SANTEN PHARMACEUTICAL CO., LTD. SNPHY

Health CarePharmaceuticalsJapan

Last close 11.23 USD on Nov 1, 2026, +10.2% year to date

Quant rating

Quant rating A+ Rank 1 of 211 in Health Care

Growth B 104 of 211
Valuation A 6 of 211
Quality A 14 of 211
Revisions B 37 of 211
Momentum B 79 of 211

Wall Street consensus Buy (2.11)Average target 15.10 USD +34.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.7B
Enterprise value: 3.5B
52-week range: 9.22 – 13.93
3-year range: 8.64 – 13.93
Dividend yield: 2.13%
Beta (5 years): 0.46
Shares outstanding: 322M
Next earnings: Nov 5, 2026

About the company

Santen Pharmaceutical Co Ltd is a Japan-based company mainly engaged in the research and development, manufacture, and sale of pharmaceuticals. The Company engages in global research and development, manufacture, sale, and marketing of pharmaceuticals in the ophthalmology field. The Company engages in prescription pharmaceuticals, over-the-counter pharmaceuticals, medical devices, and other businesses. The Company operates in Japan, Asia, Europe, the Middle East, and Africa (EMEA), China, and other regions.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	1,837	2,001	1,996	2,101	2,189	–
Revenue growth	−8.2%	0.3%	−5.0%	−4.0%	−2.9%	−4.0%
EPS (basic, normalized)	0.72	0.71	0.47	−0.29	0.52	–
EPS growth	2.6%	51.0%	–	–	–	–
Gross margin	58.2%	57.0%	59.2%	59.5%	58.8%	58.5%
Net margin	12.8%	12.1%	8.8%	−5.4%	10.2%	7.7%
ROE	12.8%	12.2%	8.9%	−4.7%	8.4%	7.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	502
Current ratio	2.82x
Long-term debt (mil)	191
Net debt (mil)	−130
Total equity (mil)	1,847
Net debt / equity	−0.07x
Net debt / EBITDA	−0.31x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	1,837	−8.2%	1.9x	420	−5.9%	8.4x	0.72	+2.6%	15.5x
2027	1,928	+4.9%	1.8x	435	+3.5%	8.1x	0.78	+7.4%	14.4x
2028	1,999	+3.7%	1.8x	477	+9.7%	7.4x	0.86	+10.2%	13.1x
2029	2,083	+4.2%	1.7x	522	+9.6%	6.8x	0.96	+11.9%	11.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	1,928	+0.5%	+0.5%	+4.7%	0.78	0.0%	+3.3%	+8.1%
2028	1,999	+0.7%	+1.5%	+5.2%	0.86	+0.6%	+2.8%	+7.5%
2029	2,083	+1.0%	+1.5%	+3.9%	0.96	+1.4%	+2.9%	+8.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	79,132	74,771	71,633	76,369	77,231	68,737	69,142	72,884	80,861	68,957
Sales mean (mil)	70,723	73,439	73,294	75,573	78,918	72,211	68,938	74,850	79,187	69,707
Surprise	+11.9%	+1.8%	−2.3%	+1.1%	−2.1%	−4.8%	+0.3%	−2.6%	+2.1%	−1.1%
EPS reported	0.33	29.59	23.29	25.33	25.79	17.32	24.57	24.51	47.88	22.39
EPS mean	13.64	22.17	21.69	22.45	16.01	23.74	19.79	30.51	30.79	21.27
Surprise	−97.6%	+33.5%	+7.4%	+12.8%	+61.1%	−27.0%	+24.1%	−19.7%	+55.5%	+5.3%

Peer comparison Pharmaceuticals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SNPHY SANTEN PHARMACEUTICAL CO., LTD.	3.7B	−0.31x	12.8%	1.91x	14.4x	13.1x	8.1x	7.4x
APNHY Aspen Pharmacare Holdings Limited	4.1B	–	−2.5%	0.87x	13.1x	11.6x	8.0x	7.3x
LQDA Liquidia Corporation	4.0B	2.17x	−43.5%	20.58x	22.9x	21.4x	11.2x	14.6x
ARQT Arcutis Biotherapeutics, Inc.	4.0B	18.90x	−4.3%	18.26x	75.1x	24.7x	38.4x	19.9x
TARS Tarsus Pharmaceuticals, Inc.	3.7B	5.45x	−14.7%	9.34x	−33.7x	49.4x	−44.9x	56.2x
OGN Organon & Co.	3.6B	3.89x	3.0%	3.61x	4.0x	3.8x	6.1x	5.9x
Mean		6.02x	−8.2%	9.10x	16.0x	20.7x	4.5x	18.5x
Median		3.89x	−3.4%	6.48x	13.8x	17.3x	8.0x	11.0x

Technical analysis

1M+3.1%
3M−6.1%
1Y+9.3%
3Y+40.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, SANTEN PHARMACEUTICAL CO., LTD., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	1,837	2,001	1,996	2,101	2,189	2,255
Cost of revenue	768	860	815	851	901	887
Gross profit	1,070	1,141	1,181	1,251	1,287	1,368
Selling, general & administrative expenses	533	556	605	725	695	719
Research & development	165	161	168	213	217	218
Depreciation/amortization	87.0	89.9	62.6	71.7	80.0	96.2
Interest expense (income), operating	−36.0	–	–	–	–	–
Unusual expense (income)	26.5	15.6	99.3	291	−11.4	229
Other operating expenses	−6.4	10.9	−2.6	−24.7	0	−4.4
Operating income	301	308	249	−25.5	307	110
Net interest income (expense)	−2.5	−5.1	−47.7	−18.2	−14.4	−4.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.7	13.9	−3.8	0	0	−0.1
Net income before taxes	299	317	197	−43.7	293	106
Provision for taxes	62.3	77.5	21.0	69.2	69.3	23.1
Minority interest	−1.2	2.7	−0.4	0.3	0.2	1.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	235	242	176	−113	224	84.1
Extraordinary items	–	–	–	–	–	–
Net income	235	242	176	−113	224	84.1
EBIT, normalized	291	323	348	266	296	339
EBITDA, normalized	407	443	468	396	436	501
Basic EPS, normalized	0.72	0.71	0.47	−0.29	0.52	–

Balance sheet in millions of USD, fiscal years

Balance sheet, SANTEN PHARMACEUTICAL CO., LTD., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	525	627	628	442	693	573
Receivables	453	481	598	807	819	867
Total inventory	407	344	285	296	305	376
Prepaid expenses	–	–	–	–	–	–
Other current assets	56.7	44.2	49.3	60.8	68.9	47.4
Total current assets	1,441	1,496	1,561	1,606	1,886	1,863
Property, plant & equipment	492	487	473	498	463	357
Goodwill	59.0	55.0	54.9	55.6	113	115
Intangibles	393	448	499	670	958	931
Long-term investments	126	108	161	281	298	335
Note receivable	–	–	–	–	–	–
Other long-term assets	155	136	131	60.3	64.2	60.5
Total assets	2,665	2,729	2,880	3,172	3,781	3,661
Liabilities
Accounts payable	164	179	159	190	201	219
Payable/accrued	–	–	–	–	–	–
Accrued expenses	83.1	74.5	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	22.3	21.9	18.2	23.0	115	26.3
Other current liabilities	284	304	436	461	472	464
Total current liabilities	554	579	613	674	788	710
Long-term debt	197	206	211	250	156	65.3
Minority interest	−6.1	−7.1	−4.5	−5.1	−5.3	−4.8
Other liabilities	50.0	42.1	37.5	39.4	68.6	89.0
Total liabilities	794	821	857	958	1,007	859
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	55.6	58.7	58.0	65.5	71.3	77.0
Additional paid-in capital	60.5	65.3	65.1	73.7	77.0	80.9
Retained earnings (accumulated deficit)	1,407	1,523	1,588	1,795	2,391	2,473
Treasury stock	−6.2	−7.7	−6.7	−2.7	−5.9	−8.4
Other equity	354	269	319	282	241	180
Total equity	1,871	1,909	2,023	2,214	2,774	2,802
Total liabilities & shareholders' equity	2,665	2,729	2,880	3,172	3,781	3,661

Cash flow statement in millions of USD, fiscal years

Cash flow statement, SANTEN PHARMACEUTICAL CO., LTD., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	237	239	176	−113	223	60.0
Depreciation, depletion & amortization	116	120	120	130	140	151
Deferred taxes	–	–	–	–	–	–
Non-cash items	46.0	81.4	104	358	67.8	416
Changes in working capital	−124	−33.8	79.5	−95.6	−53.0	−277
Cash from operations	274	406	480	280	378	351
Investing activities
Capital expenditures	−89.9	−73.5	−70.6	−185	−295	−215
Other investing cash flows	8.1	18.6	30.0	−16.5	5.5	−267
Cash from investing	−81.7	−54.8	−40.6	−202	−289	−482
Financing activities
Financing cash flow items	−3.8	0	1.4	3.4	1.2	1.3
Cash dividends paid	−79.7	−80.8	−78.5	−94.9	−98.6	−101
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−227	−275	−148	−189	143	−51.0
Cash from financing	−311	−355	−225	−280	45.7	−151
Foreign exchange effects	42.2	−6.6	27.8	13.1	30.4	24.3
Net change in cash	−76.4	−10.6	242	−189	165	−258
Free cash flow	184	333	410	94.6	83.9	136

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.