Star Combo Pharma (ASX:S66) Reports FY25 Profit Growth as Manufacturing Sales Expand

Aditi Sarkar

06 November 2026 10:34 PM AEDT

Star Combo Pharma (ASX:S66) Reports FY25 Profit Growth as Manufacturing Sales Expand

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Highlights

Star Combo Pharma recorded FY25 Revenue of AUD 27.8 million, representing 6.9% growth, alongside net profit of AUD 5.25 million.
External sales from the OEM Division increased to AUD 25.8 million, compared with AUD 23.3 million in FY24 financial results.
The OEM Division generated AUD 6.4 million in operating profit, reflecting continued Demand for contract Manufacturing services during FY25 overall.
Star Combo Pharma declared a FY25 Dividend following profitability, while net tangible assets reached AUD 0.28 per share in June.

Star Combo Pharma Limited (ASX:S66) is a Sydney-based ASX-listed company engaged in the manufacture and distribution of vitamins, minerals, supplements, and health and beauty products. The company operates as a contract manufacturer (OEM) for retail customers and brands, as well as selling products under its own portfolio including the Costar, Living Healthy, Amax, and J&K brands. The FY25 annual results (year ended 30 June 2025) were released to the ASX on 26 August 2025, and were presented at the AGM on 25 November 2025.

FY25 Revenue and OEM Division Performance

Star Combo Pharma reported FY25 group revenue of $27.8 million, up 6.9% from $26.0 million in FY24. The OEM Division — which provides contract manufacturing services to external clients — delivered external sales of $25.8 million (FY24: $23.3 million), with profit from operations of $6.4 million (FY24: $1.2 million). This strong operational result reflects improved capacity utilisation and product mix following the rebuilding of manufacturing operations post the October 2022 factory fire. The AGM presentation highlighted that revenue from Chinese E-commerce channels (through cross-border e-commerce platforms for the Costar, Living Healthy, Amax, and J&K brands) remained a component of the revenue mix, contributing to both the OEM and own-brand segments.

Profitability Turnaround and Cash Position

The FY25 net profit after tax of $5.25 million is the strongest in the company's recent history, completing a remarkable turnaround from losses of $(7.9) million (FY22), $(4.0) million (FY23), and a modest profit of $0.75 million (FY24). The profit before tax of $5.3 million included the final components of insurance proceeds related to the October 2022 factory fire. Cash and cash equivalents grew substantially to $18.1 million at 30 June 2025, from $7.4 million at 30 June 2024, primarily driven by strong net operating cash flows of $11.9 million. This strong cash position supports the company's growth investments and dividend sustainability.

H1 FY26 Interim Results

At the H1 FY26 stage (February 2026 results), Star Combo Pharma reported profit after tax of $413,243 for the half-year, a 49% increase on H1 FY25. Total comprehensive income attributable to shareholders rose 78%. The company noted that the closure of the Austoyou retail Business and the loss of a major OEM contract affected first-half revenue. Despite these headwinds, the profit increase reflected improved cost management and the remaining OEM business performing ahead of the prior period. The company maintained its dividend commitment. As of 6 November 2026, S66 is trading on the ASX and has entered the FY26 full-year results reporting period.

Stock Price Information

Shares in Star Combo Pharma Limited (ASX:S66) traded around $0.165 at the time of the FY25 results release (August 2025), and subsequently fell to approximately $0.120–$0.140 range through H1 FY26, reflecting the softer H1 FY26 profit and OEM contract headwinds. As of 6 November 2026, S66 shares were trading on the ASX. Investors should refer to ASX announcements at www.asx.com.au and Investor relations at www.starcombo.com.au for the latest company information.

FAQs

Q: What are Star Combo Pharma's main products and brands?

A: Star Combo Pharma operates as a contract manufacturer (OEM) of vitamins, minerals, supplements, and health and beauty products. Under its own brand portfolio, the company sells: (1) Costar — a collagen and beauty supplement range popular with Chinese consumers; (2) Living Healthy — a broad health supplement brand; (3) Amax — a health supplement brand; and (4) J&K — a supplement brand. These products are sold primarily through cross-border e-commerce platforms targeting Chinese consumers, as well as through Australian retail channels. The OEM division is the dominant earnings driver, manufacturing products for external retail brands and distributors.

Q: What caused the factory fire and how has the company recovered?

A: In October 2022, Star Combo Pharma's manufacturing facility suffered a significant fire that caused major damage to the plant and equipment. This resulted in a $(7.9) million net loss in FY22, including a large asset write-down. The company lodged an insurance claim and received insurance proceeds over FY23 and FY24, which supported the recovery. The manufacturing facility was rebuilt and operations resumed, with the OEM division returning to growth. By FY25, the company had fully recovered, reporting its strongest profit ($5.25 million) in recent years, with cash growing to $18.1 million — well above the pre-fire level.

Q: What was the impact of losing a major OEM contract in H1 FY26?

A: In the first half of FY26, Star Combo Pharma disclosed the loss of a major OEM contract, which, combined with the closure of the Austoyou retail business, impacted H1 FY26 revenue. Despite this, the company still managed to grow profit after tax by 49% to $413,243 in H1 FY26, suggesting that improved margins and cost controls offset part of the revenue shortfall. Management indicated in the February 2026 results that it was actively pursuing replacement OEM contracts and diversifying its customer base to reduce concentration risk. The full-year FY26 results are expected to be released in August–September 2026.

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