Kalbe Farma cancels IDR 500 billion buyback of Kalbe Farma stock

Published on 10/02/2026 at 00:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue rose 14.06 percent to IDR 19.47 trillion in the first half of 2026. IDR 500 billion buyback of Kalbe Farma stock was canceled.

Kalbe Farma, ID1000125107, Illustration mit AI erstellt.

Kalbe Farma (ID1000125107) canceled its IDR 500 billion buyback on September 15, 2026, according to IDXChannel. The corporate action had been announced as a three-month program before the company withdrew it, creating a sharper test for Kalbe Farma's earnings and capital-allocation strategy.

Buyback ends as margins tighten

The canceled program was valued at IDR 500 billion and had been intended to support long-term capital management. IDXChannel reported on September 15, 2026, that Kalbe cited volatile market conditions when withdrawing the plan.

The company entered the decision with solid sales momentum but weaker profit conversion. Bisnis reported on September 1, 2026, that net sales reached IDR 19.47 trillion in the first half of 2026, up 14.06 percent from IDR 17.07 trillion a year earlier.

Revenue rises while profit falls

The comparison is less favorable below the revenue line. Net profit attributable to parent-company owners fell from IDR 1.97 trillion in the first half of 2025 to IDR 1.91 trillion in the first half of 2026, as the weakening rupiah and higher raw-material costs pressured margins, according to Bisnis.

Analyst estimates point to continued growth but also a cost constraint. Kiwoom Research maintained a Buy recommendation on September 10, 2026, with an IDR 950 target, while warning about weaker consumer purchasing power, competition, raw-material costs and rupiah depreciation.

Indo Premier took the more optimistic view. Kontan reported on September 10, 2026, that the firm raised its target to IDR 1,300 per share and lifted its 2026 and 2027 profit projections by 7 percent and 11 percent.

Stock remains below analyst targets

Kalbe Farma traded at IDR 720 on the Jakarta exchange on October 1, 2026, against an IDR 630 to IDR 1,345 52-week range. The IDR 1,300 Indo Premier target is 80.56 percent above that quoted price, while the IDR 950 Kiwoom target is 31.94 percent above it.

Investing.com lists November 3, 2026, as the next earnings date and reports an IDR 32.58 trillion market capitalization, an IDR 630 to IDR 1,345 52-week range and a 2.74 percent dividend yield. Those figures leave margin recovery as the key measure for the next reporting cycle.