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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 engages in the development, distribution, and trading of pharmaceutical products. It operates through the following segments: Prescription Pharmaceutical, Consumer Health, Nutritionals, and Distribution and Logistic. The Prescription Pharmaceutical segment offers generic drugs, branded generics, and licensed drugs, which are distributed to hospitals, pharmacies, and drug stores. The Consumer Health segment includes over-the-counter drugs, consumer products, food supplements, preventive products, energy drinks, and healthy ready-to-drink products. The Nutritionals segment 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 segment 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 2019 IDRUSD
Gross Profit9,945.21B703.25M
Operating income3,284.37B232.24M
Income before tax3,402.61B240.61M
Net income2,506.76B177.26M
Diluted EPS53.470.00
Dividends Per Share200.00
Total Assets20,264.72B1,459.73M
Total liabilities3,559.14B256.37M
Total equity15,893.12B1,144.83M
Operating cash flow2,574.67B182.06M
Currency in IDRCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 17,887.46B 19,374.23B 20,182.12B 21,074.30B 22,633.47B
Gross Profit 8,374.19B 9,258.50B 9,531.04B 9,564.48B 9,945.21B
Operating income 2,561.74B 2,976.16B 3,147.95B 3,165.31B 3,284.37B
Income before tax 2,720.88B 3,091.18B 3,241.18B 3,306.39B 3,402.61B
Net income 2,004.23B 2,299.73B 2,403.60B 2,457.12B 2,506.76B
EBITDA 2,950.45B 3,416.92B 3,596.49B 3,628.20B 3,794.17B
Diluted EPS 42.76 49.06 51.28 52.41 53.47
Dividends Per Share 19 22 25 26 20
Total Assets 13,696.41B 15,226.00B 16,616.23B 18,146.20B 20,264.72B
Total liabilities 2,758.13B 2,762.16B 2,722.20B 2,851.61B 3,559.14B
Total equity 10,465.12B 11,909.26B 13,280.80B 14,623.45B 15,893.12B
Operating cash flow 2,513.23B 2,233.38B 2,079.54B 2,842.98B 2,574.67B
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 1,335.16M 1,456.66M 1,508.17M 1,480.27M 1,600.48M
Gross Profit 625.06M 696.10M 712.23M 671.81M 703.25M
Operating income 191.21M 223.76M 235.24M 222.33M 232.24M
Income before tax 203.09M 232.41M 242.20M 232.24M 240.61M
Net income 149.60M 172.90M 179.61M 172.59M 177.26M
EBITDA 220.22M 256.90M 268.76M 254.84M 268.29M
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 993.57M 1,130.15M 1,224.70M 1,261.90M 1,459.73M
Total liabilities 200.08M 205.02M 200.64M 198.30M 256.37M
Total equity 759.16M 883.96M 978.86M 1,016.93M 1,144.83M
Operating cash flow 187.59M 167.91M 155.40M 199.69M 182.06M

Valuation Measures

Dec 2019
Operating margin14.51%
Profit margin11.07%

Key executives

  • President Director: Vidjongtius
  • Secretary, Head-Treasury, Finance, Accounting & IR: Bernadus Karmin Winata
  • Head-Information Technology & System: Dino Bramanto
  • Director: Djonny Hartono Tjahyadi
  • Director: Bujung Nugroho


  • SWAN KHOUW LIP (10.1%)
  • KARMILA MARIA (9.4%)
  • RBC Global Asset Management (UK) Ltd. (2.4%)
  • First Sentier Investors (Australia) IM Ltd. (1.5%)
  • The Vanguard Group, Inc. (1.3%)
  • BlackRock Fund Advisors (0.9%)

Contact Details

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

Related Companies

  • PT Karsa Lintas Buwana
  • Kalbe Malaysia Sdn. Bhd.
  • PT Kalbio Global Medika
  • Innogene Kalbiotech Pte Ltd.
  • PT Kalbe Milko Indonesia
  • Kalbe Vision Pte Ltd.
  • PT Bifarma Adiluhung
  • PT Hale International
  • PT Finusolprima Farma International
  • PT Saka Farma Laboratories
  • PT Hexpharm Jaya Laboratories
  • PT Dankos Farma
  • PT Bintang Toedjoe
  • PT Kalbe Morinaga Indonesia
  • PT Sanghiang Perkasa
  • Kalbe International Pte Ltd.
  • PT Enseval Putera Megatrading Tbk


  • LT Group, Inc.
Last Updated on 6 Jul, 2020

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