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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 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 2020 IDRUSD
Gross Profit9,879.37B679.38M
Operating income3,504.88B241.02M
Income before tax3,627.63B249.46M
Net income2,733.25B187.96M
Diluted EPS58.310.00
Dividends Per Share340.00
Total Assets22,564.30B1,606.00M
Total liabilities4,288.21B305.21M
Total equity17,405.53B1,238.82M
Operating cash flow4,265.20B293.30M
Currency in IDRCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 19,374.23B 20,182.12B 21,074.30B 22,633.47B 23,112.65B
Gross Profit 9,258.50B 9,531.04B 9,564.48B 9,945.21B 9,879.37B
Operating income 2,976.16B 3,147.95B 3,165.31B 3,284.37B 3,504.88B
Income before tax 3,091.18B 3,241.18B 3,306.39B 3,402.61B 3,627.63B
Net income 2,299.73B 2,403.60B 2,457.12B 2,506.76B 2,733.25B
EBITDA 3,416.92B 3,596.49B 3,628.20B 3,794.17B 4,142.00B
Diluted EPS 49.06 51.28 52.41 53.47 58.31
Dividends Per Share 22 25 26 20 34
Total Assets 15,226.00B 16,616.23B 18,146.20B 20,264.72B 22,564.30B
Total liabilities 2,762.16B 2,722.20B 2,851.61B 3,559.14B 4,288.21B
Total equity 11,909.26B 13,280.80B 14,623.45B 15,893.12B 17,405.53B
Operating cash flow 2,233.38B 2,079.54B 2,842.98B 2,574.67B 4,265.20B
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 1,456.66M 1,508.17M 1,480.27M 1,600.48M 1,589.40M
Gross Profit 696.10M 712.23M 671.81M 703.25M 679.38M
Operating income 223.76M 235.24M 222.33M 232.24M 241.02M
Income before tax 232.41M 242.20M 232.24M 240.61M 249.46M
Net income 172.90M 179.61M 172.59M 177.26M 187.96M
EBITDA 256.90M 268.76M 254.84M 268.29M 284.83M
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 1,130.15M 1,224.70M 1,261.90M 1,459.73M 1,606.00M
Total liabilities 205.02M 200.64M 198.30M 256.37M 305.21M
Total equity 883.96M 978.86M 1,016.93M 1,144.83M 1,238.82M
Operating cash flow 167.91M 155.40M 199.69M 182.06M 293.30M

Valuation Measures

Dec 2020
Operating margin15.16%
Profit margin11.82%

Key executives

  • President Director: Vidjongtius
  • Head-Finance & Accounting: Kartika Setiabudy
  • Head-Information Technology & System: Dino Bramanto
  • 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. (2.6%)
  • BlackRock Fund Advisors (1.2%)
  • The Vanguard Group, Inc. (1.2%)
  • Norges Bank Investment Management (1.0%)

Contact Details

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

Related Companies

  • PT Innolab Sains Internasional
  • 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 19 Oct, 2021

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