Indo Premier sees Kalbe Farma stock earnings beating estimates

Published on 10/16/2026 at 10:07 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Indo Premier expects Kalbe Farma's third-quarter earnings to beat consensus. Kalbe Farma stock costs EUR 0.03 on October 16, 2026.

Sales growth and margin pressure

Indo Premier projected Kalbe Farma's third-quarter 2026 earnings above consensus in its October 14, 2026 research.
First-half 2026 revenue rose 14.06 percent to IDR 19.47 trillion.
Kalbe Farma stock traded at EUR 0.03 at 10:01 a.m. CEST at Lang & Schwarz on October 16, 2026.

Kalbe Farma, ID1000125107, Illustration mit AI erstellt.

Kalbe Farma (ID1000125107) stock trades at EUR 0.03 at Lang & Schwarz on October 16, 2026, at 10:01 a.m. CEST. In research dated October 14, 2026, Indo Premier Sekuritas projected Kalbe Farma's third-quarter 2026 earnings and sales above market expectations, according to IDXChannel. The forecast makes operating margins the key test for the next report.

Revenue grows faster than profit

Kalbe Farma reported IDR 19.47 trillion in revenue for the first half of 2026, up 14.06 percent from IDR 17.07 trillion in the same period of 2025. Net income attributable to owners fell 2.8 percent to IDR 1.91 trillion from IDR 1.97 trillion, according to Dialektika Network. The gap between sales and profit growth points to higher costs as the central operating issue.

The company also faces a capital-allocation change. Kalbe Farma canceled a planned IDR 500 billion share buyback announced in September, while its first-half revenue had continued to expand, reported Bintang Bisnis on October 8, 2026. Retaining that cash gives management more flexibility but removes a planned source of share-demand support.

What will determine the next margin?

Kalbe's cost response will decide whether the projected third-quarter earnings improvement becomes durable. The company's chief financial officer said in a September presentation that selective price increases for consumer products were under consideration as imported raw-material costs rose, according to Kompas. First-half selling expenses rose to IDR 3.85 trillion from IDR 3.58 trillion, adding pressure to the conversion of revenue into earnings.

Three dates frame the story

On September 16, 2026, Kalbe announced a planned IDR 500 billion buyback; on October 8, 2026, the plan was canceled; and on October 14, 2026, Indo Premier projected third-quarter earnings above consensus, with the first two events reported by Bintang Bisnis and the latest forecast reported by IDXChannel.

Upcoming corporate date

The buyback window that Kalbe had announced was scheduled to run through December 17, 2026, giving the company a defined date for the capital-allocation shift.

Stock stays at a low euro quote

Kalbe Farma stock was trading at EUR 0.03 at Lang & Schwarz on October 16, 2026, at 10:01 a.m. CEST. The finance quote for the Jakarta-listed instrument showed IDR 680 at 2:54 p.m. WIB on October 16, 2026, with a market capitalization of IDR 30.8 trillion and a 52-week range of IDR 630.00 to IDR 1,345.00.

The further course of trading is shown by the continuously updated real-time quote of Kalbe Farma stock.