Summary of Consolidated Financial Results for the Three Months Ended June 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 IR (+81-6-7664-8621) Filing of Securities Report (Scheduled): August 7, 2025

Start of Distribution of Dividends (Scheduled): -

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 Three Months Ended June 30, 2025

   1. Operating Results

      	Three months ended June 30, 2024	Three months ended June 30, 2025	Change
      Revenue	74,771	68,737	(8.1％)
      Core operating profit	15,882	9,707	(38.9％)
      Operating profit	13,155	7,573	(42.4％)
      Net profit for the period	10,607	5,863	(44.7％)
      Net profit for the period attributable to owners of the company	10,633	5,878	(44.7％)
      Total comprehensive income for the period	18,590	9,328	(49.8％)
      Basic earnings per share (yen)	29.59	17.32
      Diluted earnings per share (yen)	29.50	17.28

   2. Financial Position

   	March 31, 2025	June 30, 2025
   Total assets	409,277	408,123
   Total equity	285,181	280,214
   Total equity attributable to owners of the company	286,242	281,265
   Total equity attributable to owners of the company ratio (%)	69.9	68.9
   Equity per share attributable to owners of the company (yen)	839.20	836.51

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 Fiscal 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 May 13, 2025, the Board resolved to undertake a share repurchase. The share repurchase has been factored into the basic earnings per share forecasts.

*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) June 30, 2025 342,059,554 shares

      March 31, 2025 342,055,554 shares

   2. Number of treasury shares at the end of period June 30, 2025 5,603,415 shares

      March 31, 2025 691,515 shares

   3. Average number of outstanding shares

June 30, 2025 339,167,250 shares

June 30, 2024 359,145,969 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 592,329 shares at the first quarter 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

*Audit by a certified public accountant or auditing firm for the quarterly consolidated financial statements: No

*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 conference call on the results for securities analysts and institutional investors on Thursday, August 7, 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 the Period 2

   2. Summary of Financial Position for the Period 5

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

      5

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

2. Condensed Interim Consolidated Financial Statements and Major Notes. 6

   1. Condensed Interim Consolidated Statements of Income and Comprehensive Income… 6

   2. Condensed Interim Consolidated Statements of Financial Position. 7

   3. Condensed Interim Consolidated Statements of Changes in Equity. 9

   4. Condensed Interim Consolidated Statements of Cash Flows. 11

   5. Notes to Condensed Interim Consolidated Financial Statements 12

      (Going Concern Assumption). 12

      (Segment Information and Others)… 12

      (Statement of Significant Changes in Shareholders' Equity) 12

      (Significant Subsequent Events). 13

3. Consolidated Reference. 14

   1. Revenue of Major Products. 14

   2. Research & Development 15

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

      17

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

   4. FOREX. 17

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1. Summary of Consolidated Results and Others

   1. Summary of Consolidated Results for Period

(JPY billions)

Revenue in the three months ended June 30, 2025 decreased by 8.1% year-on-year to ¥68.7 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 three months ended June 30, 2025 decreased by 9.6% year-on-year to ¥36.6 billion.

NHI price revisions at the high end of the 1% level and 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. Within total Japan revenue, revenue from OTC (excluding China and Asia) increased by 21.4% year-on-year to ¥3.0 billion.

• China

  On a JPY basis, revenue in the three months ended June 30, 2025 decreased by 20.9% year-on-year (-14.0% excluding FX impact) to ¥6.3 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 three months ended June 30, 2025 decreased by 4.3% year-on-year (+2.8% excluding FX impact) to ¥6.8 billion. This was due to an increased competition in South Korea glaucoma market despite the steady growth of glaucoma and dry eye products sold in Southeast Asia.

• EMEA*3

On a JPY basis, revenue in the three months ended June 30, 2025 decreased by 0.2% year-on-year (+2.2% excluding FX impact) to ¥18.6 billion. This was mainly due to the focus on building leadership positions in the glaucoma and dry eye fields.

Gross profit in the three months ended June 30, 2025 decreased by 13.2 % year-on-year to ¥37.1 billion.

SG&A expenses in the three months ended June 30, 2025 decreased by 0.8% year-on-year (+2.0% excluding FX impact) to ¥21.2 billion.

R&D expenses in the three months ended June 30, 2025 increased by 12.8% year-on-year (+16.9% excluding FX impact) to ¥6.2 billion.

As a result, operating profit on a core basis in the three months ended June 30, 2025 decreased by 38.9% year-on-year (-37.1% excluding FX impact) to ¥9.7 billion.

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