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PT Kalbe Farma Tbk
(KLBF IJ/KLBF.JK)
Public Expose 1H26
YTD Jun 2026
11 September 2026
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Forward-Looking Statement
This presentation has been prepared for informational purposes only by PT Kalbe Farma Tbk. (“Kalbe” or the “Company”). This presentation has been
prepared solely for use in connection with the release of 30 June 2026 unaudited results of the Company. The information contained in this presentation
has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the
fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of their respective
affiliates, and their respective commissioners, directors and employees, advisors or representatives shall have any liability whatsoever (in negligence or
otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.
Any decision to purchase or subscribe for securities of the Company should not be made on the basis of the information contained in this presentation.
The presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an
exemption from registration. This presentation and its contents are confidential unless they are or become generally available as public information in
accordance with prevailing laws and regulations (other than as a result of a disclosure by you) and must not be distributed, published or reproduced (in
whole or in part) or disclosed by recipients to any other person. This presentation does not constitute a recommendation regarding the securities of the
Company. This presentation, including the information and opinions contained herein, is provided as of the date of this presentation and is subject to
change without notice, including change as a result of the issuance of 30 June 2026 unaudited results of the Company..
This presentation includes "forward-looking statements". These statements contain the words "anticipate", "believe", "intend", estimate", "expect" and words
of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the
Company's financial position, business strategy, plans and objectives of management for future operations (including development plans, objectives
relating to the Company's products and services and anticipated product launches) are forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate
in the future. These forward-looking statements speak only as at the date of this presentation. The Company expressly disclaims any obligation
or reflection of any change in the Company's expectations with regard thereto, or any change in events, conditions or circumstances on which any
statement is based. Market data and certain industry forecasts used in this presentation were obtained from market research, publicly available information
and industry publications which have not been independently verified, and no representation is made as to the accuracy of such information.
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04 Key Updates
Table of
Contents 09 Business Strategy
23 Financial Overview
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Key Updates Business Strategy Financial Updates
More than Half a Century of Providing Wide-Range Healthcare Solutions
Corporate Overview
Establishment : 1966 | IDX Listed : 1991
7% 93% Market Capitalization
International Domestic
IDR 35.81 tn | USD 2.01 bn
Distribution &
Logistics Prescription
Pharmaceuticals
37.0%
Net Sales
27.2%
IDR 19.5 tn
Free Float* 38.31%
Consumer
Health
Nutritionals
13.9% Treasury Shares 3.34%
21.9%
As of 30 Jun ‘26
*Free Float is calculated as total shares deducted by the majority,
boards, treasury, and script shares
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Key Updates Business Strategy Financial Updates
Solid Fundamentals for Future Growth
Key Takeaways
14.0% •
Key Updates
Positive organic top-line growth
Key Challenges
• Pressure on purchasing •
Mitigation
Securing raw
Net Sales Growth driven by volume power in the domestic material availability
• Marketing investment to market • Diversifying import
-2.8% •
sustain growth
Progressing on track in key
• Exchange rate fluctuation
amidst geopolitics and the
currency
Net Profit Growth projects to drive future growth trade war
Strategic Partnerships and Investments
Biologic products’ commercialization Strengthening product portfolio through
collaboration
Strategic Partnership with Alliance Pharma Established JV Livzon Pharma Indonesia to
Co.,Ltd. to penetrate the Thai market manufacture pharmaceuticals ingredients
Moving towards local manufacturing of
Radiopharmaceuticals facilities (cyclotron)
medical equipment
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Key Updates Business Strategy Financial Updates
Driving Growth and Improving Healthcare Resilience through Innovation
2026 Key Strategies
Investing for long term growth through innovation and collaboration
Prescription Consumer Health & Distribution & Logistics International Market Medical Devices
Pharmaceuticals Nutritionals
• Innovative biologics • Rejuvenating our brands • New potential • Deepening penetration • Building local
products, including to drive competitive principals in selected countries manufacturing
expanding the Insulin advantage • Strengthening medical • Optimizing Alliance capability through
business and cell therapy • expanding into and distribution Pharma to bring technology transfer
• Strengthening our preventive and non- channels biologics products to and strengthening
network presence and curative categories • Providing more value the Thai market network
infrastructure • Strengthening added services
• Strengthening portfolio in Nutritionals’ presence in
vaccines liquid and lifestyle
categories
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Key Updates Business Strategy Financial Updates
Rejuvenating Our Strong Brands
to Win the Market
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Key Updates Business Strategy Financial Updates
Building Specialty Portfolio
Growing specialty category by commercialization Prescription Pharmaceuticals
and expansion of innovative portfolio, supported by
local manufacturing
Driving Top Line
Growth with Portfolio
Participation in National Health Insurance
Providing affordable, quality medicines Strategy
through E-Catalog
Enhance Business Growth
by leveraging on strong commercial team and
distribution network
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Key Updates Business Strategy Financial Updates
Innovative Specialty Products
Prescription Pharmaceuticals
Manufacturing Facilities Specialty Portfolio
Biologics
1. Biologics Facility in Cikarang
Serplulimab Efepoetin Alfa
Efesa
Zerpidio
• Factory obtained TGA GMP
• Approval for non-dialysis indication in October
• Approval in Dec 2023 2023
• In line with government local content
regulation (“TKDN”) • On progress to focus on • Commercialization in 2024
commercialization in Indonesia • Clinical trial application approved in EMA
• Approved and launched in Cambodia
• Leading in the Long-Acting EPO in Indonesia
Biosimilar
Erythropoietin Insulin GCSF Rituximab Trastuzumab Bevacizumab
(Hemapo) (Ezelin) (Leucogen) (Rituxikal) (Herzemab)* (Avamab)*
2. Radiopharmaceutical Facilities in Jakarta and Surabaya
*On progress to locally manufactured
Oncology Cell-therapy Insulin Vaccines
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Key Updates Business Strategy Financial Updates
Sustaining Growth Through Our Complete Portfolio
Prescription Pharmaceuticals
7.3% Licensed
Net sales growth Unbranded
from Rp4,941 bn to 5,300 bn generics Kalbe
14%
28% 28%
a
46.9% Market
10%
b
Gross profit margin 6%
Share
from 50.6% due to raw materials others c
and product mix 58% 5%
d
e 4%
27.2%
3%
Branded
44% generics
Contribution to total
net sales
*IQVIA 4Q 25
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Key Updates Business Strategy Financial Updates
Consumer Health
Expanding Customer Base
Leveraging a solid customer base in OTC
Rejuvenating Our
and Health Supplements with brand
rejuvenation, branding and positioning
Strong Brands to Win
the Market
Driving Product Innovation
Expanding to preventive categories as a future
growth driver
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Key Updates Business Strategy Financial Updates
Expanding into Preventive and Non-Curative Category
Consumer Health
~30-70%
market share
in relevant
categories Extra Joss Promag Entrostop Mixagrip Komix Woods Procold
(Energy Drink) (Antacids) (Anti Diarrhea)
Source: IQVIA 4Q24
(Cough & Cold)
Driving product innovation and new product launches in potential categories
Preventive and Non-Curative Category
new new
Mixagrip
Extra Joss Promag Fatigon Spirit EJ Sport
Herbal BEJO Jahe
Ultimate Herbal (Stamina) Sachet
Greges Merah
new new
new
Sakatonik Zegavit
Cerebrofort Komix Sakatonik Femmy Zegavit
Curcuma Immu’NFit
Gummy Herbal Activ Gummy Fyber Glowme
Madu Gummy
Gummy
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Key Updates Business Strategy Financial Updates
Driving Growth Through Brand Rejuvenation
Consumer Health
10.9% Health
Net sales growth Supplements Kalbe 10%
from Rp2,445 bn to 2,710 bn a 6%
28%
b 5%
64.3% OTC Market
Share
c 4%
d 4%
Gross profit margin e 3%
from 64.7% due to raw materials Others
and product mix 72% 68%
13.9%
Contribution to total
net sales *IQVIA 4Q 25
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Key Updates Business Strategy Financial Updates
Nutritionals
Solid Product Portfolio Navigating the Market
Compelling portfolio consisting of functional
nutritionals and healthy lifestyle products and Driving Future
Growth
Strengthening Brand Equity
Investing to strengthen brand equity and
communication
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Key Updates Business Strategy Financial Updates
Complete Portfolio for Future Expansion
Nutritionals
Senior & Clinical Expecting Mothers
Complete
product
offering for all
life stages with
strong Adults
Lactating
Mothers
functionality
Teens Kids
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Key Updates Business Strategy Financial Updates
Navigating Market Challenges
Nutritionals
6.5% Specialty
Net sales growth others
Kalbe
from Rp4,004 bn to 4,264 bn 14% f 8%
16%
3%
e
7%
52.9% Adults
Kids d
4% Market
Gross profit margin 59% Share a
from 55.3% due to raw materials c 27%
27% 15%
and product mix
b
21.9% 19%
Contribution to total
net sales *Nielsen 4Q 25
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Key Updates Business Strategy Financial Updates
Distribution and Logistics
Strong Distribution Infrastructure
Expansive multi-channel network with Strong Distribution
coverage in 72 branches
Network in Healthcare,
Supported by Digital
Leveraging Digitalization
through EMOS and MOSTRANS B2B transportation Expansion
solutions
Optimizing Distribution Network
Optimized medical and distribution channel through
operational excellence
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Key Updates Business Strategy Financial Updates
Extensive Network in Pharmaceuticals Distribution
Distribution & Logistics
72 Branches
Distribution
3 Centers
+200k Outlets
Prescription Pharmaceuticals Consumer Medical Instrument & Diagnostics Fine Chemical Raw Materials
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Key Updates Business Strategy Financial Updates
Moving Towards Local Manufacturing & Assembly
Medical Devices
Medical Equipment
CT Scan Dialyzer
Mobile X-ray in process obtained CPAKB*
commercialized
commercialization in 2Q24
the 1st dialyzer manufacturing
facility in Indonesia
In partnership with: In partnership with: Hemodialysis USG Endoscopy
In partnership with:
On progress to build partnership with
Global/Multinational Companies
Production & Assembly Facilities Consumables
Indigent for TB Kits
commercialized
Surgical Suture
Surgical Suture Mobile X-ray Dialyzer CT Scan commercialized
• Accelerate technology transfer to build local manufacturing capabilities
• Meet the local content requirements for JKN Program
Certifications
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Key Updates Business Strategy Financial Updates
The Largest Distribution Network in Healthcare,
Supported by Digital Expansion
Distribution & Logistics
Raw Material
26.6%
Medical
Tradings
Devices
8%
Net sales growth 5%
from Rp5,690 bn to 7,205 bn
Kalbe Group
11.5% 27%
60%
Gross profit margin
from 12.4% due to raw materials
and product mix
3rd Party
Principals
37.0%*
Contribution to total Source: Internal estimation
net sales • Managed by PT Enseval Putera Megatrading Tbk (EPMT IJ), a listed subsidiary company (91.98% owned)
*Contribution from Kalbe’s subsidiary EPMT IJ
• Net sales represent the 3rd party product sales
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Financial Updates
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Key Updates Business Strategy Financial Updates
Continued Top-line Growth
Consolidated Operational Performance
Net Sales
In IDR bn (unaudited)
14.0%
19,479
17,079
7.3% 10.9% 6.5% 26.6%
7,205
5,690
5,300
4,941 4,264
4,004
2,710
2,445
Prescription
Consumer Health Nutritionals Distribution & Logistics Total
Pharmaceuticals
1H 2025 1H 2026
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Key Updates Business Strategy Financial Updates
Managing Profitability for a Sustainable Growth
Consolidated Operational Performance
Gross Profit Operating Expenses to Net Sales Net Income
26.7% 24.9%
41.0% 37.6% 11.6% 9.9%
1.5% 1.2%
4.2% 3.8%
R&D Expenses
G&A Expenses
7,005 4.5% 7,317 19.8% 1,975 2.8% 1,919
21.0% Selling Expenses
1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026
• Marketing investment to drive future growth
• Decreasing GPM trend vs 1H25, driven by • Net Income decreased attributed to an
• Research & development activities to support
raw material price and product mix increase in COGS, operating expense, and
product development & innovation
non-operating items
• Continue to control and optimize operating
activities
% to Net
Sales
in IDR bn (unaudited)
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Key Updates Business Strategy Financial Updates
Healthy Cash Balance to Support Operation and Business Expansion
Capital Allocation
Total Debt & Gearing Ratio Cash & Net Cash
5.1%
Cash
Total Debt
Net Cash
Gearing Ratio
2.4%
2.5% 1.6%
0.5% 3,950 2,833 3,232 2,656 4,723 4,336 4,331 4,219 4,832 4,204
1,116 577 388
112 628
FY 2022 FY 2023 FY 2024 FY 2025 1H 2026 FY 2022 FY 2023 FY 2024 FY 2025 1H 2026
Buyback realization
EBITDA Capital Expenditure Dividend
Ph. IV 100%
52% 52% *52% of IDR 1 tn
17.0% 14.8% 51% May 2024 – Apr 2025
15.0% 15.3%
14.4% 278 313 *26% Ph. V 100%
145 74 of IDR 250 bn
May 2025 – Aug 2025
Ph. VI 21%
of IDR 250 bn
32 Sep 2025 – Dec 2025
4,918 4,379 4,913 5,422 2,887 705 882 726
908 1,631 1,758 1,434 1,636 905 Ph. VII 18%
394
of IDR 250 bn
Dec 2025 – Mar 2026
Realization as of Mar 2026
FY 2022 FY 2023 FY 2024 FY 2025 1H 2026 FY 2022 FY 2023 FY 2024 FY 2025 1H 2026 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Treasury Shares
EBITDA
Tangible * Total Dividend Payout Ratio 1,564,531,430 shares
=Operating Profit + Depreciation + Amortization Intangible
3.34% as of 30 Jun 2026
All in IDR bn except for Gearing ratio, Dividend Payout Ratio (DPR), and EBITDA Margin. 24
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Thank You For further information : PT Kalbe Farma Tbk | Jalan Let. Jend. Suprapto Kav. 4 | Jakarta 10510, Indonesia Tel. : 62-21-42873888 | Fax. : 62-21-42873678 Email : investor.relations@kalbecorp.com alexandra.winstan@kalbecorp.com
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