Summary of Consolidated Financial Results for the Six Months Ended September 30, 2025 (IFRS)

Listed Company Name: Santen Pharmaceutical Co.,Ltd.

Exchanges Listed: Tokyo (Prime Market)

Stock Code: 4536

URL: https://www.santen.com/en

Representative: Takeshi Ito, President and CEO

Contact: Guillaume Sakuma, Global Head of Investor Relations (+81-6-7664-8621)

Filing of Securities Report (Scheduled): November 10, 2025 Start of Distribution of Dividends (Scheduled): November 28, 2025

Preparation of Supplementary Material of the Financial Results:

Yes

Holding of Presentation of Financial Results: Yes (for securities analysts and institutional investors)

(JPY millions)

1. Consolidated Performance for the Six Months Ended September 30, 2025

   1. Operating Results

      	Six months ended Six months ended September 30, September 30, 2024 2025		Change
      Revenue	146,404	137,879	(5.8％)
      Core operating profit	29,739	22,314	(25.0％)
      Operating profit	23,873	17,915	(25.0％)
      Net profit for the period	18,704	13,854	(25.9％)
      Net profit for the period attributable to owners of the company	18,772	13,940	(25.7％)
      Total comprehensive income for the period	13,020	22,089	69.6％
      Basic earnings per share (yen)	52.88	41.76
      Diluted earnings per share (yen)	52.74	41.70

   2. Financial Position

   	March 31, 2025	September 30, 2025
   Total assets	409,277	389,137
   Total equity	285,181	273,607
   Total equity attributable to owners of the company	286,242	274,767
   Total equity attributable to owners of the company ratio (%)	69.9	70.6
   Equity per share attributable to owners of the company (yen)	839.20	846.33

2. Dividends

   	Year to March 2025	Year to March 2026	(Forecasts) Year to March 2026
   First quarter dividends per share (yen)	-	-	-
   Second quarter dividends per share (yen)	17.00	19.00 －
   Third quarter dividends per share (yen)	-	-	-
   Year-end dividends per share (yen)	19.00	-	19.00
   Annual dividends per share (yen)	36.00	-	38.00

   (Note):

   Revisions to the forecasts of dividends from the latest announcement: No

3. Consolidated Forecasts of Results for the Year Ending March 31, 2026

   	Year to March 2026	Change
   Revenue	294,000	(2.0％)
   Core operating profit	54,000	(9.1％)
   Operating profit	44,000	(6.1％)
   Net profit for the year	33,500	(6.6％)
   Net profit for the period attributable to owners of the company	34,000	(6.2％)
   Basic earnings per share (yen)	102.66	(1.3％)

   (Note):

   Revisions to the forecasts of consolidated results from the latest announcement: No

   1. Presentation of figures on a core basis has been revised from the fiscal year ended March 31, 2025.

   2. Please refer to "1. Summary of Consolidated Results and Others (1) Summary of Consolidated Results for the Period" on page 3 of the attached material for details of the reconciliation from IFRS basis figures to core-based figures.

   3. At a meeting of the Board of Directors on November 6, 2025, the Board resolved to cancel treasury shares; the shares will be cancelled on November 28, 2025. While the share cancellation has been factored into the basic earnings per share forecasts for the year ending March 31, 2026, there are no changes to the forecast of consolidated results as disclosed on May 13, 2025. Please refer to "2. Condensed Interim Consolidated Financial Statements and Major Notes (5) Notes to Condensed Interim Consolidated Financial Statements" on page 14 for details of the cancellation.

*Notes

1. Significant changes in scope of consolidation during the period: No

2. Changes in accounting policies and accounting estimates

   1. Changes in accounting policies required by IFRS : No

   2. Changes in accounting policies other than (i) : No

   3. Changes in accounting estimates : No

3. Number of ordinary shares issued

   1. Number of shares outstanding at the end of period (including treasury shares) September 30, 2025 342,068,554 shares

      March 31, 2025 342,055,554 shares

   2. Number of treasury shares at the end of period

      September 30, 2025 17,234,831 shares

      March 31, 2025 691,515 shares

   3. Average number of outstanding shares

The second quarter ended September 30, 2025 333,666,908 shares

The second quarter ended September 30, 2024 354,892,503 shares (Note):

The number of treasury shares at the end of the period includes shares (59,329 shares for the fiscal year ended

March 31, 2025 and 27,145 shares as of September 30, 2025 of the fiscal year ending March 31, 2026) owned in trust for the stock compensation system. Such shares are included in the treasury shares which are excluded from the calculation of the average number of shares outstanding during the period.

*This financial summary is not subject to audit by a certified public accountant or auditing firm.

*Explanations and other special notes concerning the appropriate use of business performance forecasts (Notes on forward-looking statements)

The earnings forecasts and other forward-looking statements contained in this report are based on information currently available to the Company and on certain assumptions deemed to be reasonable by the Company. Actual results may differ from these forecasts due to various factors.

(Method of obtaining supplementary explanatory materials for financial results and results presentation contents) The Santen Group plans to hold a briefing on the results for securities analysts and institutional investors on Thursday, November 6, 2025. The materials used in this briefing will be posted on our website.

Accompanying Materials - Contents

1. Summary of Consolidated Results and Others… 2

   1. Summary of Consolidated Results for Period 2

   2. Summary of Financial Position for the Period 5

   3. Information about Forecasts of Consolidated Financial Results and Other Forward-Looking

      6

      Statements………………………………………………………………………………………………

2. Condensed Interim Consolidated Financial Statements and Major Notes 7

   1. Condensed Interim Consolidated Statements of Income and Comprehensive Income… 7

   2. Condensed Interim Consolidated Statements of Financial Position. 8

   3. Condensed Interim Consolidated Statements of Changes in Equity. 10

   4. Condensed Interim Consolidated Statements of Cash Flows. 12

   5. Notes to Condensed Interim Consolidated Financial Statements 13

      (Going Concern Assumption). 13

      (Segment Information and Others). 13

      (Statement of Significant Changes in Shareholders' Equity). 13

      (Significant Subsequent Events). 14

3. Consolidated Reference. 15

   1. Revenue of Major Products. 15

   2. Research & Development 16

   3. Capital Expenditures, Depreciation and Amortization, Amortization on Intangible Assets

      18

      Associated with Products, and Research and Development Expenses.....................................

   4. FOREX. 18

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1. Summary of Consolidated Results and Others

(JPY billions)

Although consolidated revenue and each level of profit for the six months ended September 30, 2025 decreased, progress toward the consolidated forecasts of results for the fiscal year ending March 31, 2026, which were disclosed on May 13, 2025, was steady and in line with projections.

Revenue in the six months ended September 30, 2025 decreased by 5.8% year-on-year to ¥137.9 billion. This was mainly due to the focus on expanding sales of new and mainstay products despite the impact of NHI price revisions and adjustments to channel inventory levels.

• Japan

  Revenue in the six months ended September 30, 2025 decreased by 12.1% year-on-year to ¥69.8 billion. NHI price revisions at the high end of the 1% level, market expansion re-pricing of mainstay products, the absence of the strong performance of Alesion products at the end of the previous fiscal year were partially offset by the focus on growing mainstay products such as RYJUSEA Mini which was launched in April 2025, EYLEA kit for IVT inj. 114.3mg/mL which was launched in May 2025 and Alesion eyelid cream. Revenue was also impacted by co-pay hikes on certain long-listed products (the "sentei-ryoyo" system that came into effect in October 2024). Within total Japan revenue, revenue from OTC (excluding China and Asia) increased by 12.3% year-on-year to ¥6.0 billion.

• China

  On a JPY basis, revenue in the six months ended September 30, 2025 decreased by 10.5% year-on-year (-6.1% excluding FX impact) to ¥14.6 billion. This was mainly due to the impact of adjustments to channel inventory levels. Starting this fiscal year, Hong Kong is included in the China segment rather than the Asia segment. For reference, the calculation of the year-on-year growth rate takes into account this change.

• Asia (excluding China)

  On a JPY basis, revenue in the six months ended September 30, 2025 increased by 4.6% year-on-year (+9.1% excluding FX impact) to ¥14.9 billion. This was due to the steady growth of glaucoma and dry eye products sold in South Korea and Southeast Asia.

• EMEA*3

On a JPY basis, revenue in the six months ended September 30, 2025 increased by 6.0% year-on-year (+4.5% excluding FX impact) to ¥37.7 billion. This was mainly due to the focus on building leadership positions in the glaucoma and dry eye fields.

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