First Read Santen Pharmaceutical Key takeaways from the ptosis press seminar

Research evidence excerpt

First Read Santen Pharmaceutical Key takeaways from the ptosis press seminar

Global Research

13 July 2026ab

First Read

EquitiesSanten Pharmaceutical

Key takeaways from the ptosis press seminar Japan

Pharmaceuticals

12-month rating Buy

Awareness of Upneeq likely to increase going forward

Santen held a press seminar on ptosis today from 11:00am. Our overall impression was 12m price target ¥2,300.0

neutral. Acquired ptosis is caused by aging, contact lens wear, and other factors, with an

estimated prevalence of approximately 15% in Japan, of which around 90% is

Price (10 Jul 2026) ¥2,135

considered acquired. Low disease awareness and consultation rates remain key

challenges. Starting in FY3/28, disease-awareness campaigns by Santen are expected to RIC: 4536.T BBG: 4536 JT

improve awareness. Upneeq, launched by Santen in May 2026, demonstrated an eyelid Trading data and key metrics

elevation of approximately 1.5mm after six months of use in clinical studies. The

52-wk range ¥2,236-1,468

suggested retail price is ¥4,890 per month (approximately $30). Santen emphasized the

Market cap. ¥687b/US$4.25b

importance of differentiating ptosis from other ophthalmic diseases through medical

Shares o/s 322m (ORD)

consultations and primarily expects prescriptions to be issued by ophthalmologists

rather than cosmetic clinics. While it would be difficult to restrict prescribing outside Free float 97%

ophthalmology practices, appropriate use could contribute to earnings over the medium Avg. daily volume ('000) 1,169

to long term. We estimate global peak revenues of ¥20.0bn and NPV per share of Avg. daily value (m) ¥2,234.7

approximately ¥60. Although off-label use at cosmetic clinics, along with potential Common s/h equity (03/27E) ¥297b