Santen is on a mission to reshape the future of eye health. With three major product launches ahead, bold biotech deals, and a revamped global strategy, the Japanese pharma is doubling down on its ophthalmology dominance. Fresh off a transformational reorganization and a landmark myopia approval, Santen is proving that specialised focus—backed by smart expansion—can be a winning formula.
Zeroing in on Eye Health
Founded in 1890, Santen has continuously evolved, adapting to new challenges over the past century. After rapid growth in Asia, the Osaka-based firm sharpened its focus on ophthalmology in the 2010s, aiming to become a fully specialized, globally recognized pharma leader. As a result, in 2015, it sold its anti-rheumatic pharmaceuticals business to AYUMI and accelerated its global expansion. Today, Santen’s offerings cover an entire range of ophthalmology products and services, from prescription pharmaceuticals and OTC products to medical devices and educational programs.
For Marianthi Psaha, president and head of EMEA, Santen may be a smaller company centred on a single area, but this sharp focus is an advantage. “We hold a unique position in the market—our exclusive dedication to ophthalmology sets us apart. This specialization allows us to address specific needs across the entire spectrum of eye care, whereas larger companies may focus only on certain segments.”
“Santen is renowned not only for its deep expertise but also for its exceptional operational and commercial excellence,” corporate officer and China head Shawn Xiang avers. The firm has indeed continued to pursue its development, setting ambitious goals in 2022 and announcing a structural reform in 2023 centered on maximizing its prescription business.
“Our current transformation at Santen is about positioning ourselves effectively for growth,” says Psaha. “We are on the cusp of three significant product launches over the next two to three years, which means we need the right capabilities, structure, and strategy to bring these innovative therapies to patients. This transformation has involved reassessing and refining our capabilities and structures to better prepare us for what lies ahead.”
As part of its transformative process, in 2024, Santen also underwent significant changes to its Board of Directors aimed at enhancing governance and transparency.
Expanding Global Footprint
While Santen has a deep heritage, especially in Japan, the eye care specialist has been strategically expanding its global presence in multiple regions, including EMEA and China. “Europe is a key pillar of our strategy, thanks to its leading scientific community, world-class infrastructure, and deep expertise in ophthalmology,” says Psaha.
She especially highlights the firm’s push to raise awareness around eye health in the region. “We are evolving beyond a traditional pharma role, recognizing our responsibility to actively shape the healthcare ecosystem. That means ensuring physicians have up-to-date education, equipping patients with accurate resources, and engaging young people with tailored educational materials. Additionally, we focus on educating policymakers about the significance of eye health, which, though not life-threatening, is essential for quality of life.”
China is also a critical hub for growth, not only with a sizable commercial organization but with expanded manufacturing capacity—Santen recently completed a second factory in Suzhou. “China is Santen’s second-largest market and a critical hub for growth, driving both commercial expansion and R&D partnerships,” says Xiang.
Xiang also stresses the importance of China for potential dealmaking. “China’s status as a global innovation hub, second only to the United States in drug discovery and development, provides unique opportunities for partnerships. Santen actively explores collaboration opportunities with local biotechs, integrating their groundbreaking therapies into its portfolio to address critical unmet needs both in China and worldwide.”
Innovating in Myopia and Ptosis
With well-established expertise in glaucoma and dry eye, Santen has been making progress in other eye health areas. Notably, last year, it got a green light in Japan for the mini ophthalmic solution RYJUSEA that slows the progression of myopia. European approval of the therapy is expected this year. “We are pioneering solutions in myopia, a highly underserved area with no existing licensed pharmacological treatment,” affirms Psaha.
Another area of innovation for Santen is ptosis, also known as blepharoptosis, a condition characterized by drooping eyelids, which affects both functionality and appearance. “Santen has developed a novel therapy that restores eyelid function while improving aesthetics, offering patients a transformative improvement in quality of life,” says Xiang. The therapy, STN1013800, is currently awaiting approval in Japan.
Deals for Biotech Eye Care Assets
Santen is aggressively expanding its biotech footprint through high-impact partnerships. At the end of last year, the company entered into a USD 85 million commercial agreement with China-headquartered ophthalmic biotech Arctic Vision for its ARVN001, a treatment for uveitic macular edema (UME), granting Santen exclusive commercialization rights in China. “This deal delivers a breakthrough therapy to Chinese patients with UME, who have long lacked viable treatment options,” claims Xiang.
Additionally, last August, Santen inked a licensing deal with US-headquartered ophthalmology biotech Cloudbreak. Under the agreement, Santen will be able to develop, manufacture, and commercialize CBT-001, a topical treatment for pterygium, in Japan, South Korea, Vietnam, Thailand, Malaysia, Philippines, Singapore, and Indonesia.
Financial Performance
In fiscal year 2023, Santen Pharmaceutical reported revenues of approximately $2.13 billion USD, reflecting an 8.2% increase from the previous year. This growth was primarily driven by the company’s overseas business, which expanded by 25% year-over-year. The company’s core operating profit reached around $434 million USD, a significant 41.9% increase from the prior year, largely due to effective expense control measures, including structural reforms and cost optimization efforts.
Despite a voluntary recall of its dry eye treatment, Diquas LX, in Japan due to preservative issues, Santen’s diversified portfolio and strong international presence helped mitigate the impact, maintaining stable revenue streams. Looking ahead, Santen forecasts a slight revenue decrease of 1.6% for fiscal year 2024, projecting approximately $2.09 billion USD in revenue and $387 million USD in core operating profit. This anticipated decline is attributed to factors such as challenges in the Japanese market, an increase in the cost of sales ratio, and the effects of the Noto earthquake. Overall, Santen’s financial performance reflects its resilience and strategic focus on global expansion, positioning the company well for future growth in the ophthalmology sector.
