PT Pyridam Farma (PYFA) has reported its booked sales of Rp1.16 trillion (US$73.5 million) year on year this year, an increase of 123 percent from Rp520.47 billion in the same period last year.
This growth was mainly driven by increased sales of the pharmaceutical business as well as contributions from the acquisition of Probiotec in Australia, which was completed in June this year, through its financial report to the IDX on Thursday, October 31, 2024.
PYFA’s earnings before tax, interest, and depreciation (EBITDA) also experienced a significant increase at Rp89.61 billion, an increase of 60 percent from Rp56.12 billion in the same period last year.
Even so, the company reported a net loss of Rp214.27 billion for the nine-month period ended September 30, 2024, which was largely due to one-time costs related to corporate actions and the acquisition of Probiotec, as well as other costs including asset depreciation.
“PYFA is the only Indonesian pharmaceutical company that has successfully acquired and expanded its pharmaceutical business overseas. This certainly has a positive impact on the company financially and in terms of market size and also helps advance the Indonesian healthcare industry through wider access to technology, innovation, and opportunities to partner with global pharmaceutical players,” Finance Director of PT Pyridam Farma, Yenfrino Gunadi, said.
PYFA is targeting sales to reach Rp3 trillion next year, supported by full consolidation of Probiotec and organic growth, especially in the hospital sector, and other strategic initiatives such as the launch of Contract Development and Manufacturing Organization (CDMO) services in Indonesia.
“We are very optimistic that PYFA will continue to grow in the coming year with several initiatives and collaborative projects that we have worked on such as the CDMO business and those that we are planning not only in the Indonesian market but also in Australia and other Southeast Asian countries,” Yenfrino said.
Pyridam Farma’s total assets as of September 30, 2024 was recorded at Rp 5.89 trillion, up 3.9 times from Rp 1.52 trillion on December 31, 2023.
PT Pyridam Farma is a pharmaceutical company with the main business of modern and traditional medicine industry and commercialization as well as distribution of medical devices, such as laboratory equipment and PCR test kits. The company was founded in 1976 and has been a public company and listed on the Indonesia Stock Exchange since 2001.
