Pyridam Farma (PYFA) Records Significant Growth, Revenue Doubles with a Target of Rp 3 Trillion Next Year
In its financial report released on October 31, 2024, PT Pyridam Farma Tbk (PYFA) reported a significant increase in sales to Rp 1.16 trillion, a 123% jump from Rp 520.47 billion in the same period last year. This growth was primarily driven by increased sales in the pharmaceutical business and the contribution from the acquisition of Probiotec in Australia, which was completed in June of this year.
PYFA’s EBITDA also saw a significant increase, reaching Rp 89.61 billion, up 60% from Rp 56.12 billion in the same period last year. However, the company reported a net loss of Rp 214.27 billion for the nine-month period ending September 30, 2024, primarily due to one-time costs related to corporate actions and the Probiotec acquisition, as well as other expenses including depreciation.
Yenfrino Gunadi, Finance Director of PT Pyridam Farma Tbk, stated that “PYFA is the only Indonesian pharmaceutical company that has successfully acquired and expanded its pharmaceutical business overseas. This undoubtedly has a positive impact on the company’s financial performance and market size, and contributes to the advancement of the Indonesian health industry through broader access to technology, innovation, and opportunities to partner with global pharmaceutical players.”
PYFA targets sales of Rp 3 trillion next year, supported by the 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.
Yenfrino also added, “We are very optimistic that PYFA will continue to grow in the coming year with several initiatives and collaborative projects that we are already working 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.”
As of September 30, 2024, Pyridam Farma’s total assets reached Rp 5.89 trillion, a 3.9x increase from Rp 1.52 trillion on December 31, 2023.
