Santen Pharm. (4536): A new treatment option for ptosis; focus shifts to patient identification

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Santen Pharm. (4536): A new treatment option for ptosis; focus shifts to patient identification

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Santen Pharm. (4536)

A new treatment option for ptosis; focus

shifts to patient identification

Maintain Rating: BUY | PO: 2,400 JPY | Price: 2,135 JPY

13 July 2026

Upneeq expands treatment options for blepharoptosis Equity

At 11:00 on the 13th, Santen held a media briefing titled “Current status and challenges

in blepharoptosis and treatment landscape: New options enabled by eye drops.” The Koichi Mamegano >>

Research Analyst

briefing covered the epidemiology and consultation patterns of acquired blepharoptosis, BofAS Japan

as well as the positioning of Upneeq (a treatment for blepharoptosis). We believe koichi.mamegano@bofa.com

Upneeq could broaden treatment options, which have historically centered on surgery. Takefumi Kobayashi >>

We maintain our Buy rating with a ¥2,400 price objective. BofAS Japan

takefumi.kobayashi@bofa.com

Ritsuo Watanabe >>Acquired blepharoptosis is common in elderly patients

Blepharoptosis is a condition in which drooping eyelids impair the upper visual field, with BofAS Japan

a decline in MRD-1 (Marginal reflex distance 1) as a characteristic feature. Symptoms ritsuo.watanabe@bofa.com

can be broadly divided into visual symptoms such as visual field impairment, cosmetic

symptoms such as changes in appearance, and associated symptoms caused by

compensatory actions, including forehead wrinkles, headache and stiff shoulders. Stock Data

Acquired blepharoptosis accounts for c.90% of all cases, while age-related aponeurotic

blepharoptosis alone accounts for c.60%. According to the Santen’s survey, consultation Price 2,135 JPY

and treatment rates decline with age, reflecting low disease awareness. Meanwhile, Price Objective 2,400 JPY