Thrive through innovation and digitalization

Company Update
9M23 Unaudited Results
PT Kalbe Farma Tbk
October 2023​
 Forward-Looking Statement​
This presentation has been prepared for informational purposes only by PT Kalbe Farma Tbk. (“Kalbe” or the “Company”). This presentation has been prepared solely for use in
connection with the release of 30 September 2023 unaudited results of the Company. The information contained in this presentation has not been independently verified. No
representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the
information or the opinions contained herein. None of the Company or any of their respective affiliates, and their respective commissioners, directors and employees, advisors or
representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in
connection with the presentation. Any decision to purchase or subscribe for securities of the Company should not be made on the basis of the information contained in this presentation.

The presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from
registration. This presentation and its contents are confidential unless they are or become generally available as public information in accordance with prevailing laws and regulations
(other than as a result of a disclosure by you) and must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person. This presentation
does not constitute a recommendation regarding the securities of the Company. This presentation, including the information and opinions contained herein, is provided as of the date of
this presentation and is subject to change without notice, including change as a result of the issuance of 30 September 2023 unaudited results of the Company.

This presentation includes "forward-looking statements". These statements contain the words "anticipate", "believe", "intend", estimate", "expect" and words of similar meaning. All
statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company's financial position, business strategy, plans
and objectives of management for future operations (including development plans, objectives relating to the Company's products and services and anticipated product launches) are
forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the
environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this presentation. The Company expressly disclaims any
obligation or reflection of any change in the Company's expectations with regard thereto, or any change in events, conditions or circumstances on which any statement is based. Market
data and certain industry forecasts used in this presentation were obtained from market research, publicly available information and industry publications which have not been
independently verified, and no representation is made as to the accuracy of such information.
 Table of Contents

Key Updates 4

Business Overview 11

Financial Overview 23

Appendix 29
Key Updates
 Key Performance Updates
Navigating temporary challenges arising from post pandemic transition

9M23 9M23
Net Sales 6.5% EPS -16.9%
Growth Growth

Significant high base impact to the top line from Covid tailwinds in 2022

Shifting consumer spending post-Covid to leisure, a significant impact on our consumer health products

Limited net selling price increase of 2-3% due to softening market and shifting in consumer spending

Higher COGS by 1.7% driven by higher raw material price impact, higher inventory level and business mix

Operating expenses grew due to return to offline activities

Unfavorable non-operating impact arising mostly from forex loss translation

5
 Key Initiatives
Improving profitability and strengthening position

Focus on core More aggressive on New product development and Driving efficiency in DOI gradual reduction by
products recovery growth-driver launch with better margin operating expenses and +/- 15 days to improve
categories profile Capex working capital

Positive long term outlook

Positive regulatory setting on Indonesian healthcare space

Indonesia’s sustained GDP growth leads to improved education level, affluence and rising health awareness

Kalbe is well poised for growth, driven by strong innovation culture, local content capability and well-established distribution network

6
 Market Overview
Relatively stable macroeconomy with changes in consumer spending post Covid
Indonesia Macroeconomics
• Stable and positive key macroeconomic indicators due to higher mobility
• Managing risks of high inflation, decreasing purchasing power, customers spending allocation trend, amidst interest rate hike and currency volatility
GDP CPI Inflation Consumer Confidence Index
5.02% 5.31% 5.17% 5.95%
3.70% 5.51% 128.3
Sep 22 127.1
4.97% 126.1 May 23
Dec 22
125.2
4.35% Mar 23 4.33% Jun 23
4.00% Apr 23 Aug 23
123.3 123.5
-2.07%
Apr 23 3.52%
Jun 22 May 23 3.27% Jul 23 121.7
3.08% Mar 23
2019 2020 2021 2022 2Q23 Jun 23 Aug 23
Jul23 Sep 23
2.28%
Sep 23
Pharmaceutical and Free Sales FMCG
Pressure on the overall free-sales sector, mostly due Slower dairy value growth for upper and middle class The FMCG sales volume continues its 12-months decline
to covid products. Kalbe performs better than
market in our specific categories Value growth Q3 Upper Class Middle Class P12M P6M P3M P1M
vs YA
7%
Total OTC market -15.5% -2% - [+2%} Cooking aids, Cooking aids, instant
dairy food, RTD, Non RTD,
• Vitamins and Tonics -25.7% Basic PC, Hygiene, Other 5%
3% 3%
• Cough Syrup -28.1% homecare
1%
• Cold Remedies -18.0% [-2%] and more Pharma OTC, Dairy, pharma OTC,
healthcare Healthcare

-1% -2%

Value Volume (unit) -5%

7 Source:
Bank Indonesia, Indonesia Total Market MAT 1Q23 (IQVIA), NielsenIQ Consumer Panel - 2Q23
 Growth Areas
Positive top line growth driven by sustainable business initiatives

Innovation for Sustainable Growth Local Content Distribution Network & B2B Digital Initiatives
Focus on innovation in all line of business: Innovation to manufacture local products Extensive distribution infrastructure and
• Prescription Pharma | On-track product that support government program network to support internal & 3rd party
development for specialty category (National Health Insurance) and roadmap principals and providing B2B digital platform
(oncology and biologic) through specialty category (oncology and in healthcare ecosystem (EMOS &
• Consumer Health | Catering to potential biosimilar), herbal and medical devices MOSTRANS)
market of preventive category (herbal, (E-care & Elvasense)
vitamin, supplements)
• Nutritionals | Expanding product line for
affordable and specialty categories

International Expansion Collaboration with Strategic Partners Rising Health Awareness

Strengthen collaboration with local Building closer relationship with global Rising health awareness is predicted to drive
distribution partners to penetrate the markets pharmaceutical companies such as Sanofi consumption of health products in the long
and capture demand for Kalbe’s products through acquisition of local entity to run
enlarge product portfolio

8
 Focus on Customer Needs
Prioritizing quality and the best services to the customers

…catering to all life stages,

Expecting Mothers Lactating Mothers Kids Teens Adults Senior Clinical

…locally and internationally,

…with comprehensive healthcare solutions

Complete range of pharma products

Pioneering the biologics and biosimilar category in Indonesia

Providing consumer health and nutritionals products for all segments

Comprehensive total solutions

Personalized treatment and medicines

9
 Access to Healthcare for a better life
Gradual improvement of ESG according to international standard

Environment Energy efficiency | 5,325 CO2 emission reduction Plastic waste & packaging | 634 kg plastic waste
Gradually moving towards energy efficiency and #gregetplastik campaign & gradual adoption of environmentally friendly packaging for Kalbe’s products
E renewable energy

Social Extensive distribution Red ginger farmers Community health Fight against stunting Strengthen Supporting
points empowerment Increasing public access to Supporting nutrition for human capital global R&D for
S Providing healthcare access Creating Shared Value to affordable medicines and mothers and children in Committed to
community health
through B2B2C outlets with nutritionals products, medical collaboration with BKKBN enhance skill and Support USD 1.5 mn fund and
build a sustainable
72 branches to serve >200k devices and diagnostics to (National Family Planning capacity of USD 1.5 mn worth of TB kits.
ecosystem and herbal
outlets across Indonesia support the National Health Indonesia) and YARSI employees for The Global Fund is aimed to
supply chain by
and through Insurance, and building onco- University innovation and improve AIDS, TB, Malaria care
empowering more than
Mitrasana/Kalcare outlets community for early cancer digitalization and strengthening healthcare
10,000 red ginger farmers
detection system

Governance Responsible Business Practices Sustainable R&D

Implementing Business Ethics and Code of Conduct, inclusivity, Advancing Research & Development capabilities in drug delivery, dosage forms, manufacturing,
G Women Empowerment, and sustainable vendor management packaging and analytical technology, including R&D digital ecosystem

12 SDGs Interlink Bisnis Indonesia GRI International Standard

CSR Awards Sustainability Report

Member of Indonesia AA MSCI ESG Ratings Green PROPER Rating by

Global Compact Network Ministry of Environment
Transparency ISO 26000
and Forestry
calculation of corporate Guidance of Social Responsibility Achieved by Kalbe Farma Cikarang &
emissions Bintang Toedjoe Cikarang Factory
Top 10​ Constituents Global Fund Private
10 SRI KEHATI Index​ Sector Partnerships
Business Overview
 Corporate Overview
More than half a century of providing wide-range healthcare solutions

market capitalization The largest publicly-listed pharmaceuticals company in Southeast Asia

IDR 82.3 tn ($5.3 bn) * Onwards

1966 1991
free float Established, headquartered The most integrated

42.01%*
Listed in the Indonesia healthcare company in
in Jakarta Stock Exchange Southeast Asia
Including treasury stocks
* As of 30 Sep 2023

Prescription 6%
26% Pharmaceuticals
Export Middle
35% Net Sales East
Consumer Health SEA
Sep 23
22,561 ±40
IDR bn Nutritionals Countries
(unaudited) 13%
South Africa
Distribution &
26% Logistics

12
 Segment breakdown

Prescription Pharmaceuticals
Double-digit net sales growth post Covid

Net Sales
IDR bn (unaudited)
+ 31.4% Kalbe
5,791 Net Sales Growth Unbranded 11%
Licensed
(yoy) 25% Generics a
4,406 26% 9%

Market Share b
Contribution 6%
others 11% c
58% 6%
d
e 4%
Branded f
3%
Sep 2%
Sep 2222 SepSep
2323 Generics
49%

Highlights Strategies Market Share

• Gross Profit Margin in 9M23 declined to • Participating in JKN Program with unbranded generic • No. 1 player in Indonesian
48.5% from 50.6% in 9M22 due to • Expands to specialty products (oncology and biologic) prescription pharma market
product mix and higher raw material
cost • Creating total health solution through internal and • Performs better than pharma
external collaboration market
• Increase ASP 3% - 5% on selected
products • Providing diagnostic and test services to support *Source: IQVIA 4Q22 data
targeted/personalized therapy
• Solid organic and inorganic growth
13
 Segment breakdown

Prescription Pharmaceuticals
Accelerating strategic collaborations, supporting the government program, and compliance to product quality standard

Oncology

Expanding collaboration through M&A and strategic

partnership - Sanofi Indonesia
• Strengthening portfolio in focused therapeutic classes Biological-based
(Diabetic and Cardiovascular)
• Access to new category such as vaccines

Expanding Access to Healthcare

National Health Insurance Program Other
• Selection of focused categories to achieve scale
• Dedicated unbranded generic plant
• Well positioned in meeting local content requirement

14
 Segment breakdown

Prescription Pharmaceuticals
Biologics Journey: Commitment in R&D efforts to achieve biological drugs development milestones

Strategy Portfolio
• Strengthening presence in specialty products through Novel Products
engagement with Strategic Partners Focus on immuno-oncology products portfolio
• Target acquisition of total 12-15 products within 3-5 years
• Henlius - HLX10 (Serplulimab) – has obtained approval in China, registration process
Biosimilar Local Production in Indonesia
In line with government local content regulation (“TKDN”), biologic Clinical Development
products are locally produced (biosimilar) to meet customer demand • Genexine Long-Acting EPO GXE4
(Efesa) – has obtained approval from
Target Market local FDA (BPOM)
• Genexine GXI7 - phase 2
• Southeast Asia, Middle East, Australia, Indonesia (Private & Government)
GXE4 (Efesa) Local FDA approval – October 2023

Biosimilar (local production)

Erythropoietin GCSF Insulin Rituximab Bevacizumab Trastuzumab
(Hemapo) (Leucogen) (Ezelin) (Rituxikal) (Avamab) (Herzemab)

Business Cycle
License In Clinical CMC Manufacturing Commercialization
Development Development Through Licensing Out

15
3 - 5 years
 Segment breakdown

Consumer Health
Softening market amidst normalization of covid cases and change in consumer spending

Net Sales
IDR bn (unaudited)

3,265
- 12.1% Kalbe
8%
2,869 Net Sales Growth Health a 5%
(yoy) Supplement b 4%
28% c 3%
d 3%
Contribution Market Share e 3%
f 3%
8% g 3%
others
OTC 68%
72%

SepSep
22 22 SepSep
23 23

Highlights Strategies Market Share

• Gross Profit Margin in 9M23 declined to • Strengthening products portfolio in preventive and • No. 1 Player in OTC market and
54.9% from 56.1% in 9M22 due to health supplement category Health Supplement category
product mix and higher raw material • Vitamins and supplements
cost • Herbal products Consumer Health is the sum of OTC, sports
nutrition, vitamins and dietary supplements and
• Increase ASP 3% - 5% on selected weight management and wellbeing
products Source : Various Sources and Company’s Estimation
2017, in value

16
 Segment breakdown

Consumer Health
Market Share: Leveraging our strong brands and maintaining customer loyalty

Antacids Anti Diarrhea Cough Remedies Children Multivitamin Health Supplement Cold Remedies

72% 56% 50% 52% 52% 39%

Promag Entrostop Komix, Woods Sakatonik ABC Extra Joss Mixagrip, Procold

Preventive categories new

Herbal, multivitamins, and minerals

Komix Herbal Bejo for Kids Hevit Plus Xonce 1000 mg Bejo extra
Promag Herbal Ginhawa Red-G
Kaplet Kurma
new
new

Entrostop Entrostop Herbal Sakatonik Activ Woodz loz EJ

Komix Herbal Sla-Si
Woods’ Herbal for Kids Vit. C 500 mg plus Vit. C
for kids Sport Gel
Herbal
*New SKUs
17 *Source: Company's estimation in volume and IQVIA Data
 Segment breakdown

Nutritionals
Maintaining higher-than-market top-line growth in the challenging market
Net Sales
IDR bn (unaudited)

5,895
5,753
​+ 2.5% others
9.0% Kalbe
Specialty f
Net Sales Growth 16% 4% 14%
(yoy) e
d 4%
5%

Adults Contribution Market Share

c a
24% Kids
15%
14% 29%
60%
SepSep
2222 SepSep
23 23

b
21%

Highlights Strategies Market Share

• Gross Profit Margin declined to 47.8% in • Offers more affordable products to serve • Strong brand awareness of existing major
9M23 from 49.9% in 9M22 due to product market needs products, with dominant position >70% in
mix and raw material price increase • Strengthening product portfolio certain categories (pregnancy, diabetic)
• Increase ASP 3% - 5% on selected products • Performs better than powdered milk market
• Long lead time of dairy raw materials
resulting in longer cost normalization Source : Nielsen YTD December 2022, in value
period
18
 Segment breakdown

Nutritionals
Extensive products coverage to serve all ages and segments

new

19 *New SKUs
 Segment breakdown

Distribution and Logistics

The largest distribution network in healthcare, with focus on digital expansion and capturing the medical devices market potentials

Net Sales Medical

Raw
Devices
Materials Highlights
IDR bn (unaudited) Trading
5%
7,758 8,006 ​+ 3.2% 8%
• Positive top-line growth in 3Q23
Net Sales Growth 3rd party • Gross Profit Margin declined to 21.3% in 9M23 from
(yoy) 23%
23.3% in 9M22 due to portfolio mix
Contribution

Kalbe
Group
64%
SepSep
2222 Sep 23Sep 23

EPMT standalone revenue breakdown

Company’s estimation 9M23 in value

• Managed by PT Enseval Putera Megatrading Tbk (EPMT.JK), a listed subsidiary company (92.47% owned)
• Net sales represent the 3rd party product sales and distribution margin of internal product sales for consolidated accounting purposes

20
 Segment breakdown

Distribution and Logistics

The largest distribution network in healthcare with focus on digital expansion

Major Third-Party Principals by Category The Most Extensive Distribution Network

Prescription Pharmaceuticals Consumer
+200K Outlets
72 Branches

3 Regional Distribution
Centre (RDC)

• Selectively explore potential new 3rd party principals

• Continue to expand distribution infrastructure and network
- Expand into new territories in Indonesia
Medical Instrument & Diagnostic Fine Chemical Raw Materials - Upgrade existing branch facilities to improve service quality
- Collaborate with sub-distributors to gain territorial expansion
- Expand warehouse capacity
• Expanding to cold-chain distribution business

Digital Expansion
• Develop a B2B application

21
 Segment breakdown

Distribution and Logistics

Capturing medical devices market potentials
Local Content Regulation on Medical Devices
• Completion of surgical suture production facility to comply with TKDN
• Building own brand “E-Care” for consumables products and “Elvasense” for
personal healthcare & diagnostic kit products
• Driven by the implementation of the National Healthcare Insurance Program

Medical Devices
• Expanding capacity to the medical devices local production: surgical
suture, mobile x-Ray, USG machine, dialyzer, diagnostic analyzer
Strategic partners:

Surgical Suture Facility

Launching ceremony Mobile X-Ray prototype “Elva JOLLYPLUS”

at Hospital Expo Indonesia – October 2023

Elvasense devices
22
Financial Overview
 Consolidated Operational Performance
Maintaining an overall positive growth in a challenging market

6.5%
22,561
Net Sales 21,182
In IDR bn (unaudited)

31.4% -12.1% 2.5% 3.2%

7,758 8,006
5,791 5,753 5,895
4,406
3,265 2,869

Prescription Consumer Health Nutritionals Distribution & Logistics Total Consolidated

Pharmaceuticals Net Sales

Sep 22 Sep 23

24
 Consolidated Operational Performance
Temporary margin pressure in post pandemic transition

Gross Profit Operating Expenses to Net Sales Net Income

2.0% -16.9%
26.6% 27.4%
39.5% 11.7%
41.2%
1.1% 1.2% 2,486 9.2%
8,735 8,907
4.8% 5.1% Selling Expenses 2,065

G&A Expenses

20.8% 21.1%
R&D Expenses

Sep 22 Sep 23 Sep 22 Sep 23 Sep 22 Sep 23

• Lower Gross Profit Margin due to • Operating expenses increase reflecting post • Temporary impact of non-operating items
business mix impact and higher raw pandemic adjustments to offline activities
material costs • Control and optimize operating activities to
drive top line growth and market share
• Research & development activities to support Growth yoy To net sales in IDR bn (unaudited)
product development & innovation
25
 Working Capital Management
Securing product quality and availability by managing inventory

180
162 164
160
Managing Net Operating Cycle
• Inventory level has gradually moderated on 140 131 129 147
126 142
track normalization 120
120
• Strategy to manage supply chain challenges and ensure 122
product availability
100 111 109
• Improve working capital by building strong relationships 101
with clients and suppliers 80
• Ensure product availability through inventory management 57 57 60
56 54
and vendor collaboration program 60 47
40
41 40 42 38
35 35
20

-
0 Dec
1 18 Dec219 Dec320 Dec4 21 Dec5 22 Sep
6 23 7

Days of Account Receivables Days of Inventories

Days of Account Payables Net Operating Cycle

26
 Capital Allocation
Healthy cash balance to support operation and business expansion
Total Debt & Gearing Ratio Cash & Net Cash
1,200 5.1% 7.0% 6,216
5.8% 4.9%
5,590
1,000 6.0% 5,208
4.9%
5.0% 4,050
800 3,950
2.6% 4.0%
600 3,040 2,833 2,818
1,067 1,116 1,056 3.0% 2,224
400 817 1,762
2.0%
560
200 1.0%
- 0.0%
2019 2020 2021 2022 Sep 23 2019 2020 2021 2022 Sep 23

Total Debt Gearing Ratio Cash & cash equivalent Net Cash

Dividend Payment Dividend Yield Capital Expenditure

Dividend DPR 2.2% 1,733
2,000 52% 52% 60% 1.9% 1.8%
50% 48% 1,307
37% 50%
1,500 1.2% 927
Interim 40%
Interim 705
1,000 1,758 30% 592
10% 1,641 504
1,219 1,313 20% 0.4%
500 938 10%
281
- 0%
2018 2019 2020 2020 2021 2022 2019 2020 2020 2021 2022 2018 2019 2020 2021 2022 Sep 23

* All in IDR bn except for gearing ratio, dividend payout ratio (DPR), and dividend yield. September 2023 numbers are unaudited.

27
 Revised Outlook 2023
Managing short term market challenges while keeping consistent focus on long term direction

YoY Sales Growth EPS Growth Dividend Payout

5 to 7% -12% to -15% Ratio
45 to 55%
9M23: 6.5% 9M23: - 16.9%

Growing above the market rate Managing working capital and non- Consistently maximizing shareholders'
operating items return

28
 Healthcare Industry Overview
Growing national health insurance coverage and increasing health budget
In IDR tn 186.4
172.5
National Health Insurance (JKN)
Regular Health Budget Coverage
134.8
119.9 124.4
IDR 186.4 tn 300 100%
grows 8.1% compared to 90.7%
regular health budget 2023 83.9% 86.1% 90%
82.3%
250 78.5%
80%
71.6%
66.1% 70%
200 61.0%
52.9% 60%

150 50%
262.4 265.2 267.3 270.2 273.9 274.2
252.2 257.2 260.0 248.8
2020 2021 2022 2023 2024 235.7 40%
224.2 222.5
100 208.1
188.0 30%
171.9
156.8
133.4 20%
50
Source: Ministry of Health
10%

0 0%
• Grow in regular health budget is planned for the transformation 2014 2015 2016 2017 2018 2019 2020 2021 2022
of the health system and acceleration of stunting reduction
JKN coverage Population coverage

JKN Highlight & Outlook Kalbe has been participating in the E-Catalog JKN tender organized by
Ministry of Health

29
Appendix 1
 Recent Pharma Regulations
Ensuring compliance and support to government strategic programs

Law No. 17/2023

• Improving doctor availability, local content requirement, distribution of free-sales drugs
Government Regulation No. 46/2023
• Ease of importing raw materials
Decree of MoH No. HK 01.07/Menkes/1333/2023
• Increasing the uses of pharma products with local content material to the government agencies and private agencies cooperated with the National
Health Insurance Program
Presidential Decree No. 17/2023
• Determination of the end of the Covid-19 pandemic status in Indonesia
President Instruction No. 2/2022
• Acceleration to increase in the use of domestic products in the implementation of Government Procurement of Goods / Services
Presidential Decree No. 10/2021
• Traditional medicinal product industry is open only for local ownership
• 100% foreign ownership in pharmaceuticals finished goods
Law No. 7/2021
• Regarding the reduction of corporate income tax from 25% to 22%
Ministry of Industry Regulation No. 16/2020
• Regarding Provisions and Procedures for Calculating Domestic Component Level Value of Pharmaceutical Products
Government Regulation No. 45/2019
• Super deduction of R&D cost (PMK 153 year 2020) and vocational training cost (PMK 128 year 2019) which will lower the tax base for corporate
income tax calculation
31
 Sustainability Activities
Improving access to healthcare and implementing responsible business practices

Ristek/BRIN Kalbe Science Participation in the

Award (RKSA) 2021-2023 government national
RKSA is the collaboration health insurance program
between Ristek/BRIN
(2021) and KALBE in Increase our participation in the e-catalog to
strengthening triple helix widen access to healthcare and meet the local
collaboration between content requirement
academics, business and Global Fund Private Sector
government as well as Partnerships
Red Ginger Farmers Solar Panel other research communities
Empower the farmers and initiate Support energy efficiency by installing to strengthen research
Created Shared Value to realize total solar panels in our new production commercialization in the Support USD 1.5 mn fund and USD 1.5 mn worth
sustainable business solutions facilities health sector of TB kits. The Global Fund is aimed to improve
AIDS, TB, Malaria care and strengthen healthcare
system

Electric Motorcycle Donations Fight against Stunting Pemberdayaan Masyarakat Sehat

Support the initiative of reducing Responsively care to the community by Support nutrition for mothers and children in Develop a foster village in Wonogiri
emission by partly converting the donating Kalbe's products for community health collaboration with BKKBN (National Family Planning through clean water access for two
transportation for distribution using and disaster reliefs Indonesia) and YARSI University, covering nutrition villages covering 200 households, eco-
electric motorcycle improvement for 82 pregnant women and friendly waste management and economic
60 lactating mothers empowerment
32
 Strengthening our Human Capital
Committed to enhance skill and capacity of employees for innovation and digitalization

Management Program Vocational Program

Kalbe Learning Center (KLC) as certified
• Kalbe Middle Management Program (KMMP)
vocational school partner:
• Kalbe First Line Management Program (KFMP)
• 5 pharmaceutical vocational schools &
• Health & Mindfulness Meditation • 2 associate degree university (D3)
• Leader as Coach • 1,415 students
• 19 college students
• 71 teachers

Kampus Merdeka Program Kalbe Digital University

Collaborate with the Ministry of Education and Continuously enhance our capacity to the
Culture, Research and Technology in the Merdeka digital technology and data management
Indonesia Jaya Campus program to provide
opportunities for the young generation to
participate in a direct learning process in the
industry Kalbe Group was awarded by
The Ministry of Education,
Culture, Research, and
Technology as the partner with
the best project in the “Magang
Kampus Merdeka” Program

33
Appendix 2
 Financial Statement
CONSOLIDATED STATEMENT Dec 22 Sep 23
Change ytd
OF FINANCIAL POSITION (Audited) (Unaudited)
ASSETS
ASSETS
CURRENT ASSETS
CURRENT ASSETS
Cash and
Cash and Cash
Cash Equivalents
Equivalents 3,949,768,854,987
3,949,768,854,987 2,818,339,127,318
2,818,339,127,318 -28.6%
-28.6%
Trade Receivables
Trade Receivables 4,613,623,001,325
4,613,623,001,325 4,795,394,431,500
4,995,394,431,500 3.9%
8.3%
Other Receivables
Other Receivables 174,144,805,758
174,144,805,758 159,797,456,266
159,797,456,266 -8.2%
-8.2%
Other Current
Other Current Financial
Financial Assets
Assets 145,306,837,079
145,306,837,079 149,197,651,506
149,197,651,506 2.7%
2.7%
Inventories, Net
Inventories, Net 7,027,358,455,090
7,027,358,455,090 7,390,098,842,326
7,190,098,842,326 5.2%
2.3%
Prepaid Value
Prepaid Value Added
Added Tax
Tax 408,878,465,727
408,878,465,727 583,509,812,921
585,042,067,371 42.7%
43.1%
Prepaid Expenses
Prepaid Expenses 58,043,699,051
58,043,699,051 61,924,840,600
88,289,801,680 6.7%
52.1%
Other Current
Other Current Assets
Assets 333,105,451,146
333,105,451,146 330,221,826,830
330,221,826,830 -0.9%
-0.9%
TOTAL CURRENT
TOTAL CURRENT ASSETS
ASSETS 16,710,229,570,163
16,710,229,570,163 16,288,483,989,267
16,316,381,204,797 -2.5%
-2.4%
TOTAL NON-CURRENT
TOTAL NON-CURRENT ASSETS
ASSETS 10,531,083,455,511
10,531,083,455,511 10,891,747,023,361
10,865,382,062,281 3.4%
3.2%
TOTAL ASSETS
TOTAL ASSETS 27,241,313,025,674
27,241,313,025,674 27,180,231,012,628
27,181,763,267,078 0.7%
-0.2%

35
 Financial Statement
CONSOLIDATED STATEMENT Dec 22 Sep 23
Change ytd
OF FINANCIAL POSITION (Audited) (Unaudited)
ASSETS
LIABILITIES
CURRENT LIABILITIES
CURRENT ASSETS
Cash and Cash
Short-term Equivalents
Bank Loans 3,949,768,854,987
705,600,000,000 2,818,339,127,318
737,390,045,953 -28.6%
4.5%
Trade Receivables
Trade Payables 4,613,623,001,325
1,996,614,607,866 4,795,394,431,500
1,900,735,125,578 3.9%
-4.8%
Other
Other Receivables
Payables 174,144,805,758
683,938,794,059 159,797,456,266
492,892,732,143 -8.2%
-27.9%
Other Current
Dividend Financial Assets
Payables 145,306,837,079 149,197,651,506 2.7%
Inventories, Net
Accrued Expenses 7,027,358,455,090
445,954,198,469 7,390,098,842,326
495,946,506,075 5.2%
11.2%
Prepaid Value
Short-term Added Tax
Employee Benefits Liability 408,878,465,727
155,372,673,747 583,509,812,921
194,481,060,285 42.7%
25.2%
Prepaid Expenses
Taxes Payable 58,043,699,051
293,339,306,427 61,924,840,600
208,769,077,896 6.7%
-28.8%
Other Current
Current Assets
Maturities of Bank Loans and 333,105,451,146 330,221,826,830 -0.9%
TOTAL CURRENT
Finance ASSETS
Lease Payables 16,710,229,570,163
150,218,879,066 16,288,483,989,267
148,426,053,834 -2.5%
-1.2%
NON-CURRENT
TOTAL CURRENT ASSETS
LIABILITIES 10,531,083,455,511
4,431,038,459,634 10,891,747,023,361
4,178,640,601,764 3.4%
-5.7%
TOTAL NON-CURRENT
ASSETS LIABILITIES 27,241,313,025,674
712,946,363,651 27,180,231,012,628
629,386,752,650 0.7%
-11.7%
TOTAL LIABILITIES 5,143,984,823,285 4,808,027,354,414 -6.5%

36
 Financial Statement
CONSOLIDATED STATEMENT Dec 22 Sep 23
Change ytd
OF FINANCIAL POSITION (Audited) (Unaudited)
ASSETS
EQUITY
CURRENT
Capital ASSETS
Stock -Issued and Fully Paid 468,751,221,100 468,751,221,100 0.0%
Cash and Cash
Additional Equivalents
Paid-in Capital, Net 3,949,768,854,987
(34,118,673,814) 2,818,339,127,318
(34,118,673,814) -28.6%
0.0%
Trade Receivables
Differences Arising from Transaction with Non-controlling 4,613,623,001,325 4,795,394,431,500 3.9%
Other Receivables
Interests 174,144,805,758
377,208,986,365 159,797,456,266
377,208,986,365 -8.2%
0.0%
Other Current
Retained Financial Assets
Earnings 145,306,837,079
20,497,738,765,145 149,197,651,506
20,804,950,000,335 2.7%
1.5%
Inventories,
Treasury Net
Stock 7,027,358,455,090
(1,003,973,113,000) 7,390,098,842,326
(1,003,973,113,000) 5.2%
0.0%
Prepaid Value Added Tax 408,878,465,727 583,509,812,921 42.7%
Differences Arising from Foreign Currency Translation 43,177,774,502 29,051,114,654 -32.7%
Prepaid Expenses 58,043,699,051 61,924,840,600 6.7%
Unrealized Gains on Available-for-sale Financial Assets, Net 101,895,869,372 99,148,046,803 -2.7%
Other Current Assets 333,105,451,146 330,221,826,830 -0.9%
Actuarial Loss on Long-term Employee Benefits Liability, Net (65,462,858,159) (65,462,858,159) 0.0%
TOTAL CURRENT ASSETS 16,710,229,570,163 16,288,483,989,267 -2.5%
Sub-total 20,385,217,971,511 20,675,554,724,284 1.4%
TOTAL NON-CURRENT ASSETS 10,531,083,455,511 10,891,747,023,361 3.4%
Non-controlling Interests 1,712,110,230,878 1,698,181,188,380 -0.8%
TOTAL ASSETS 27,241,313,025,674 27,180,231,012,628 0.7%
TOTAL EQUITY 22,097,328,202,389 22,373,735,912,664 1.3%
TOTAL LIABILITIES AND EQUITY 27,241,313,025,674 27,181,763,267,078 -0.2%

37
 Financial Statement
CONSOLIDATED STATEMENT OF PROFIT OR LOSS Sep 22 Sep 23
Change yoy
AND OTHER COMPREHENSIVE INCOME (Unaudited) (Unaudited)
NET SALES 21,181,770,632,315 22,561,006,413,774 6.5%
COST OF GOODS SOLD (12,447,212,967,934) (13,654,205,055,482) 9.7%
GROSS
% to NS PROFIT 8,734,557,664,381
58.8% 8,906,801,358,292
60.5% 2.0%
1.8%
GROSS PROFIT
OPERATING EXPENSES 8,734,557,664,381
(5,644,233,327,378) 8,906,801,358,292
(6,192,070,283,157) 2.0%
9.7%
Selling
Gross marginExpenses (4,372,646,209,607)
41.2% (4,768,611,060,592)
39.5% -1.8%
9.1%
General &EXPENSES
OPERATING Administrative Expenses (5,644,233,327,378)
(1,048,325,688,906) (6,192,070,283,157)
(1,152,293,029,054) 9.7%
9.9%
Selling Expenses
Research and Development Expenses (4,398,373,776,173)
(223,261,428,865) (4,768,611,060,592)
(271,166,193,511) 8.4%
21.5%
OPERATING
% to NS PROFIT (EBIT) 20.8%
3,090,324,337,003 21.1%
2,714,731,075,135 -12.2%
General
Other Operating Income Expenses
& Administrative (1,012,180,647,690)
117,405,985,410 (1,152,293,029,054)
45,509,616,187 13.8%
-61.2%
% toOther
NS Operating Expenses (24,450,325,941)
4.8% (125,517,991,864)
5.1% 413.4%
Interest
ResearchIncome
and Development Expenses 65,145,057,137
(233,678,903,515) 63,218,722,644
(271,166,193,511) -3.0%
16.0%
% toInterest
NS Expense and Financial Charges (35,097,096,855)
1.1% (76,569,802,324)
1.2% 118.2%
Share
Other in Gain of the
Operating Associates, Net
Income 23,117,772,242
117,405,985,410 29,709,586,584
45,509,616,187 28.5%
-61.2%
Other Operating Expenses (24,450,325,941) (125,517,991,864) 413.4%
Interest Income 65,145,057,137 63,218,722,644 -3.0%
Interest Expense and Financial Charges (35,097,096,855) (76,569,802,324) 118.2%
Share in Gain of the Associates, Net 23,117,772,242 29,709,586,584 28.5%

38
 Financial Statement
CONSOLIDATED STATEMENT OF PROFIT OR LOSS Sep 22 Sep 23
Change yoy
AND OTHER COMPREHENSIVE INCOME (Unaudited) (Unaudited)
INCOME
NET SALESBEFORE INCOME TAX EXPENSE 3,236,445,728,996
21,181,770,632,315 2,651,081,206,362
22,561,006,413,774 -18.1%
6.5%
COST
% to NSOF GOODS SOLD 15.3%
(12,447,212,967,934) 11.8%
(13,654,205,055,482) 9.7%
INCOMEPROFIT
GROSS TAX BENEFIT (702,230,381,449)
8,734,557,664,381 (577,784,847,033)
8,906,801,358,292 -17.7%
2.0%
OPERATING
% to NS EXPENSES (5,644,233,327,378)
3.3% (6,192,070,283,157)
2.6% 9.7%
Selling Expenses (4,372,646,209,607) (4,768,611,060,592) 9.1%
General
INCOME FOR& THE
Administrative
PERIOD Expenses (1,048,325,688,906)
2,534,215,347,547 (1,152,293,029,054)
2,073,296,359,329 9.9%
-18.2%
% toResearch
NS and Development Expenses (223,261,428,865)
12.0% (271,166,193,511)
9.2% 21.5%
OPERATING PROFIT (EBIT)INCOME (LOSS)
OTHER COMPREHENSIVE 3,090,324,337,003 2,714,731,075,135 -12.2%
Other TAX
AFTER Operating Income 117,405,985,410
46,545,447,806 45,509,616,187
(16,874,482,417) -61.2%
-136.3%
Other Operating Expenses (24,450,325,941) (125,517,991,864) 413.4%
Interest
TOTAL Income
COMPREHENSIVE INCOME 65,145,057,137 63,218,722,644 -3.0%
Interest
FOR THE Expense
PERIOD and Financial Charges (35,097,096,855)
2,580,760,795,353 (76,569,802,324)
2,056,421,876,912 118.2%
-20.3%
% toShare
NS in Gain of the Associates, Net 23,117,772,242
12.2% 29,709,586,584
9.1% 28.5%

39
 Financial Statement
CONSOLIDATED STATEMENT OF PROFIT OR LOSS Sep 22 Sep 23
Change yoy
AND OTHER COMPREHENSIVE INCOME (Unaudited) (Unaudited)
NET SALES
Income for the Period Attributable to: 21,181,770,632,315 22,561,006,413,774 6.5%
COST OF GOODS
Owners SOLD Company
of the Parent (12,447,212,967,934)
2,485,513,989,927 (13,654,205,055,482)
2,064,925,608,770 9.7%
-16.9%
GROSS
% to NS PROFIT 8,734,557,664,381
11.7% 8,906,801,358,292
9.2% 2.0%
-2.6%
OPERATING EXPENSES
Non-controlling Interests (5,644,233,327,378)
48,701,357,620 (6,192,070,283,157)
8,370,750,559 9.7%
% Selling
to NS Expenses (4,372,646,209,607)
0.2% (4,768,611,060,592)
0.0% 9.1%
General & Administrative Expenses
Total (1,048,325,688,906)
2,534,215,347,547 (1,152,293,029,054)
2,073,296,359,329 9.9%
-18.2%
% Research
to NS and Development Expenses (223,261,428,865)
12.0% (271,166,193,511)
9.2% 21.5%
OPERATING PROFIT (EBIT) 3,090,324,337,003 2,714,731,075,135 -12.2%
Other Operating
Comprehensive Income
Income for the Period 117,405,985,410 45,509,616,187 -61.2%
Other Operating
Attributable to: Expenses (24,450,325,941) (125,517,991,864) 413.4%
Interest
Owners ofIncome
the Parent Company 65,145,057,137
2,532,059,437,733 63,218,722,644
2,048,051,126,353 -3.0%
-19.1%
% Interest
to NS Expense and Financial Charges (35,097,096,855)
12.0% (76,569,802,324)
9.1% 118.2%
Share in Gain of
Non-controlling the Associates, Net
Interests 23,117,772,242
48,701,357,620 29,709,586,584
8,370,750,559 28.5%
% to NS 0.2% 0.0%
Total 2,580,760,795,353 2,056,421,876,912 -20.3%
% to NS 12.2% 9.1%

Basic Earnings per Share Attributable 53.43 44.39 -16.9%

to Owners of the Parent Company
40
 Financial Statement
Sep 22 Sep 23
CONSOLIDATED STATEMENT OF CASH FLOWS Change yoy
(Unaudited) (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
ACTIVITIES
Cash received from customers 22,539,471,834,384
22,539,471,834,384 24,672,365,331,335
24,472,365,331,335 9.5%
8.6%
Cash payments to suppliers and employees
employees (16,251,351,151,192)
(16,251,351,151,192) (17,112,110,982,654)
(16,912,110,982,654) 5.3%
4.1%
Cash Generated from Operations
Operations 6,288,120,683,192
6,288,120,683,192 7,560,254,348,681
7,560,254,348,681 20.2%
20.2%
Receipts of claims for tax refund 10,900,295,973
10,900,295,973 20,668,443,252
17,612,413,561 89.6%
61.6%
Payments for income taxes (788,052,971,018)
(788,052,971,018) (661,714,949,466)
(661,454,801,617) -16.0%
-16.1%
Payments for other operating expenses,
expenses, net
net (4,933,187,422,802)
(4,933,187,422,802) (5,441,173,148,401)
(5,438,377,266,562) 10.3%
10.2%
Net Cash from Operating Activities
Activities 577,780,585,345
577,780,585,345 1,478,034,694,066
1,478,034,694,063 155.8%
155.8%

41
 Financial Statement
Sep 22 Sep 23
CONSOLIDATED STATEMENT OF CASH FLOWS Change yoy
(Unaudited) (Unaudited)
CASH FLOWS FROM INVESTING
OPERATINGACTIVITIES
ACTIVITIES
Proceeds fromfrom
Cash received sale of investment in associate
customers 22,539,471,834,384- 71,085,198,069
24,672,365,331,335 9.5%
Withdrawal
Cash payments of other currentand
to suppliers financial assets
employees 222,105,238,657
(16,251,351,151,192) -
(17,112,110,982,654) -100.0%
5.3%
Interest income received
Cash Generated from Operations 52,610,111,738
6,288,120,683,192 50,997,296,404
7,560,254,348,681 -3.1%
20.2%
Proceeds
Receipts offrom salefor
claims of tax
fixed assets
refund 5,409,201,994
10,900,295,973 3,892,036,202
20,668,443,252 -28.0%
89.6%
Payments
Cash for income
dividends taxes
received (788,052,971,018)
262,500,000 (661,714,949,466) -16.0%
41,759,787,327 15808.5%
Payments forofother
Acquisitions fixedoperating
assets expenses, net (4,933,187,422,802)
(517,026,242,285) (5,441,173,148,401)
(591,828,569,500) 10.3%
14.5%
Net Cash from
Acquisitions of Operating Activities
intangible assets 577,780,585,345
(84,448,608,848) 1,478,034,694,066
(159,249,513,177) 155.8%
88.6%
Placements in other current financial assets (127,000,000,000) (900,000) -100.0%
Placements in other non-current financial assets - (158,704,222,799)
Acquisitions of right-of-use assets (18,014,340,437) (13,013,444,441) -27.8%
Placement investment in associate - (7,475,581,440)
Net Cash Used in Investing Activities (466,102,139,181) (762,537,913,355) 63.6%

42
 Financial Statement
Sep 22 Sep 23
CONSOLIDATED STATEMENT OF CASH FLOWS Change yoy
(Unaudited) (Unaudited)
Proceeds
CASH from
FLOWS short-term
FROM bank loans
OPERATING ACTIVITIES 1,089,200,000,000 1,740,718,833,740 59.8%
Cash received
Receipt from
of capital customers from subsidiary’s
contributions 22,539,471,834,384 24,672,365,331,335 9.5%
- 35,572,000,000
Cash payments to
non-controlling suppliers and employees
interests (16,251,351,151,192) (17,112,110,982,654) 5.3%
Cash Generated
Proceeds from Operations
from long-term bank loans 6,288,120,683,192
- 7,560,254,348,681
30,000,000,000 20.2%
Receipts
Paymentsofofclaims for tax refund
cash dividends: 10,900,295,973 20,668,443,252 89.6%
Payments
Companyfor income taxes (788,052,971,018)
(1,631,320,495,355) (661,714,949,466)
(1,757,714,373,580) -16.0%
7.7%
Payments for other operating expenses, net
Subsidiaries (4,933,187,422,802)
(56,358,678,330) (5,441,173,148,401)
(57,871,793,175) 10.3%
2.7%
Net
Buy Cash
back from Operating Activities
of shares 577,780,585,345
(1,001,909,913,000) 1,478,034,694,066- 155.8%
Payments of short-term bank loans (494,200,000,000) (1,810,318,833,740) 266.3%
Payments of long-term bank loans (128,334,483,644) (121,883,554,260) -5.0%
Payments of interest expense (34,727,368,461) (74,160,387,512) 113.6%
Payments of lease liabilities (26,656,140,247) (22,452,649,329) -15.8%
Net Cash Used in Financing Activities (2,284,307,079,037) (2,038,110,757,856) -10.8%

43
 Financial Statement
Sep 22 Sep 23
CONSOLIDATED STATEMENT OF CASH FLOWS Change yoy
(Unaudited) (Unaudited)
CASH FLOWS FROM
NET INCREASE OPERATING
(DECREASE) ACTIVITIES
IN CASH
Cash received from customers (2,172,628,632,873)
22,539,471,834,384 (1,322,613,977,148)
24,672,365,331,335 -39.1%
9.5%
AND CASH EQUIVALENTS
Cash payments
Net Effect to suppliers
of Changes and employees
in Foreign Exchange (16,251,351,151,192) (17,112,110,982,654) 5.3%
Cash Generated
Rates from
of Foreign Operations
Currency 6,288,120,683,192 7,560,254,348,681 20.2%
Receipts of claims
Denominated Cashfor taxCash
and refund
Equivalents 10,900,295,973
100,285,257,742 20,668,443,252
89,794,203,526 89.6%
-10.5%
Payments for income taxes (788,052,971,018) (661,714,949,466) -16.0%
CASH ANDfor
Payments CASH EQUIVALENTS
other AT BEGINNING
operating expenses, net (4,933,187,422,802) (5,441,173,148,401) 10.3%
6,216,247,801,928 3,949,768,854,987 -36.5%
NetOF PERIOD
Cash from Operating Activities 577,780,585,345 1,478,034,694,066 155.8%
CASH AND CASH EQUIVALENTS AT END
4,143,904,426,797 2,716,949,081,365 -34.4%
OF PERIOD

44
Thank you
For further information:

PT Kalbe Farma Tbk.

Jalan Let. Jend. Suprapto Kav. 4
Jakarta 10510, Indonesia
Tel. : 62-21-42873888
Fax. : 62-21-42873678

Email:
[email protected]
[email protected]

45