 $1,303,472 36 Santen Annual Report 2005

3 2005 2004 2005 19... 268 416 $ 2,496... 6,123 5,040 57,013 10... 8,578 8,854 79,873... 3,214 3,409 29,932 14... 3,414 8,133 31,788... 625 1,302 5,820... 22,222 27,154 206,922 9... 6,614 12,270 61,589 10... 1,858 5,773 17,301 14... 23 27 218... 1,023 1,514 9,529... 9,518 19,584 88,637 1112 151,493,354 2004 152,844,454 86,658,703 2004 87,963,303... 6,248 6,214 58,179 1112... 6,943 6,909 64,649 11... 95,902 91,845 893,021 411... 2,049 1,426 19,079... (2,827) (2,854) (26,321) 108,315 103,540 1,008,607 11 39,660 2005 33,353 2004... (75) (40) (694)... 108,240 103,500 1,007,913 15... 139,980 150,238 $1,303,472 37 Santen Annual Report 2005

2005 20042003 3 3 2005 2004 2003 2005... 92,696 89,858 90,253 $863,175... 33,710 31,859 32,272 313,903... 58,986 57,999 57,981 549,272... 40,004 43,475 45,284 372,511... 18,982 14,524 12,697 176,761... 249 240 268 2,320... 114 1,712 1,066... (182) (366) (480) (1,698)... 1 675 8... 341 5 2 3,175 10... 316 2,946 10... 211 1,964 8... (823) (377) (7,665)... (51) (201) (602) (474)... (2,203)... (719)... (855)... (441) (386) (4,104)... (281) (477) 265 (2,621)... 18,436 13,775 9,947 171,678 14... 6,447 8,751 463 60,033... 966 (1,297) 981 9,003 7,413 7,454 1,444 69,036... 11,023 6,321 8,503 $102,642 1 3 2005 2004 2003 2005... 125.85 71.65 93.67 $ 1.17... 125.71 71.64 85.97 1.17... 50.00 40.00 20.00 0.47 38 Santen Annual Report 2005

2005 20042003 3 3 2005 2004 2003 2005 1112... 6,214 6,214 6,214 $ 57,865... 34 314... 6,248 6,214 6,214 $ 58,179 1112... 6,909 6,909 6,909 $ 64,333... 34 316... 6,943 6,909 6,909 $ 64,649 11... 91,845 90,552 83,893 $ 855,245... 11,023 6,321 8,503 102,642... (4,397) (1,758) (1,814) (40,942)... (21) (30) (30) (196)... (2,548) (3,240) (23,728)... 95,902 91,845 90,552 $ 893,021 411... 1,426 294 474 $ 13,280... 623 1,132 (180) 5,799... 2,049 1,426 294 $ 19,079... (2,854) (3,566) (2,383) $ (26,575)... 27 712 (1,183) 254... (2,827) (2,854) (3,566) $ (26,321) 11... (40) (3,277) (6) $ (374)... (2,583) (3) (3,271) (24,048)... 2,548 3,240 23,728... (75) (40) (3,277) $ (694) 39 Santen Annual Report 2005

2005 20042003 3 3 2005 2004 2003 2005... 18,436 13,775 9,947 $ 171,678... 4,750 4,521 4,311 44,229 8... 823 377 7,665... (2,551) 43 133 (23,754)... (249) (240) (268) (2,320)... (114) (1,712) (1,066)... 182 366 480 1,698... (3,082) (315) 6,966 (28,701)... 595 1,342 647 5,536... 1,066 (441) 660 9,925... (2,263) 1,046 (753) (21,068)... 17,593 18,762 22,123 163,822... 247 233 140 2,297... (183) (329) (458) (1,706)... 198 3,003 1,847... (11,236) (453) (5,997) (104,623)... 1,980... 6,619 23,196 15,808 61,637... (4,907) (3,226) (7,046) (45,690)... (3,230) (511) (3,704) (30,075)... 1,059 1,074 473 9,862... 2,488 3,770 23,169... (6,048) (7,022) (5,252) (56,315)... 7,722 11,520 4,854 71,907... 12... 9 (359) 712 71... (2,907) 5,246 (9,951) (27,071)... 10,000... (5,804) (416) (1,421) (54,046)... (19,945) 11... (2,583) (3) (3,274) (24,048)... (4,393) (1,758) (1,812) (40,911)... 68 633... (12,712) (12,122) (6,507) (118,372)... (42) 49 84 (392)... (9,042) 16,369 (566) (84,198)... 41,423 25,054 25,620 385,723... 32,381 41,423 25,054 $ 301,525 40 Santen Annual Report 2005

1 2 1) 2) 3) 4 1 4) 5 5) 6) 6 7) 41 Santen Annual Report 2005

1998 4 1 1998 4 1 31 50 7 4 10 8) 10 9) 7 10) 8 11) 10 17 1 1 316 17 3 211 12) 13) 13 5 14) 1 11 1 2005 20042003 3 31 87,39087,93190,452 1 42 Santen Annual Report 2005

2005 20042003 3 31 87,485 87,94299,635 1 15) 14 16) 3 17) 2005 3 31 3 2005 3 31 107.39 4 20052004 3 31 2005 2004... 1,000 12 1,012 1,500 13 (1) 1,512... 8,789 3,576 (114) 12,251 6,058 2,525 (58) 8,525... 947 9 (81) 875 8,789 3,576 (114) 12,251 7,005 2,534 (139) 9,400 2005... $ 9,312 $ 115 $ $ 9,427... $81,838 $33,302 $(1,061) $114,079... $81,838 $33,302 $(1,061) $114,079 43 Santen Annual Report 2005

20052004 3 31 2005 2004 2005... 7,500 7,500 $69,838 $ 1... 5 500 261 47 1 5... 1,000 1,005 595 9,312 5 10... 294 8,505 9,005 1,150 $79,197 $ 5 20052004 3 31 2005 2004... 1,926 191 191 6 20052004 3 31 2005 2004 2005... 2,295 2,011 $21,370... 5,159 5,462 48,038... 854 937 7,953... 1,519 1,984 14,146 9,827 10,394 $91,507 44 Santen Annual Report 2005

7 20052004 3 31 2005 2004 2005... 14,318 13,280 $133,324... 10,751 10,001 100,109... 3,567 3,279 33,215... 623 711 5,807... 298 301 2,776... 325 410 3,031... 14,941 13,991 139,131... 11,049 10,302 102,885... 3,892 3,689 $ 36,246 1... 963 810 $ 8,968 1... 3,045 2,980 28,356 4,008 3,790 $ 37,324 2005 3 31 3 2005 2004 2003 2005... 977 736 638 $ 9,099... 911 692 486 $ 8,482... 68 55 18 $ 634 20052004 3 31 2005 2004 2005 1... 97 97 $ 903 1... 147 159 1,366 244 256 $ 2,269 45 Santen Annual Report 2005

8 2005 3 31 8237,665 7737,202 16 10 9 20052004 3 31 2005 2004 2005 2008 0.45%... 5,000 10,000 $ 46,559 2010 0.00%... 336 2011 1.79% 4.75%... 1,882 2,350 17,526... 6,882 12,686 64,085 1... (268) (416) (2,496) 6,614 12,270 $ 61,589 2005 3 31 3 31 2006... 268 $ 2,496 2007... 368 3,427 2008... 368 3,427 2009... 5,368 49,986 2010... 310 2,887 2011... 200 1,862... 6,882 $ 64,085 10 2 1117 1 46 Santen Annual Report 2005

20052004 3 31 2005 2004 2005... (10,053) (12,140) $ (93,617)... 7,694 5,512 71,644... (2,359) (6,628) (21,973)... 904 1,296 8,421... (403) (441) (3,749)... (1,858) (5,773) $ (17,301) 2,891 26,9212,574 23,9744 8157,594 100% 2005 3 31 3 2005 2004 2003 2005... 869 1,086 796 $ 8,092... 217 265 259 2,022... (103) (92) (142) (958)... 111 122 170 1,033... 198... 572 5,327... (316) (2,946)... 491 4,570... 1,841 1,381 1,281 $17,140... 6 28 21 $ 54 2005 3 31 3 2005 2004 2003...... 2.00% 2.00% 2.00%... 2.00% 2.00% 3.00%... 14 14 14 47 Santen Annual Report 2005

11 50% 10% 25% 25% 20052004 3 31 1,55114,447 1,551 2005 3 31 3 2005 3 31 2005 6 24 30 0.28 2,59924,198 2005 3 31 96,302896,749 84,109 783,211 2005 3 311,357,407 2,58324,048 1,351,1002,54823,728 12 2 10 2005 3 31 3 2002 3 31... 243,000 2,255... 92,000 1,326 2003 3 31... 335,000 2,000... 137,600 1,176 2004 3 31... 472,600 1,760 $16.39... 78,200 1,743 16.23... (46,500) (1,450) (13.50) 2005 3 31... 504,300 1,786 $16.63 2005 6 24 2007 6 252015 6 23 136,000 13 2005 20042003 3 3112,620(117,511) 11,85312,719 48 Santen Annual Report 2005

14 2005 20042003 3 31 3 40.4% 42.0%42.0% 2005 20042003 3 31 2005 2004 2003... 40.4 % 42.0 % 42.0 %... 2.7 12.6 12.2... 1.6 2.0 3.2... 0.6 2.8 4.6... 0.4 0.6... (5.7) (8.3)... 0.6... (49.3)... 0.2 1.8 1.8... 40.2 % 54.1 % 14.5 % 20052004 3 31 2005 2004 2005... 5,657 5,715 $ 52,680... 1,798 1,844 16,745... 1,044 1,290 9,722... 298 789 2,771... 666 696 6,202... 92 139 854... 118 221 1,099... 230 220 2,142... 231 181 2,155... 148 173 1,378... 74 171 689... 839 834 7,809... 11,195 12,273 104,246... (6,921) (6,975) (64,447)... 4,274 5,298 39,799... (1,391) (1,026) (12,953)... (206) (202) (1,918)... (23) (27) (222)... (1,620) (1,255) (15,093)... 2,654 4,043 $ 24,706 49 Santen Annual Report 2005

20052004 3 31 2005 2004 2005... 1,625 2,256 $ 15,132... 1,052 1,814 9,792... (23) (27) (218)... 2,654 4,043 $ 24,706 15 2005 3 31 5625,231 50 Santen Annual Report 2005

16 2005 2004 2003 2005... 85,837 79,338 81,858 $ 799,303... 549 1,018 660 5,111... 86,386 80,356 82,518 804,414... 6,375 8,849 6,643 59,363... 1,624 1,156 983 15,125... 7,999 10,005 7,626 74,488... 484 1,671 1,752 4,509... 2,570 6,036 7,648 23,933... 3,054 7,707 9,400 28,442... (4,743) (8,210) (9,291) (44,169)... 92,696 89,858 90,253 $ 863,175... 22,169 20,351 20,652 $ 206,442... (150) (2,599) (3,816) (1,389)... (743) (550) (1,083) (6,927)... (2,294) (2,678) (3,056) (21,365)... 18,982 14,524 12,697 $ 176,761... 123,067 132,791 129,750 $1,145,980... 8,604 11,669 9,865 80,121... 5,155 6,016 7,030 47,998... 3,154 (238) 503 29,373... 139,980 150,238 147,148 $1,303,472... 4,794 4,370 3,506 $ 44,642... 1,704 5,814 4,650 15,867... 2,752 2,197 2,364 25,628... 9,250 12,381 10,520 $ 86,137... 92,696 89,858 90,253 $ 863,175... 10.0% 13.8% 11.7% 10.0% 51 Santen Annual Report 2005

20052004 3 31 2005 3 31 3 2005 2004 3 312005 3 31 3 2005 3 31 3 2005 6 24 52 Santen Annual Report 2005

2005 7 7 8 3 4 5 6 6 10 8 7 9 3 5 4 1 1 2 2 1 521-0072 1011-1 TEL: 0749-52-4026 FAX: 0749-52-6080 100% 2 522-0314 348-3 TEL: 0749-48-2234 FAX: 0749-48-2239 100% 3 Santen Holdings U.S. Inc. 555 Gateway Drive, Napa, California 94558, U.S.A. 100% 4 Santen Inc. 555 Gateway Drive, Napa, California 94558, U.S.A. TEL: +1-707-254-1750 FAX: +1-707-254-1755 100% * 5 Advanced Vision Science, Inc. 5743 Thornwood Drive, Goleta, California 93117, U.S.A. TEL: +1-805-683-3851 FAX: +1-805-964-3065 100% * 6 Santen Oy Niittyhaankatu 20, P.O. Box 33, FIN-33721 Tampere, Finland TEL: +358-3-284-8111 FAX: +358-3-318-1900 100% 7 SantenPharma AB Solna torg 3, SE-17145 Solna, Sweden TEL: +46-8-83-4140 FAX: +46-8-83-4145 100% 8 Santen GmbH Industriestrasse 1, Germering D-82110, Germany TEL: +49-89-848078-0 FAX: +49-89-848078-60 100% 9 Taiwan Santen Pharmaceutical Co., Ltd. 57 16 TEL: +886-2-2700-1553 FAX: +886-2-2700-1730 100% 10 Santen Pharmaceutical Korea, Co., Ltd. Room 1002, Center Building, 91-1, Sogongdong, Chung-ku, Seoul Republic of Korea TEL: +82-2-754-1434 FAX: +82-2-754-2929 100% * 1 533-8651 3-9-19 TEL: 06-6321-7000 FAX: 06-6328-5082 2 630-0101 8916-16 TEL: 0743-79-4501 FAX: 0743-79-4521 3 929-1494 2-14 TEL: 0767-29-2666 FAX: 0767-29-4233 4 522-0314 348-3 TEL: 0749-48-2900 FAX: 0749-48-2901 5 533-8651 3-9-19 TEL: 06-6321-7070 FAX: 06-6321-3026 6 5 1015 TEL: +86-10-6590-8535 FAX: +86-10-6590-8537 7 362-366 2605 TEL: +86-20-8375-2212 FAX: +86-20-8387-8799 8 388 1804 TEL: +86-21-6334-5813 FAX: +86-21-6334-5819 53 Santen Annual Report 2005

2005 3 31 533-8651 3 9 19 TEL: 06-6321-7007 IR 0.0% 32.8% FAX: 06-6321-8400 E: ir@santen.co.jp URL: http://www.santen.co.jp 15.2% 0.4% 1890 6,247 8,509 38.0% 13.6% 10 4536 UFJ 541-8502 3 6 3 TEL: 06-6229-3011 2,308 1,691 86,658,703 7,198 8.3% 4,756 5.5 4,577 5.3 4,565 5.3 2,856 3.3 2,854 3.3 2,668 3.1 2,442 2.8 UFJ 2,148 2.5 2,148 2.5 3,000 2,400 1,800 1,200 TOPIX 600 0 00/4 01/4 02/4 03/4 04/4 05/4 TOPIX 8,000 6,000 4,000 2,000 0 00/4 01/4 02/4 03/4 04/4 05/4 2001 2002 2003 2004 2005 2,410 1,635 1,435 2,240 2,635 1,330 990 1,099 1,362 2,050 1. 1 112 31 2. 2005 7 54 Santen Annual Report 2005

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