Kalbe Farma (KLBF.JK): 2Q: Strong Sales Was One-off; More Margin Compression to Come in 2H26

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Kalbe Farma (KLBF.JK): 2Q: Strong Sales Was One-off; More Margin Compression to Come in 2H26

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03 Aug 2026 23:51:31 ET │ 12 pages

Kalbe Farma (KLBF.JK)

2Q: Strong Sales Was One-off; More Margin Compression to Come in

2H26

CITI'S TAKE Buy

Price (03 Aug 26 16:00) Rp725 2Q performance was generally in-line with sales up 18% YoY and NPAT

Target price Rp1,600 declining 1% YoY, as GPM compression was unavoidable, combined with

weak pricing power in majority of the segments. Mgmt. has highlighted Expected share price 120.7%

that given ample inventory, the steep IDR decline has yet to flow through return

PnL, thus likely causing more margin compression in 2H26. The strong top Expected dividend yield 4.6%

line was also due to one-off principal additions in the distribution Expected total return 125.2%

segment (i.e. Bayer, as MNC pharmas generally consolidated Indonesia Market Cap Rp33,939,709M

operations), which would provide base effect risk coming into 2027. US$1,887M

Pharma has remained weak, and high-value biosimilar ventures are still

too small to move the needle; only Nutritionals seem to be doing relatively

better as KLBF pushes on lifestyle/liquid products, albeit still small. We

maintain Buy given its low valuations (8.5x 1Y Fwd PE, 3SD below 10Y Lakshmi RowterAC

mean), yet headwinds could limit short-term price performance. +62-21-2924-9220

lakshmi.rowter@citi.com

Prescription Pharma — The segment performed the weakest, with 2Q Sales +6%

YoY to Rp2.7tn; GPM down 490bps YoY. Branded generics growth leaned on new

SKUs (e.g. Prove-D3) as overlap with unbranded intensifies core competition. API

and FX drag was around 1-2ppt. Mgmt. highlighted more structural weakness as the

market is shifting towards private insurance-led formularies, eroding branded and