State-Owned Drugmakers Post Smaller Losses in 9M 2025
Jakarta. State-owned pharmaceutical firms Kimia Farma and Indofarma managed to cut their net losses significantly in the first nine months of 2025, indicating early signs of recovery amid ongoing efficiency measures.
Kimia Farma (KAEF) booked a net loss attributable to owners of the parent of Rp 179.73 billion ($10.75 million) in January–September 2025, narrowing from Rp 419.11 billion in the same period a year earlier. The improvement was mainly driven by reduced cost of goods sold, which fell from Rp 5.51 trillion to Rp 4.56 trillion.
Despite a 10.77 percent decline in net sales to Rp 7.01 trillion, Kimia Farma’s gross profit rose to Rp 2.44 trillion ($145.98 million) from Rp 2.35 trillion in the same period last year. The company’s sales were supported by Rp 2.27 trillion from internal production and Rp 4.73 trillion from third-party manufacturing.
By product category, generic drugs remained the largest contributor with Rp 2.01 trillion in sales, followed by over-the-counter (OTC) medicines at Rp 1.26 trillion.
Meanwhile, Indofarma (INAF) also trimmed its losses to Rp 127.09 billion from Rp 166.48 billion.
According to its latest financial report, the improvement stemmed from tighter cost controls. The company reduced its cost of goods sold from Rp 149.67 billion to Rp 145.31 billion, slashed selling expenses from Rp 41.93 billion to just Rp 6.92 billion, and cut financial costs from Rp 37.50 billion to Rp 2.24 billion.
Indofarma’s net sales in nine months of 2025 slightly decreased 2.99 percent to Rp 133.73 billion, mainly due to weaker domestic sales, which fell 8.86 percent to Rp 117.50 billion. Its gross loss slightly narrowed to Rp 11.57 billion from Rp 11.80 billion in the same period last year.
As of September 2025, Indofarma’s total assets stood at Rp 581.55 billion, down from Rp 618.15 billion at the end of 2024. Liabilities decreased to Rp 1.47 trillion from Rp 1.76 trillion, while its negative equity improved to minus Rp 890.93 billion from minus Rp 1.14 trillion.
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