Top 30 Indonesian Health Public Companies Q3 2025 Revenue & Performance

1) Overall health companies performance (Q3 2025 snapshot)
Indonesias listed healthcare universe (pharmaceuticals, consumer health, hospitals, distribution, medical devices and labs) showed a mixed but broadly resilient Q3-2025: pharmaceuticals and consumer health firms (branded OTC, jamu, nutraceuticals) generally reported margin stability, while hospitals saw recovery in volumes and revenue vs. H1 as private patients and corporate MCU seasons improved; distributors reported steady top-line growth amid higher volumes. The IDX Healthcare sector index and recent analyst notes confirm the sectors positive momentum but with margin pressures in some hospital chains due to higher operating costs.
Representative list of major public companies active in Indonesias healthcare sector: Kalbe Farma (KLBF), Kimia Farma (KAEF), Siloam International Hospitals (SILO), Mitra Keluarga Karyasehat (MIKA), Tempo Scan Pacific (TSPC), Enseval Putera Megatrading (EPMT / ENVA), Industri Jamu & Farmasi Sido Muncul (SIDO), Indofarma (INAF), Medikaloka Hermina (HEAL), Darya-Varia Laboratoria (DVLA), Soho Global Health (SOHO), Pyridam Farma (PYFA), Sarana Meditama Metropolitan (SAME), Metro Healthcare (CARE), Awal Bros / FAM/Famon/Awal Bros group (PRAY/others listed), Organon Pharma Indonesia / SCPI, UBC Medical (LABS), Hetzer Medical (MEDS), Millennium Pharmacon (SDPC), Ikapharmindo Putramas (IKPM), Brigit Biofarmaka / other smallcaps, etc.
2) Q3-2025 earnings call summary - Top 10 public health companies
1. PT Kalbe Farma Tbk (KLBF) - Q3 2025
Headline: Q3 2025 net profit (reported figure used by analysts) ≈ IDR 2.63 trillion (Q3 / 9M line referenced in analyst note).
USD equivalent: ≈ $157.6 million.
Takeaway: Kalbe reported continued year-on-year net profit growth driven by consumer health and nutrition products and distribution scale; management signaled steady domestic demand and product mix benefits. Source: KLBF filings/analyst Q3 note.
2. PT Kimia Farma Tbk (KAEF) Q3 2025
Headline: Q3 / 9M25 reported net loss for the period of IDR 179.7 billion (improvement vs prior years larger loss).
USD equivalent: ≈ -$10.8 million.
Takeaway: Kimia Farma showed margin improvement and lower operating expenses vs. prior year but remained in a small loss position in the period; management emphasized ongoing efficiency and business transformation.
3. PT Siloam International Hospitals Tbk (SILO) - Q3 2025
Headline: Reported Q3 / 9M strong performance; one widely-reported figure for Q3 net profit noted IDR 761.3 billion (per local research/news summary).
USD equivalent: ≈ $45.6 million.
Takeaway: Siloam's Q3 bounce reflected improving patient volumes (private + elective), better occupancy trends and a sequential recovery across its hospital network; analysts noted QoQ momentum. (See Siloam filings / analyst research).
4. PT Mitra Keluarga Karyasehat Tbk (MIKA) Q3 / 9M 2025
Headline: 9M25 PATMI ~ IDR 1.0 trillion (reported by research coverage citing company 9M results).
USD equivalent: ≈ $59.9 million.
Takeaway: Mitra Keluarga reported stable margin trends and an accelerating private patient mix in Q3 (corporate MCUs and seasonal volumes supportive). Analysts highlighted durable margin expansions due to cost control.
5. PT Tempo Scan Pacific Tbk (TSPC) - Q3 2025
Headline: Q3/9M25 net profit reported IDR 1.14 trillion (quarterly/9M disclosures aggregated in research note).
USD equivalent: ≈ $68.3 million.
Takeaway: Tempo Scan's diversified pharma and consumer health portfolio delivered resilient top-line and stable net profit; company noted steady OTC and prescription sales.
6. PT Enseval Putera Megatrading Tbk (ENVA / EPMT) - Q3 2025
Headline: 9M25 net profit ≈ IDR 603.4 billion; net sales ~ IDR 24.4 trillion (analyst/company release).
USD equivalent (profit): ≈ $36.2 million.
Takeaway: Distributor Enseval reported steady revenue growth (~+5% YoY) and modest operating profit expansion; higher distribution volumes partly offset cost pressures.
7. PT Industri Jamu & Farmasi Sido Muncul Tbk (SIDO) - Q3 2025
Headline: 9M25 net profit IDR 818.5 billion (company/analyst notes).
USD equivalent: ≈ $49.0 million.
Takeaway: SIDO's margin gains (better gross margin mix) were somewhat offset by higher opex (marketing); 3Q saw sequential revenue growth but some QoQ pressure due to seasonality of advertising spend.
8. PT Indofarma Tbk (INAF) - Q3 2025
Headline: Q3/9M25 - reported net loss ~ IDR 127.1 billion for the period covered (company filing / press coverage).
USD equivalent: ≈ -$7.6 million.
Takeaway: Indofarma reduced losses vs. prior periods via cost controls but still recorded a small operating/net loss; company strategy centers on operational turnaround and product rationalization.
9. PT Medikaloka Hermina Tbk (HEAL) Q3 2025
Headline: 9M25 net profit IDR 356.0 billion; Q3 profit noted around IDR 131.0 billion in some analyst writeups.
USD equivalent (9M): ≈ $21.3 million (9M figure).
Takeaway: Hermina's revenues rose but net profit was down YoY due to GPM pressure and higher operating costs; Q3 saw sequential recovery in admissions (corporate MCU season) but margin compression remained a headwind.
10. PT Darya-Varia Laboratoria Tbk (DVLA) - Q3 2025
Headline: Q3 2025 net profit IDR 164.3 billion (company/analyst report).
USD equivalent: ≈ $9.8 million.
Takeaway: Darya-Varia posted modest profit growth vs. prior year, driven by core pharmaceutical sales; company reported steady working capital metrics.
3) Key trends & insights from Q3 2025
Hospital recovery but margin pressure: Hospital chains (Siloam, Mitra Keluarga, Hermina) reported rising admission volumes and improved private patient mix in Q3, driven by resumed elective procedures and corporate MCUs but many hospitals flagged wage inflation, higher utility costs, and supply costs that compressed GPM/EBIT margins. Analysts noted sequential QoQ improvements in volumes but mixed margin signals.
Pharma & consumer health resilience: Large pharma/consumer health names such as Kalbe, Tempo Scan and Sido Muncul continued to show resilient top lines and relatively stable gross margins, helped by diversified portfolios (OTC, nutrition, prescription). Kalbes scale continues to be a competitive advantage.
Distributor strength and working capital normalization: Distributors (Enseval) reported steady sales growth and improved operating profit, benefiting from broad product distribution and higher pharma volumes. Working capital cycles remain a monitoring point.
Turnaround stories remain mixed: State-linked players and some midcaps (Indofarma, Kimia Farma) showed improvement in cost structures but remained challenged by legacy issues and inventory / pricing dynamics some still posted small losses in 9M25.
FX & macro sensitivity: Although most revenues are domestic (IDR), currency movements affect imported ingredients, capex and medical equipment costs companies flagged FX volatility as a risk to margins. Bank/market FX at end-Q3 2025 averaged ~IDR 16.6k16.9k per USD.
4) Outlook Q4 2025 and beyond
Q4 seasonality + year-end corporate health checks should provide a typical boost to hospital outpatients (MCU) and some elective procedures hospitals with strong cost control and diversified payor mix will likely continue to outperform. Analysts appear relatively constructive on hospital revenue recovery but cautious about margin sustainability.
Pharma/consumer health: expect steady demand for OTC and nutritional products (Kalbe/Tempo/Sido), with pricing discipline and product mix continuation supporting margins. M&A or portfolio optimization may pick up if valuations remain attractive.
Distribution & logistics players (Enseval) should benefit from continued pharma volume growth; watch working-capital and trade receivables trends.
Risks: Cost inflation (wages, utilities), FX spikes (imported raw materials/equipment), regulatory changes (drug pricing, BPJS policies) and slower global growth remain the primary downside risks. Monitoring Q4 guidance from management teams will be key.
5) Conclusion
Q3-2025 was a mixed but constructive quarter for Indonesias listed healthcare sector. Large, diversified names (Kalbe, Tempo Scan, Sido) delivered stable profits; hospital chains reported recovering volumes though margin headwinds remain; distributors kept steady growth. Some state-linked and turnaround names remain loss-making but show signs of improvement. For investors and industry watchers the themes to watch into Q4-2025 are patient-volume trends at hospitals, margin trajectories as companies pass through cost inflation, the FX path for imported inputs, and corporate actions (efficiency programs, M&A) by the larger groups.

Contact Information:
Tel: +1 626 2952 442 (US) ; +86-1082945717 (China)
+62 896 3769 3166 (Whatsapp)
Email: willyanto@qyresearch.com; global@qyresearch.com
Website: www.qyresearch.com

About QY Research
QY Research has established close partnerships with over 71,000 global leading players. With more than 20,000 industry experts worldwide, we maintain a strong global network to efficiently gather insights and raw data.
Our 36-step verification system ensures the reliability and quality of our data. With over 2 million reports, we have become the world's largest market report vendor. Our global database spans more than 2,000 sources and covers data from most countries, including import and export details.
We have partners in over 160 countries, providing comprehensive coverage of both sales and research networks. A 90% client return rate and long-term cooperation with key partners demonstrate the high level of service and quality QY Research delivers.
More than 30 IPOs and over 5,000 global media outlets and major corporations have used our data, solidifying QY Research as a global leader in data supply. We are committed to delivering services that exceed both client and societal expectations.

This release was published on openPR.