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    Healthcare

  3. •

    Drug Manufacturers - General
PT Kalbe Farma Tbk.

PT Kalbe Farma Tbk.

KLBF.JK
PT Kalbe Farma Tbk.ID flagIndonesia Stock Exchange
730.00
IDR
-15.00
- -
33.03TMarket Cap
PT Kalbe Farma Tbk.
KLBF.JK
(Indonesia Stock Exchange)

Recent

price

700.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
218.19
232.79
290.91
341.38
370.53
381.6
413.32
430.55
449.58
482.85
493.09
560.26
622.01
658.28
706.43
775.95
602.15
Revenue per Share
28.67
31.62
36.99
40.95
44.08
42.76
49.06
51.28
52.42
53.48
58.31
67.92
72.71
59.81
70.16
80.51
65.43
Basic EPS, GAAP
-10.02
-10.01
-16.71
-21.2
-16.61
-19.85
-23.44
-26.36
-29.29
-42.3
-23.86
-21.35
-18.71
-25.49
-27.07
-17.79
-12.85
Free Cash Flow per Basic Share
5
11.72
19
19
17
19
19
22
25
26
26
28
35.07
38
31.05
35.93
- -
Dividend per Share
128.85
146.2
163.87
170.62
197.29
220.6
250.24
279.02
305.93
332.88
364.67
404.01
444.07
467.65
506.87
558.09
584.19
Book Value per Share
118.07
134.04
149.98
172.67
199.3
224.43
256.64
286.55
315.45
341.16
374.56
428.71
441.81
460.77
481.98
492.32
517.7
Tangible Book Value per Share
46,872
46,875
46,875
46,875
46,875
46,875
46,875
46,875
46,875
46,875
46,873
46,873
46,516
46,256
46,187
45,524
45,252
Basic Weighted Avg Shares
10,226,789
10,911,860
13,636,405
16,002,131
17,368,533
17,887,464
19,374,231
20,182,120
21,074,306
22,633,476
23,112,655
26,261,195
28,933,503
30,449,134
32,627,776
35,324,544
27,248,535
Sales/Revenue/Turnover
17.51
18.31
16.47
16.23
16.19
15.03
16.08
16.01
15.06
14.6
15.36
15.25
14.6
11.91
12.47
12.87
13.39
Operating Margin (%)
59,830
110,344
125,835
152,451
191,582
217,384
268,063
281,239
262,344
270,261
338,879
348,081
333,775
333,650
326,810
365,956
269,202
Depreciation Expense
1,343,799
1,482,237
1,733,928
1,919,508
2,066,022
2,004,237
2,299,735
2,403,606
2,457,129
2,506,765
2,733,260
3,183,621
3,382,210
2,766,748
3,240,637
3,664,998
2,960,745
Net Income, GAAP
24.1
23.36
23.09
23.4
23.25
24.37
23.95
24.31
24.47
25.42
22.83
21.99
22.62
22.96
23.05
21.64
21.29
Effective Tax Rate (%)
13.14
13.58
12.72
12
11.9
11.2
11.87
11.91
11.66
11.08
11.83
12.12
11.69
9.09
9.93
10.38
10.87
Profit Margin (%)
3,885,056
4,363,288
4,550,093
4,856,729
5,734,885
6,379,585
7,255,368
7,815,403
8,362,121
8,645,382
9,899,105
12,177,553
12,279,191
12,674,556
13,001,919
13,172,183
14,314,988
Working Capital
745
365
78
- -
44,220
130,933
134,417
145,603
260,002
647,688
788,552
532,509
311,899
318,779
220,048
163,720
171,507
LT Debt
5,771,917
6,515,935
7,371,644
8,479,392
9,764,101
10,938,286
12,463,847
13,894,032
15,294,595
16,705,582
18,276,082
21,265,878
22,097,328
23,120,022
24,590,434
24,728,503
25,734,694
Total Equity
23.86
23.95
23.74
23.41
22.17
18.7
19.39
17.92
15.87
14.7
14.59
14.85
14.29
11.77
12.7
14.08
10.9
Return on Invested Capital (%)
21.14
20.98
21.89
21.89
21.52
18.48
19.03
17.86
16.55
15.33
14.99
15.71
14.94
11.87
13.19
13.66
10.6
Return on Capital (%)
24.26
22.99
23.86
24.48
23.96
20.46
20.84
19.38
17.92
16.74
16.72
17.67
17.08
13.09
14.39
15.02
11.63
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
- -
133,563
132,749
LT Borrowings
- -
143,018
146,395
LT Finance Leases
- -
20,702
25,112
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
45,287
45,249
Market Capitalization
51,625,024
55,051,464
43,894,484

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
- -
18,508,334
19,914,964
Cash, Cash Equivalents & STI
- -
4,485,583
4,546,502
Accounts Receivable, Net
- -
5,651,335
6,337,303
Inventories
- -
6,985,130
7,414,554
Total Current Liabilities
- -
5,336,151
5,599,976
Payables & Accruals
- -
- -
- -
ST Debt
- -
133,563
132,749
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.6%
6.36%
0.56%
Free Cash Flow
2.52%
-3.45%
-35.23%
Net Income, GAAP
6.73%
6.95%
13.09%
Sales/Revenue/Turnover
7.09%
8.89%
8.27%
Total Cash Common Dividend
- -
7.08%
14.08%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
8,363,029
7,965,223
7,910,511
8,389,013
32,627,776
2025
8,788,190
8,233,926
- -
9,336,247
35,324,544
2026
9,678,361
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
20.7
- -
- -
- -
70.16
2025
23.57
- -
- -
- -
80.51
2026
22.74
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
31.05
2025
- -
- -
- -
- -
35.93
2026
- -
- -
- -
- -
- -
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Business
PT Kalbe Farma Tbk (KLBF.JK) develops, manufactures, and trades pharmaceutical products in Indonesia, operating through four primary divisions: Prescription Pharmaceuticals; Consumer Health; Nutritionals; and Distribution and Logistics. The company offers prescription drugs including generic, branded generics, and licensed products in therapeutic areas such as neurology, cardiology, infectious diseases, diabetes, and cardiovascular treatments; consumer health products encompassing over-the-counter drugs, energy drinks like Extra Joss, cough and cold remedies such as Mixagrip and Komix, vitamins, supplements, pain relievers, and digestive aids like Promag; nutritional products for infants (e.g., infant formula, growing-up milk), children, adults, pregnant and lactating women, elders, and special medical needs (e.g., Diabetasol, Prenagen, Fitbar); distribution and logistics services including warehousing, transportation, and supply chain management for healthcare products; as well as health services via Mitrasana Clinics, medical devices, biopharma, animal health solutions, E-health offerings, and biotechnology research in stem cells and drugs. Established in 1966 and headquartered in Jakarta at Gedung Kalbe, Jl. Let. Jend. Suprapto Kav. 4, the company primarily serves the Indonesian market with a distribution network reaching over one million outlets and extends operations to Southeast Asia including exports and international business. Recent developments include a strategic partnership with GC Cell via subsidiary PT Bifarma Adiluhung for cell therapy introduction such as Immuncell-LC injection in Indonesia; memorandum of understanding and joint venture establishment with Livzon Pharma Indonesia in May and July 2024 for manufacturing pharmaceutical ingredients targeting domestic and export markets in diabetes, cardiovascular, and vaccines; exclusive collaboration with Alliance Pharma Co., Ltd. (Thailand) in 2024 to enhance Southeast Asia penetration particularly Thailand; new product launches in 2024 for domestic and ASEAN marketing; and advancement of radiopharmaceutical facilities including cyclotron completion in 2022 with ongoing focused therapeutic expansions.