PT Kalbe Farma Tbk (KLBF) Q2 2024 earnings summary

Executive summary

• Net sales grew 7.6% year-over-year in 1H24, reaching IDR 16,328 bn, with positive organic growth across all business lines.

• EPS increased 18.4% year-over-year in 1H24, rising to Rp38.93, reflecting improved profitability.

• Strategic partnerships, new product launches, and acquisitions, including Zerpidio, Efesa, and Alliance Pharma, supported growth.

• Total assets grew to IDR 28,566 bn as of June 30, 2024.

• Sustained gross margin improvement trend, with ongoing monitoring of marketing effectiveness.

Financial highlights

• Gross profit rose 4.7% year-over-year to IDR 6,464 bn, with a gross margin of 39.6%.

• Operating profit increased 13.1% to IDR 2,293 bn; operating income before tax was Rp2.37 trillion.

• Net income attributable to owners up 18.1% to IDR 1,805 bn.

• Cash and cash equivalents at period end rose to IDR 3,558 bn.

• Net cash from operating activities surged 342.8% to IDR 2,372 bn.

Outlook and guidance

• Full-year 2024 sales growth targeted at 6–7% and EPS growth at 13–15%.

• Capex planned at IDR 1.0 tn for production, distribution, and network expansion.

• Dividend payout ratio expected between 45–55%.

• Management continues to monitor macroeconomic and political risks, especially in Myanmar.