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Santen Pharmaceutical: Demonstrating "Quality Management" with 13% ROE and 20% Female Managers

corporate_vision

「Happiness with Vision」

総合分析
2023〜2025年度

Santen Pharmaceutical: Demonstrating "Quality Management" with 13% ROE and 20% Female Managers

Santen Pharmaceutical is pivoting its strategy toward 2025, shifting from the pursuit of revenue scale to "quality-driven management" that prioritizes profitability and capital efficiency. While the company has set a revenue target of 280 billion yen for FY2025, it also aims to maintain a core ROE of 13%. Underpinning this strategic shift is the strengthening of human capital management, epitomized by its goal of a 20% ratio of women in management positions. This article provides a multifaceted analysis of the company’s commitment to execution as it seeks to realize its "Happiness with Vision" philosophy by balancing social impact with corporate value.

参天製薬

医療・ヘルスケア
2025年12月26日

Key Metrics at a Glance

:::visual-block{"type": "fact-card-grid", "title": "Key Metrics at a Glance", "facts": [{"factKey": "revenue", "factKeyJp": "FY2025 Revenue Target", "category": "financial", "timeseries": [{"year": 2023, "value": "302.0", "unit": "billion yen", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202403/ar2024.pdf", "pdfTitle": "Santen Report 2024", "pageNumber": "6"}, {"year": 2025, "value": "280.0", "unit": "billion yen", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202403/ar2024.pdf", "pdfTitle": "Santen Report 2024", "pageNumber": "6"}], "latestValue": "280.0", "latestUnit": "billion yen", "yoyChange": -7.3, "context": ""}, {"factKey": "core_operating_income", "factKeyJp": "FY2025 Core Operating Income Target", "category": "financial", "timeseries": [{"year": 2023, "value": "62.8", "unit": "billion yen", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202403/ar2024.pdf", "pdfTitle": "Santen Report 2024", "pageNumber": "6"}, {"year": 2024, "value": "55.0", "unit": "billion yen", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202403/ar2024.pdf", "pdfTitle": "Santen Report 2024", "pageNumber": "14"}, {"year": 2025, "value": "56.0", "unit": "billion yen", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202403/ar2024.pdf", "pdfTitle": "Santen Report 2024", "pageNumber": "6"}], "latestValue": "56.0", "latestUnit": "billion yen", "yoyChange": 1.8, "context": ""}, {"factKey": "core_roe", "factKeyJp": "FY2025 Core ROE Target", "category": "financial", "timeseries": [{"year": 2023, "value": "16", "unit": "%", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202403/ar2024.pdf", "pdfTitle": "Santen Report 2024", "pageNumber": "15"}, {"year": 2024, "value": "11", "unit": "%", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202403/ar2024.pdf", "pdfTitle": "Santen Report 2024", "pageNumber": "69"}, {"year": 2025, "value": "13", "unit": "%", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202403/ar2024.pdf", "pdfTitle": "Santen Report 2024", "pageNumber": "6"}], "latestValue": "13", "latestUnit": "%", "yoyChange": 18.2, "context": ""}, {"factKey": "female_manager_ratio", "factKeyJp": "Female Manager Ratio (Target)", "category": "human_capital", "timeseries": [{"year": 2025, "value": "20", "unit": "%", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202403/ar2024.pdf", "pdfTitle": "Santen Report 2024", "pageNumber": "37"}], "latestValue": "20", "latestUnit": "%", "yoyChange": null, "context": ""}, {"factKey": "contributing_patients_count", "factKeyJp": "FY2025 Patient Contribution Target", "category": "esg_metric", "timeseries": [{"year": 2025, "value": "5000", "unit": "million+", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202403/ar2024.pdf", "pdfTitle": "Santen Report 2024", "pageNumber": "12"}], "latestValue": "50", "latestUnit": "million+", "yoyChange": null, "context": ""}, {"factKey": "pipeline_products_clinical_stage", "factKeyJp": "Clinical-Stage Pipeline Items", "category": "brand_action", "timeseries": [{"year": 2025, "value": "17", "unit": "items+", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202503/ar2025_01.pdf", "pdfTitle": "Santen Report 2025 Integrated Report", "pageNumber": "7"}], "latestValue": "17", "latestUnit": "items+", "yoyChange": null, "context": ""}, {"factKey": "co2_emissions_scope1", "factKeyJp": "CO2 Emissions", "category": "esg_metric", "timeseries": [{"year": 2023, "value": "22438", "unit": "t-CO2", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202403/ar2024.pdf", "pdfTitle": "Santen Report 2024", "pageNumber": "70"}, {"year": 2024, "value": "34870", "unit": "tons", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202503/ar2025_01.pdf", "pdfTitle": "Santen Report 2025 Integrated Report", "pageNumber": "7"}], "latestValue": "34870", "latestUnit": "tons", "yoyChange": 55.4, "context": ""}, {"factKey": "employee_count", "factKeyJp": "Number of Employees", "category": "human_capital", "timeseries": [{"year": 2025, "value": "3849", "unit": "people", "pdfUrl": "https://www.santen.com/content/dam/santen/global/pdf/ja/ir/document/202503/ar2025_01.pdf", "pdfTitle": "Santen Report 2025 Integrated Report", "pageNumber": "7"}], "latestValue": "3849", "latestUnit": "people", "yoyChange": null, "context": ""}]}:::

Redefining Growth: Why Santen "Lowered" Its Revenue Target

From Scale to Quality: Financial Targets Signal a Strategic Pivot

At first glance, Santen Pharmaceutical's financial targets for fiscal year 2025 might appear to be a step backward. The revenue target has been adjusted to 280.0 billion yen1 from the FY2023 result of 302.0 billion yen2. However, behind these figures lies a clear intent for a strategic pivot: moving away from short-term scale expansion toward "Quality Management" that emphasizes sustainable profitability and capital efficiency.

The target for Core ROE (Return on Equity) is particularly noteworthy. After recording a high of 16% in FY20233, it is projected to dip temporarily to 11% in FY20244 before aiming for a recovery to 13% in FY20255. Maintaining or improving ROE while revenue decreases implies optimizing the business portfolio, exiting unprofitable ventures, and concentrating resources on high-value-added products. This is not merely cost-cutting; it is a transformation into a lean business structure geared for future growth. Even as Core Operating Income is projected to decrease from 62.8 billion yen in FY20236 to an FY2025 target of 56.0 billion yen7, it reflects a strong determination to halt the erosion of capital efficiency through the selective concentration of resources on high-margin businesses.

Unwavering Investment in Innovation

Supporting this strategic shift is the company's continuous investment in research and development. As of FY2025, Santen has over 17 items in its clinical-stage pipeline8 and works with more than 10 partners through joint development or licensing9. This demonstrates that rather than obsessing over immediate revenue, the company is allocating management resources to create innovative treatments and solutions as a specialty company in the ophthalmology field10, aiming to realize its future vision of "Happiness with Vision"11. The reduction in the revenue target can be interpreted as a strategic "plateau" to secure the funds necessary for investing in the future.

From "Tenki ni Sanyu" to "Happiness with Vision": A 130-Year-Old Philosophy for Today

At the core of Santen Pharmaceutical is its founding principle, "Tenki ni Sanyu" (Exploring the secrets and mechanisms of nature to contribute to people’s health)12. This philosophy—seeking to understand the order of nature to contribute to human health—has served as the company's steadfast raison d'être. In the modern era, this universal principle has evolved into a more specific, global vision: "Happiness with Vision"13. This ambitious goal seeks to create a world where everyone can lead their happiest life through the power of sight, going beyond mere vision restoration.

The connection between this principle and the company's vision permeates every aspect of its operations. The business model itself—specializing in ophthalmology10 and creating products and services from a patient-centric perspective14—is the process of embodying this philosophy. A review of the philosophy system and goal-setting is planned for 202515, representing a major milestone to re-interpret the founding philosophy for modern societal needs and clarify the compass for the next 100 years. This commitment to linking a universal philosophy with measurable social impact shows that Santen is not just a pharmaceutical company, but an enterprise dedicated to solving social issues.

The Eyes of 50 Million People and Business Growth: Integrating Social Impact and Corporate Value

Santen's strategy is based on the belief that creating social value directly leads to enhanced corporate value. The most symbolic KPI for this is the target of "contributing to more than 50 million patients globally by FY2025"16. This is not just a slogan; it is the core metric of the company's growth.

The foundation for achieving this goal is the company's global business presence across 60 countries and regions17. Eye-related issues are a global challenge: the worldwide prevalence of myopia has reached 30%18, and in Japan alone, there are an estimated 30 million potential patients with ptosis (droopy eyelids)19. By utilizing its expertise to meet these unmet medical needs, Santen creates significant business opportunities.

The company's annual production capacity of 440 million units20 (as of FY2023) is the infrastructure that makes this contribution physically possible, supporting the mission of ensuring a stable supply of high-quality products21. The revenue target of 280.0 billion yen1 can be viewed as the economic value generated from providing the "joy of sight"22 to these 50 million people. For Santen Pharmaceutical, ESG is not a CSR activity; it is the business strategy itself.

The 20% Female Manager Goal: A Commitment to Human Capital Management

In Santen's shift to "Quality Management," human capital is the key factor that will determine success or failure. The company has set an ambitious goal to increase the ratio of female managers in Japan to 20% or more by FY202523. This is more than just a numerical target for diversity; it is a strategic decision deeply linked to management goals.

To operate globally and meet the needs of diverse markets, diverse perspectives in the decision-making layers are essential. In particular, perspectives from women—who make up half of the patient population—and insights from their daily lives can serve as a source of new value across all processes, from product development to marketing. This goal demonstrates Santen's resolve to confront the structural challenge of the gender gap as it seeks to develop and appoint "talent capable of taking on global challenges and implementing transformation"24.

Furthermore, the company is committed to improving overall organizational capability, aiming for a 100% completion rate of training programs for all employees by FY202525. The company believes that fostering an organizational culture where each of its 3,849 employees (FY2025 estimate)26 can grow autonomously27 and contribute to value creation28 is the foundation for sustainable growth. The 20% female manager figure serves as a leading indicator of Santen’s organizational transformation.

Tracking Progress: The Trajectory from 2023 to 2025

MetricFY2023 (Actual)FY2024 (Forecast)FY2025 (Target)Change and Analysis
Revenue302.0 billion yen2302.0 billion yen29280.0 billion yen1Strategic Contraction
Core Operating Income62.8 billion yen655.0 billion yen3056.0 billion yen7Stabilizing Profit Levels
Core ROE16%311%413%5Challenging a V-Shaped Recovery
CO2 Emissions (Scope 1)22,438 tons3134,870 tons32-Upward Trend (Challenge)
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"Quality Management" in Progress: Overall Evaluation

Strengths: Unwavering Expertise and Vision-Driven Strategy

Santen Pharmaceutical's greatest strength is the knowledge and trust it has built over many years by specializing in ophthalmology10. Building on this expertise, the company earns high marks for integrating a clear and compelling vision—"Happiness with Vision"—into its business strategy through concrete social contribution goals, such as reaching 50 million patients16. Its management foundation, which allows for decisions focused on long-term value creation rather than being distracted by short-term growth metrics (as seen in the lowered revenue target), is also a significant strength.

Challenges: Execution During Strategic Transition and Environmental Impact

On the other hand, challenges remain. The shift to "Quality Management" is a reform that may involve growing pains, and the company's execution will be tested. In particular, achieving a Core ROE of 13%5 during a period of declining revenue requires highly sophisticated business management and cost optimization. Furthermore, the increase in CO2 emissions from 22,438 tons in FY202331 to 34,870 tons in FY202432 is a point of concern. Balancing business growth with environmental impact is a responsibility for any global corporation, and more intensive measures are essential. Regarding the 20% female manager target33, stakeholders are looking for concrete progress and a roadmap for further increases in the future.

Future Outlook: Key Points to Watch

Three points will be critical in evaluating Santen Pharmaceutical going forward. First, how the new philosophy system, to be revised in 202515, will be translated into business strategies and KPIs. Second, whether the reorganization of the business portfolio behind the 280.0 billion yen revenue target1 will lead to improved profitability as planned. Third, how human capital goals, such as the female manager ratio, will contribute to organizational innovation and productivity rather than just being "numbers on a page." Santen is currently in the midst of a major transformation. The market is watching closely to see if this challenge can successfully balance the realization of "Happiness with Vision" with sustainable corporate value creation.

Footnotes

出典

Footnotes

  1. Santen Report 2024, p.6, "KPIs," (FY2025) ↩ ↩2 ↩3 ↩4

  2. Santen Report 2024, p.6, "KPIs," (FY2023) ↩ ↩2

  3. Santen Report 2024, p.15, "CFO Message," (FY2023) ↩ ↩2

  4. Santen Report 2024, p.69, "ROE," (FY2024) ↩ ↩2

  5. Santen Report 2024, p.6, "KPIs," (FY2025) ↩ ↩2 ↩3

  6. Santen Report 2024, p.6, "KPIs," (FY2023) ↩ ↩2

  7. Santen Report 2024, p.6, "KPIs," (FY2025) ↩ ↩2

  8. Santen Report 2025 Integrated Report, p.7, "Output - Intellectual Capital," (FY2025) ↩

  9. Santen Report 2025 Integrated Report, p.7, "Output - Social and Relationship Capital," (FY2025) ↩

  10. Santen Report 2023, p.6, "CEO Message," (FY2023) ↩ ↩2 ↩3

  11. Santen Report 2025 Integrated Report, p.2, "Our Vision," (FY2025) ↩

  12. Santen Report 2025 Integrated Report, p.2, "Core Principle," (FY2025) ↩

  13. Santen Report 2024, p.2, "WORLD VISION," (FY2024) ↩

  14. Santen Report 2024, p.38, "Contribution of Special Subsidiary to Corporate Value," (FY2024) ↩

  15. Santen Report 2025 Integrated Report, p.6, "2020s," (FY2025) ↩ ↩2

  16. Santen Report 2024, p.12, "FY2025 KPIs," (FY2025) ↩ ↩2

  17. Santen Report 2025 Integrated Report, p.7, "Input - Social and Relationship Capital," (FY2025) ↩

  18. Santen Report 2024, p.7, "CEO Message," (FY2024) ↩

  19. Santen Report 2024, p.7, "CEO Message," (FY2024) ↩

  20. Santen Report 2024, p.11, "Output - Manufactured Capital, Natural Capital," (FY2023) ↩

  21. Santen Report 2023, p.31, "Toward Further Maximizing Value of Product Supply Infrastructure," (FY2023) ↩

  22. Santen Report 2023, p.19, "Value Creation Process (Business Model)," (FY2023) ↩

  23. Santen Report 2023, p.20, "Sustainability," (FY2025) ↩

  24. Santen Report 2023, p.37, "Desired Personnel Profile," (FY2023) ↩

  25. Santen Report 2024, p.12, "FY2025 KPIs," (FY2025) ↩

  26. Santen Report 2025 Integrated Report, p.7, "Input - Human Capital," (FY2025) ↩

  27. Santen Report 2023, p.37, "Desired Personnel Profile," (FY2023) ↩

  28. Santen Report 2023, p.37, "Human Capital," (FY2023) ↩

  29. Santen Report 2024, p.15, "CFO Message," (FY2024) ↩

  30. Santen Report 2024, p.14, "FY2023 Financial Results and FY2024 Forecast," (FY2024) ↩

  31. Santen Report 2024, p.70, "Environment," (FY2023) ↩ ↩2

  32. Santen Report 2025 Integrated Report, p.7, "Output - Manufactured Capital, Natural Capital," (FY2024) ↩ ↩2

  33. Santen Report 2024, p.37, "Diversity, Equity & Inclusion (DE&I)," (FY2025) ↩