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Health Technology

PT Kalbe Farma Tbk

Company Background

Indonesia's Kalbe Farma is one of Southeast Asia's largest pharmaceutical companies. It has a diverse lineup of products, ranging from prescription medicine to vitamins to energy drinks.

The company has its own distribution network that carries products to a large number of retail outlets. It also distributes products for major foreign pharmaceutical companies, including Astellas Pharma of Japan and Baxter of the U.S.

Kalbe Farma was launched out of a garage by Boenjamin Setiawan, who is now in his 80s, and his brothers. Setiawan has left the board of directors and now serves as honorary chairman. His niece, Bernadette Ruth Irawati Setiady, has served as president since 2008. The group of founders holds a significant stake in the company.

Kalbe Farma has been expanding its consumer sector, acquiring local health-drink producer Hale International in 2012. The company exports some of its products to neighboring countries.

Business Summary

PT Kalbe Farma Tbk is engaged in the development, distribution, and trading of pharmaceutical products. It operates through the following divisions: Prescription Pharmaceutical, Consumer Health, Nutritionals, and Distribution and Logistic. The Prescription Pharmaceutical division offers generic drugs, branded generics, and licensed drugs, which are distributed to hospitals, pharmacies, and drug stores. The Consumer Health division includes over-the-counter drugs, consumer products, food supplements, preventive products, energy drinks, and healthy ready-to-drink products. The Nutritionals division sells biscuits, cereals, and milk products for infants, toddlers, children, pre-teenagers, adults, expectant and lactating mothers, and elderly; as well as nutritional products for consumers with special medical needs. The Distribution and Logistic division maintains distribution of the company's and third party principal's products across Indonesia; and focuses on the trading of raw material, medical devices, and retail health service. The company founded by Boenyamin Setiawan on September 10, 1966 and is headquartered in Jakarta, Indonesia.

Financial Highlights

Dec 2021 IDRUSD
Gross Profit10,897.11B762.30M
Operating income3,978.88B278.34M
Income before tax4,143.26B289.84M
Net income3,183.62B222.71M
Diluted EPS67.920.00
Dividends Per Share350.00
Total Assets25,666.63B1,800.85M
Total liabilities4,400.75B308.77M
Total equity19,579.52B1,373.76M
Operating cash flow2,875.60B201.16M
Currency in IDRCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 20,182.12B 21,074.30B 22,633.47B 23,112.65B 26,261.19B
Gross Profit 9,531.04B 9,564.48B 9,945.21B 9,879.37B 10,897.11B
Operating income 3,147.95B 3,165.31B 3,284.37B 3,504.88B 3,978.88B
Income before tax 3,241.18B 3,306.39B 3,402.61B 3,627.63B 4,143.26B
Net income 2,403.60B 2,457.12B 2,506.76B 2,733.25B 3,183.62B
EBITDA 3,596.49B 3,628.20B 3,794.17B 4,142.00B 4,652.69B
Diluted EPS 51.28 52.41 53.47 58.31 67.92
Dividends Per Share 25 26 20 34 35
Total Assets 16,616.23B 18,146.20B 20,264.72B 22,564.30B 25,666.63B
Total liabilities 2,722.20B 2,851.61B 3,559.14B 4,288.21B 4,400.75B
Total equity 13,280.80B 14,623.45B 15,893.12B 17,405.53B 19,579.52B
Operating cash flow 2,079.54B 2,842.98B 2,574.67B 4,265.20B 2,875.60B
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 1,508.17M 1,480.27M 1,600.48M 1,589.40M 1,837.10M
Gross Profit 712.23M 671.81M 703.25M 679.38M 762.30M
Operating income 235.24M 222.33M 232.24M 241.02M 278.34M
Income before tax 242.20M 232.24M 240.61M 249.46M 289.84M
Net income 179.61M 172.59M 177.26M 187.96M 222.71M
EBITDA 268.76M 254.84M 268.29M 284.83M 325.47M
Diluted EPS 0.00 0.00 0.00 0.00 0.00
Dividends Per Share 0.00 0.00 0.00 0.00 0.00
Total Assets 1,224.70M 1,261.90M 1,459.73M 1,606.00M 1,800.85M
Total liabilities 200.64M 198.30M 256.37M 305.21M 308.77M
Total equity 978.86M 1,016.93M 1,144.83M 1,238.82M 1,373.76M
Operating cash flow 155.40M 199.69M 182.06M 293.30M 201.16M

Valuation Measures

Dec 2021
Operating margin15.15%
Profit margin12.12%

Key executives

  • President Director: Vidjongtius
  • Head-Finance & Accounting: Kartika Setiabudy
  • Head-Information Technology & System: Danny Natalies
  • Director-Prescription Pharmaceuticals Division: Bujung Nugroho
  • Biopharma Director: Sie Djohan


  • SWAN KHOUW LIP (10.2%)
  • KARMILA MARIA (9.4%)
  • RBC Global Asset Management (UK) Ltd. (2.5%)
  • First Sentier Investors (Hong Kong) Ltd. (1.5%)
  • The Vanguard Group, Inc. (1.2%)
  • BlackRock Fund Advisors (1.2%)

Contact Details

  • Website:
  • Address: Gedung KALBE, Jalan Let. Jend. Suprapto Kavling 4, Jakarta, 10510, Indonesia
  • Phone: +62.21.4287.3888

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Last Updated on 4 Oct, 2022

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