Top 30 Indonesian Pharmaceuticals Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
The Indonesian pharmaceutical and broader healthcare sector demonstrated resilience in Q3 2025, supported by steady domestic demand, recovering patient volumes, and diversified portfolios across consumer health, prescription drugs, and hospital services. The health segment which includes pharmaceuticals, distributors, and health service providers showed margin stability in pharma and consumer health, though hospitals faced cost pressures on operating expenses.
Representative public companies in the pharmaceutical sector include:
PT Kalbe Farma Tbk (KLBF) Pharma & consumer health
PT Kimia Farma Tbk (KAEF) Pharma & apotek
PT Indofarma (Persero) Tbk (INAF) Pharma BUMN
PT Darya-Varia Laboratoria Tbk (DVLA) Generic & OTC
PT Phapros Tbk (PEHA) Pharma generics
PT Pyridam Farma Tbk (PYFA) Pharma
PT Merck Indonesia Tbk (MERK) Pharma affiliate
PT Merck Sharp Dohme Pharma Tbk (SCPI) Pharma affiliate
PT Soho Global Health Tbk (SOHO) Pharma & herbal
PT Medela Potentia Tbk (MDLA) Pharma segment
PT Ikapharmindo Putramas Tbk (IKPM) Pharma & distribution
PT Penta Valent Tbk (PEVE) Pharma sub-industry
PT Bkrigit Biofarmaka Teknologi Tbk (OBAT) Pharma tech
PT Enseval Putera Megatrading Tbk (EPMT / ENVA) Pharma/distribution
PT UBC Medical Indonesia Tbk (LABS) Healthcare supply
PT Hetzer Medical Indonesia Tbk (MEDS) Medical & pharma equipment
PT Millennium Pharmacon International Tbk (SDPC) Pharma/health products
PT Siloam International Hospitals Tbk (SILO) Hospital network
PT Mitra Keluarga Karyasehat Tbk (MIKA) Hospital operator
PT Medikaloka Hermina Tbk (HEAL) Healthcare services
PT Prodia Widyahusada Tbk (PRDA) Clinical labs
PT Royal Prima Tbk (PRIM) Hospital services
PT Bundamedik Tbk (BMHS) Healthcare services
PT Metro Healthcare Indonesia Tbk (CARE) Healthcare services
PT Sarana Meditama Metropolitan Tbk (SAME) Healthcare services
PT Sejahteraraya Anugrahjaya Tbk (SRAJ) Healthcare services
PT Jayamas Medica Industri Tbk (OMED) Medical devices/health supply
PT Murni Sadar Tbk (MTMH) Healthcare services
PT Charlie Hospital Semarang Tbk (RSCH) Hospital services
PT Kedoya Adyaraya Tbk (RSGK) Healthcare services
2) Revenue results of major public companies in Indonesia
1) PT Kalbe Farma Tbk (KLBF)
9M25 net profit: ~IDR 2.63 trillion (~USD 157.6 million) up ~10.6% YoY.
3Q25 highlights: Strong revenue growth in pharma, nutrition, consumer health, and logistics; net margin expanded ~20 bps YoY.
2) PT Kimia Farma Tbk (KAEF)
9M25 net loss: ~IDR 179.7 billion (~-USD 10.8 million).
Loss narrowed vs. prior periods, with continuing margin improvements and cost controls.
3) PT Tempo Scan Pacific Tbk (TSPC)
9M25 net profit: ~IDR 1.14 trillion (~USD 68.3 million).
Performance driven by stable OTC and prescription demand.
4) PT Siloam International Hospitals Tbk (SILO)
3Q25 net profit: ~IDR 761.3 billion (~USD 45.6 million).
Hospital volumes and occupancy improved QoQ.
5) PT Mitra Keluarga Karyasehat Tbk (MIKA)
9M25 PATMI: ~IDR 1.0 trillion (~USD 59.9 million).
Private payer mix and corporate MCU programs boosting results.
6) PT Industri Jamu & Farmasi Sido Muncul Tbk (SIDO)
9M25 net profit: ~IDR 818.5 billion (~USD 49.0 million).
Margin gains and sequential revenue growth noted.
7) PT Enseval Putera Megatrading Tbk (ENVA / EPMT)
9M25 net profit: ~IDR 603.4 billion (~USD 36.2 million).
Revenue growth ~+5% YoY; distribution volumes up.
8) PT Indofarma Tbk (INAF)
9M25 net loss: ~IDR 127.1 billion (~-USD 7.6 million); continued turnaround efforts.
9) PT Medikaloka Hermina Tbk (HEAL)
9M25 net profit: ~IDR 356.0 billion (~USD 21.3 million).
Sequential recovery in Q3 admissions; margin compression persists.
10) PT Darya-Varia Laboratoria Tbk (DVLA)
Q3 2025 net profit: ~IDR 164.3 billion (~USD 9.8 million).
Modest growth in core pharmaceutical sales
3) Key trends & insights from Q3 2025
Sector Resilience & Diversification
Despite macro pressures, pharmaceutical and consumer health segments maintained stable margins, driven by diversified product portfolios (OTC, generics, nutritionals). Larger players like Kalbe leveraged scale and distribution breadth.
Recovery in Hospital & Healthcare Services
Hospital operators such as Siloam and Mitra Keluarga experienced improving patient volumes, particularly private and elective services, indicating demand normalization post-pandemic.
Cost Pressures & Input Dependency
Many firms faced commodity cost pressures (e.g., imported raw materials), weighing on gross margins, especially in pharma manufacturing. Indonesias pharmaceutical sector still displays high dependency on imported inputs, pervasive in Q3 2025 results.
Turnaround Challenges
State-linked companies like Kimia Farma and Indofarma reported losses narrowing but lingering financial challenges, underscoring operational restructuring needs
4) Outlook for Q4 2025 and beyond
Demand Drivers
Aging population & rising healthcare access under Indonesias JKN program should continue to support sustained demand for essential medicines and hospital services.
OTC and consumer health categories expected to grow with rising wellness trends.
Cost & Margin Dynamics
Continued volatility in raw material costs and currency fluctuations could impact cost structures and margin profiles in Q4 2025.
Players with strong local manufacturing and diversified portfolios are better positioned to mitigate pressures.
Innovation & R&D Focus
Larger firms like Kalbe are investing in biologics and specialty care categories, potentially unlocking higher-margin growth streams beyond traditional generics/OTC.
M&A & Consolidation Potential
Smaller players with niche products or distribution networks may attract M&A interest as the industry consolidates to compete regionally.
5) Conclusion
The Indonesian pharmaceutical public sector demonstrated measured growth and resilience in Q3 2025, with diversified portfolios, recovering hospital services, and stable consumer demand. While large incumbents like Kalbe Farma and Tempo Scan reported strong net profits and continued growth drivers, state enterprises and turnaround situations like Kimia Farma and Indofarma highlight ongoing structural challenges. Cost pressures and raw material dependencies remain headwinds, but underlying long-term industry fundamentals driven by domestic healthcare needs, rising consumption, and supportive policy frameworks indicate continued expansion and investment opportunities through 2025 and beyond.

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