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FY2020 Financial Results FY2020 Financial Results Presentation: May 12, 2021 Santen Pharmaceutical Co., Ltd. Copyright© 2021 Santen All rights reserved. 0 Presentation/Q&A Shigeo Taniuchi President & Chief Executive Officer Kenji Morishima Corporate Officer, Head of China Product Development Department Speakers Q&A Kazuo Koshiji Senior Corporate Officer, Chief Financial Officer, Head of Finance and Administration Division Satoshi Suzuki Senior Corporate Officer, Head of Corporate Development Division Copyright© 2021 Santen All rights reserved. 1 Forward-Looking Statements Information given in this presentation contains certain forward-looking statements concerning forecasts, projections and plans whose realization is subject to risk and uncertainty from a variety of sources. Actual results may differ significantly from forecasts. Business performance and financial conditions are subject to the effects of medical regulatory changes made by the governments of Japan and other nations concerning medical insurance, drug pricing and other systems, and to fluctuations in market variables such as interest rates and foreign exchange rates. The process of drug research and development from discovery to final approval and sales is long, complex and uncertain. Individual compounds are subject to a multitude of uncertainties, including the termination of clinical development at various stages and the non-approval of products after a regulatory filing has been submitted. Forecasts and projections concerning new products take into account assumptions concerning the development pipelines of other companies and any co-promotion agreements, existing or planned. The success or failure of such agreements could affect business performance and financial condition significantly. Business performance and financial conditions could be affected significantly by a substantial drop in sales of a major drug, either currently marketed or expected to be launched, due to termination of sales as a result of factors such as patent expiry and complications, product defects or unforeseen side effects. Santen also sells numerous products under sales and / or manufacturing license from other companies. Business performance could be affected significantly by changes in the terms and conditions of agreements and/or the non-renewal of agreements. Santen is reliant on specific companies for supplies of certain raw materials used in production. Business performance could be affected significantly by the suspension or termination of supplies of such raw materials if such an event were to adversely affect supply capabilities for related final products. Copyright© 2021 Santen All rights reserved. 2 CORE PRINCIPLE and WORLD VISION CORE PRINCIPLE “Exploring the secrets and mechanisms of nature in order to contribute to people’s health” * WORLD Happiness with Vision VISION The Happiest Life for every individual, through the Best Vision Experience * Santen’s original interpretation of a passage from the Zhongyong (The Doctrine of the Mean) by Confucius. Copyright© 2021 Santen All rights reserved. 3 1. Vision 2020 Review 2. FY2020 Results 3. FY2021 Business Plan, and Key Growth Drivers Agenda 4. Direction for MTP2025 5. R&D Update Appendix Copyright© 2021 Santen All rights reserved. 4 1. Vision 2020 Review 2. FY2020 Results 3. FY2021 Business Plan, and Key Growth Drivers Agenda 4. Direction for MTP2025 5. R&D Update Appendix Copyright© 2021 Santen All rights reserved. 5 Vision 2020 Highlights Vision 2020 (2011-2020) We have developed into a Overseas Operating profit*1 Revenue company with sales ratio a global presence Approx. 2X Approx. 2X Approx. 2X (110.8B→249.6B) (17%→32%) As we look to Santen 2030, we aim for further growth while continuing to contribute Countries/Regional Ratio of overseas Corporate value*2 to ophthalmic treatment coverage employees around the world Approx. 2X Approx. 1.5X Approx. 2.5X *1. Core based. Calculated by excluding milestone income from operating profit in FY2010. *2. Corporate value: market capitalization + (interest-bearing debt - cash and cash equivalents - current investment securities) + non-controlling interest Copyright© 2021 Santen All rights reserved. 6 From Vision 2020 to Santen 2030 What we have achieved Challenges Vision 2020: Evolved into a Achieving balance between strategic "Specialized Pharmaceutical investment and profitability Company with a Global Presence" Profit margin/ROE declined despite growth Further clarification of financial discipline in Rapidly expanded presence in each investment decisions and value maximization of region by capturing inorganic growth existing assets will be key as well as organic growth Improving the profit margin While sales and profits increased, expenses for Establish new organizational capabilities regional and business expansion depressed such as regulatory affairs, profit margins production and supply while entering and Necessary to optimize SG&A and COGS expanding sales in new countries Establishing a global organization Evolved into a global organization Enhancing development and leadership capabilities is a work in progress Drove growth by investing in R&D Strengthening quality and quantity of and business development external disclosures Provide more concrete strategies/plans with numerical targets to address investor concerns Copyright© 2021 Santen All rights reserved. 7 Solidify Core Businesses for MTP2025 In FY2021, the first year of MTP2025, focus on steady growth by capitalizing on the foundation established in FY2020. Launch business in new areas by leveraging the potential of ophthalmology FY2020 FY2021 FY2025 Business performance Business performance (forecast) Business performance (target) • Sales 249.6B yen • Sales 260.0B yen • To be announced as a part of • Core OP 50.1B yen • Core OP 52.0B yen MTP2025 on May 19 • Operating profit 12.9B yen • Operating profit 41.5B yen What we have achieved What we aim to achieve What we aim to achieve • Strengthened global business • Maximize customer engagement in • Further strengthen global presence platform Japan, China, Asia and EMEA and improve profitability in Rx – Achieved market share gains and • Strengthen business platform in business sales growth in Japan, Asia and North America • Achieve growth by leveraging the EMEA in excess of market growth – Complete integration with potential of ophthalmology • Expanded product portfolio Eyevance – Acquired new pipeline • Steady implementation of growth – Promoted initiatives to meet LCM • Global launches from abundant strategies for Santen 2030 and various unmet needs product pipeline • Promote efficiency and globalization – e.g., New plants in China and Shiga (Japan), ERP system Copyright© 2021 Santen All rights reserved. 8 1. Vision 2020 Review 2. FY2020 Results 3. FY2021 Business Plan, and Key Growth Drivers Agenda 4. Direction for MTP2025 5. R&D Update Appendix Copyright© 2021 Santen All rights reserved. 9 FY2020 Consolidated Results (YoY): Revenue - Core OP Growth on revenue and core operating profit despite impact of COVID-19 FY2019 FY2020 Revenue vs vs Actual Actual YoY (JPY billions) Revenue Revenue • Increased revenue from FY2019 through Revenue 241.6 249.6 +3.3% activities in response to the new normal despite Cost of sales 94.8 39% 98.2 39% +3.6% COVID-19 impact Gross margin 146.7 61% 151.4 61% +3.2% SG&A expenses 73.4 30% 77.2 31% +5.2% Revenue JPY249.6 billion (+3%) R&D expenses 23.3 10% 24.1 10% +3.3% Core operating profit 50.0 21% 50.1 20% +0.2% Core OP ・ Increased in profit with optimization of costs USD (JPY) 108.81 105.95 EUR (JPY) 120.80 123.73 Core OP JPY50.1 billion (+0%) CNY (JPY) 15.64 15.61 Lower than the revised consolidated forecasts announced on April 9 due to increase in overseas SG&A Copyright© 2021 Santen All rights reserved. 10 FY2020 Consolidated Results (YoY): Core OP - Net Profit Operating profit and net profit decreased due to impairment loss FY2019 FY2020 vs vs Actual Actual YoY (JPY billions) Revenue Revenue Core operating profit 50.0 21% 50.1 20% +0.2% Operating Profit (IFRS basis) Non core SG&A expense -- -- 2.4 1% -- Amortization on intangible assets ・ Expecting STN2000100（DE-128） approval in 9.9 4% 9.9 4% +0.2% associated with products US to be delayed. Recorded gain on reversal of Other income 0.4 0% 16.0 6% -- Other expenses 7.0 3% 40.9 16% -- change in fair value of contingent consideration Operating profit (IFRS basis) 33.5 14% 12.9 5% -61.5% (JPY15.2 billion) and impairment loss (JPY 40.3 Finance income 1.0 0% 1.3 1% +41.7% billion) Finance expenses 2.4 1% 1.5 1% -37.8% Operating Profit (IFRS basis) JPY12.9 billion (-61%) Share of loss of Investments accounted -- -- 0.4 0% -- for using equity method Profit before tax 32.1 13% 12.4 5% -61.3% Net Profit (IFRS basis) Income tax expenses 10.4 4% 5.8 2% -44.4% Actual tax ratio 32.3% 46.5% • Profit before tax declined on decrease in Net profit 21.7 9% 6.6 3% -69.4% operating profit based on IFRS (IFRS basis) ROE 8.0% 2.2% -- Net Profit (IFRS basis) JPY6.6 billion (-69%) Core net profit 35.9 15% 37.5 15% +4.6% USD (JPY) 108.81 105.95 EUR (JPY) 120.80 123.73 CNY (JPY) 15.64 15.61 Copyright© 2021 Santen All rights reserved. 11 Sales in FY2020 (YoY) Sales increased in all regions despite VBP in China and COVID-19 Increase/decrease in sales Main factors of change Classify sales into countries or regions based on customers' location • Steady growth in Rx business – In particular Alesion LX achieved (JPY billions) 249.6 aggressive switchover and growth 0.7 • Sales of OTC declined due to decrease 1.3 -2.7 0.9 0.0 in inbound sales related to COVID-19 0.1 1.1 7.0 -0.3 • Sales expanded in channels such as 241.6 private hospitals and pharmacies, despite the impact of VBP • Steady growth with new products (Tapros and Diquas) • Achieved solid growth by increasing FY Rx OTC Surgical Others China Asia EMEA* Americas FX FY market share in each country 2019 2020 FY2019 148.8 11.7 3.2 1.3 22.3 16.5 37.0 0.7 FY2020 155.8 9.1 2.9 1.3 23.3 17.2 37.9 2.0 • Acquired a business platform that will Including FX be the foundation for future growth Japan 169.1 Overseas 80.5 through the acquisition of Eyevance Copyright© 2021 Santen All rights reserved.
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