The rise in global oil prices has also impacted product prices, for\nexample, the increase in packaging costs such as plastics, which is one\nof the main derivatives most affected by the rise in fuel costs. From\nthe delivery and receipt side, it is also impacted by the soaring\ntransportation costs.<\/p>\n
In addition, the significant rolling weakening of the rupiah exchange\nrate from Rp16,400 in May 2025 to Rp17,400 in May 2026 has put serious\noperational pressure on the pharmaceutical industry in Indonesia.<\/p>\n
These macroeconomic conditions directly affect the cost structure of\nissuers, given that the domestic health sector still has a very high\ndependence on imports of drug raw materials.<\/p>\n
The surge in cost of goods sold has become the main obstacle that\nmust be navigated by company management. If companies struggle to pass\non these cost increases to end consumers through product price\nadjustments, gross and net profit margins will automatically be\neroded.<\/p>\n
Amid these challenges, the performance of issuers is greatly\ninfluenced by efficiency strategies and the strength of the product\nportfolio they possess.<\/p>\n
As an illustration, PT Industri Jamu dan Farmasi Sido Muncul Tbk\n(SIDO) with flagship lines such as Tolak Angin and Kuku Bima has proven\nmore resilient because the supply of herbal raw materials is mostly\nsourced domestically.<\/p>\n
Meanwhile, business entities like PT Kalbe Farma Tbk (KLBF), which\ndistributes consumer products such as Promag and prescription drugs, the\nissuer is currently implementing tight operational cost controls to\nmaintain profitability.<\/p>\n
The following is a detailed breakdown of net profit performance from\nissuers that managed to record profits in the full-year 2025 financial\nreports, presented in the first group.<\/p>\n
Net Profit Performance 2024 vs 2025<\/p>\n
On the other hand, exchange rate pressures and interest burdens have\nset back some other issuers, especially those with massive liability\nstructures.<\/p>\n
PT Kimia Farma Tbk (KAEF), which focuses on providing generic drugs\nand clinic services, has indeed managed to suppress its operational loss\nfigures, but the large debt burden still constrains the company\u2019s bottom\nline.<\/p>\n
Similarly, several mid-tier issuers have had to accept a turnaround\nto record losses due to their inability to stem the soaring cost of\ngoods.<\/p>\n
The following is a continuation of the performance data for issuers\nthat achieved profits, combined with a series of issuers that recorded\nnet losses along with their annual percentage movements.<\/p>\n
Current Issuer Valuations<\/p>\n
Shifting to the market valuation perspective, adding indicators of\nmargin ratios and solvency will provide a more precise basis for\nanalysis regarding current share prices.<\/p>\n
The Net Profit Margin (NPM) indicator serves to measure the issuer\u2019s\nability to convert revenue into pure profit after deducting all taxes\nand expenses, including exchange rate differences. The Return on Equity\n(ROE) indicator maps how effectively the company manages invested\ncapital.<\/p>\n
The issuer\u2019s financial risk level can be monitored through the Debt\nto Equity Ratio (DER), where soaring figures indicate high liabilities\nthat must be managed amid challenging interest rate and exchange rate\nclimates.<\/p>\n
Share price assessment itself will be represented through Price to\nEarnings (PER) and Price to Book Value (PBV), paired with the EV\/EBITDA\nratio to view the company\u2019s value from the perspective of core\noperational cash.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/map-of-the-strength-of-indonesias-pharmaceutical-giants-who-is-healthy-which-are-still-ailing-1777956875", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }