---
endpoint: analytics
pattern: Consumer
status: done
latency_ms: 161527
conversation_id: 1ecf1c04-17df-47cc-a447-ad780cf17679
citations: 11
created: 2026-05-31 21:12:24Z
---

# Who are the key customers and suppliers of Kalbe Farma?

# Kalbe Farma (KLBF IJ) — Key Customers and Suppliers

Kalbe Farma is Indonesia's largest pharmaceutical company, operating across four divisions: Prescription Pharmaceuticals, Consumer Health, Nutritionals, and Distribution & Logistics. Its supplier and customer base is unusual because Kalbe both manufactures branded drugs and operates one of Indonesia's largest healthcare distribution networks via its 91.98%-owned listed subsidiary PT Enseval Putera Megatrading (EPMT IJ) [9].

---

## 1. Customers — Demand Side

Kalbe sells across multiple end-markets. There is no single concentrated customer; demand is broad and channel-driven.

### A. Government / Universal Healthcare (BPJS — JKN)
The Indonesian universal healthcare scheme (BPJS) is the dominant pull on prescription pharma volumes. Pharmaceutical companies like Kalbe should see a ripple effect from the government healthcare theme, especially through prevention programs and medical equipment procurement tied to government initiatives [7].

### B. Hospitals & Clinics (Institutional)
Hospitals — both BPJS-accepting public-tier facilities and private chains (e.g., Hermina/HEAL, Siloam/SILO, Mitra Keluarga/MIKA) — are direct buyers of prescription pharmaceuticals and medical devices. Kalbe is shifting from imported medical equipment to local assembly to capture more of this demand [7].

### C. Retail Pharmacies and Modern Trade (Consumer Health & Nutritionals)
Consumer Health and Nutritionals products reach end-consumers via pharmacies, modern trade, and traditional retail. Brand-loyal repeat customers anchor demand for flagship SKUs such as **Extra Joss**, **Promag**, **Bejo**, **Mixagrip Herbal**, and **Extra Joss Ultimate** [5]. Nutritionals brands (Diabetasol, Milna, Prenagen, Entrasol, Morinaga, Zee) target mothers, infants, diabetics, and active adults.

### D. Third-Party Principals (Distribution Customers)
Through Enseval, Kalbe earns distribution margin on third-party brand owners' products — these principals are simultaneously suppliers *and* customers of the distribution business (Enseval distributes their products in exchange for fees). Net sales in distribution represent third-party product sales plus distribution margin from internal product sales for consolidated accounting purposes [9].

### Distribution Revenue Mix (Enseval, FY2025) [9]

| Category | % of Distribution Revenue |
|---|---|
| Kalbe Group (internal) | 62% |
| 3rd Party Principals | 25% |
| Medical Devices | 8% |
| Raw Material Tradings | 5% |

CLSA's tracking of the same mix corroborates this, with Kalbe Group at 63%, third-party principals at 24%, raw material trading at 8%, and medical devices at 5% as of 1Q25 [1][2].

---

## 2. Suppliers — Input Side

### A. Named Third-Party Principals (as disclosed by Kalbe)

Per Kalbe's own IR disclosure, the major third-party principals distributed by Enseval span four product categories [8]:

| Category | Principal Companies |
|---|---|
| **Prescription Pharmaceuticals** | Interbat, BERNOFARM |
| **Consumer** | BDF Beiersdorf, Kara, PT MOTASA INDONESIA |
| **Medical Instrument & Diagnostic** | bioMérieux, Thermo SCIENTIFIC, FUJIFILM, Werfen, PT INDOPRIMA BIONET, E-Care |
| **Fine Chemical Raw Materials** | BASF, WOCKHARDT, FrieslandCampina, Hanmi Fine Chemical Co. Ltd., UENO, AkzoNobel |

These represent the company's most visible commercial supplier relationships outside its own captive production.

### B. Strategic Partners / Licensors
- **Genexine (Korea)** — KGB (Kalbe Genexine Biologics, a Kalbe subsidiary) has held a non-transferable license from Genexine since December 29, 2015 to develop, register, market, distribute, and manufacture the **GX-E2 active pharmaceutical ingredient** in defined territories — total license fees paid to Genexine of ~US$11 million (~Rp166.01 billion) [11].
- **PT AstraZeneca Indonesia (AZI)** — ISI (a Kalbe subsidiary) conducts clinical trials for AZI under a service-fee arrangement [11].
- **PT Enseval Medika Prima (EMP)** — Kalbe's medical-devices distribution arm holds distributorship agreements with multiple third-party suppliers for product distribution within Indonesia [11].

### C. Raw Material Suppliers (Aggregate)
Trade payables disclosed in Kalbe's June 2025 interim report show purchases of raw materials and finished goods are split between [10]:
- **Local suppliers** (third-party): Rp 1,273.9 billion
- **Foreign suppliers** (third-party): Rp 692.7 billion
- **Domestic related-party suppliers**: Rp 127.4 billion
- **Foreign related-party suppliers**: Rp 7.4 billion

**Total third-party trade payables**: Rp 1,966.6 billion (June 30, 2025), up from Rp 1,810.7 billion at year-end 2024.

### D. FX Exposure & Procurement Strategy
A critical structural feature of the supplier base: **80% of Kalbe Farma's raw material costs are denominated in US dollars, while 95% of its sales are in rupiah** [3]. This creates substantial USD/IDR translation risk. To mitigate this, management has been cautiously shifting raw materials procurement from USD to RMB — believed to minimize currency volatility risk [4].

Nutritionals (powdered milk products like Morinaga/Prenagen/Entrasol) is particularly exposed to **skimmed milk** prices, which CLSA expects to support margin expansion in 2025 due to lower input cost [6]. The Fine Chemical Raw Materials principal list (BASF, FrieslandCampina, etc.) [8] reinforces that dairy and specialty chemicals are sourced internationally.

---

## 3. Summary

| Dimension | Key Names |
|---|---|
| **Largest "customer"** | Kalbe Group's own divisions (62% of Enseval distribution revenue) [9] |
| **Government channel** | BPJS / JKN universal healthcare system driving prescription pharma demand [7] |
| **Institutional customers** | Hospitals (HEAL, SILO, MIKA chains) + pharmacy retail |
| **Consumer brands → end-users** | Extra Joss, Promag, Bejo, Mixagrip Herbal, Diabetasol, Prenagen, Morinaga, Entrasol [5] |
| **Third-party brand principals (Pharma)** | Interbat, BERNOFARM [8] |
| **Consumer principals** | BDF Beiersdorf, Kara, PT MOTASA INDONESIA [8] |
| **Medical device principals** | bioMérieux, Thermo Scientific, FUJIFILM, Werfen, PT INDOPRIMA BIONET, E-Care [8] |
| **Raw-material principals** | BASF, WOCKHARDT, FrieslandCampina, Hanmi Fine Chemical, UENO, AkzoNobel [8] |
| **Strategic partners / licensors** | Genexine (Korea) [11], AstraZeneca Indonesia [11] |
| **FX-driven supplier mix** | 80% raw material cost in USD, transitioning to RMB sourcing [3][4] |

The structural takeaway: Kalbe's supplier risk is concentrated in **imported raw materials (80% USD-denominated)**, while its customer risk is comparatively diffuse — spanning hospitals, government BPJS reimbursement, retail consumers, and third-party brand owners who in turn rely on Enseval's distribution reach.

---
**Sources**
[1] Kalbe Farma - O-PF (Solid roadmap) — CLSA (18 May 2025) — 607959722LinqAlpha.PDF
[2] Kalbe Farma - O-PF (Solid roadmap) — CLSA (18 May 2025) — 607959722LinqAlpha.PDF (Figure 14, distribution mix table)
[3] Kalbe Farma - O-PF (Solid roadmap) — CLSA (18 May 2025) — 607959722LinqAlpha.PDF (Investment risks)
[4] Indonesia healthcare (Navigating growth strategies) — CLSA (10 Apr 2025) — 607955557LinqAlpha.PDF
[5] Kalbe Farma - O-PF (Solid roadmap) — CLSA (18 May 2025) — 607959722LinqAlpha.PDF (Consumer health)
[6] Kalbe Farma - O-PF (Solid roadmap) — CLSA (18 May 2025) — 607959722LinqAlpha.PDF (Better margin outlook)
[7] Indonesia healthcare (Navigating growth strategies) — CLSA (10 Apr 2025) — 607955557LinqAlpha.PDF
[8] PT Kalbe Farma Tbk — IR Presentation, Q3 2020 (Major Third Party Principals by Category)
[9] PT Kalbe Farma Tbk — Q4 2025 IR Presentation (Distribution & Logistics)
[10] PT Kalbe Farma Tbk — Interim Report, period ended 30-Jun-2025 (Note 20 Trade Payables)
[11] PT Kalbe Farma Tbk — Interim Report, period ended 30-Sep-2025 (Note 42 Significant Agreements and Commitments)

## Citations

- [1] **607959722LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959722LinqAlpha.PDF>
- [2] **607959722LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959722LinqAlpha.PDF>
- [3] **607959722LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959722LinqAlpha.PDF>
- [4] **607955557LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/04/607955557LinqAlpha.PDF>
- [5] **607959722LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959722LinqAlpha.PDF>
- [6] **607959722LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959722LinqAlpha.PDF>
- [7] **607955557LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/04/607955557LinqAlpha.PDF>
- [8] **PT Kalbe Farma Tbk IR PPT: Q3 2020 Earnings Call** · external
- [9] **PT Kalbe Farma Tbk., Q4 2025** · external
- [10] **PT Kalbe Farma Tbk (KLBF-ID) - Interim Report for period end 30-Jun-2025 (English) - PDF** · external
- [11] **PT Kalbe Farma Tbk (KLBF-ID) - Interim Report for period end 30-Sep-2025 (English) - PDF** · external

