Kimia Farma Tbk Research Articles

Analisis Kinerja Keuangan Untuk Mengukur Tingkat Kesehatan Perusahaan Manufaktur Sub Sektor Farmasi pada Bursa Efek Indonesia Periode Tahun 2018-2022

The aim of this research is to analyze the company’s financial performance to measure the health level of pharmaceutical sub-sector manufacturing companies listed on the IDX in terms of liquidity, solvency, profitability and activity ratios for the 2018-2022 period. The sample used was 9 pharmaceutical sub-sector companies. The data analysis method used is quantitative descriptive. The research results show that the average ratio of liquidity, solvency, profitability and activity for pharmaceutical sub-sector companies fluctuates. Based on the liquidity ratio, Kimia Farma Tbk has the highest average value of the current ratio, Sido Muncul Herbal & Pharmaceutical Industry Tbk has a quick ratio and Indofarma Tbk has a cash ratio so it is classified as a company with the highest level of health. The solvency ratio in the debt to equity ratio and debt to asset ratio of the Sido Muncul Herbal & Pharmaceutical Industry Tbk has the lowest average value ratio, while the long-term debt to equity ratio of Darya Varia Laboratoria Tbk is classified as a company with the highest level of health. Tempo Scan Pacific Tbk’s profitability ratio has the highest average ratio value for net profit margin and return on assets and Pyridam Farma Tbk for return on equity so it is classified as a company with the highest level of health. The activity ratio in the inventory turnover ratio and the fixed asset turnover ratio of Darya Varia Laboratoria Tbk and Organon Pharma Indonesia Tbk in the total asset turnover ratio each have the highest average ratio values so they are classified as companies with the highest level of health.

Analysis of Ramadhan Effect on Fast Moving Consumer Goods (FMCG) Sector Companies in Indonesia Sharia Stock Index 2020 - 2023

Indonesia is a country with a majority Muslim population and is listed as the first country with the largest Muslim population in the worl. With investment levels also increasing and a Muslim-majority population, this will greatly support researchers in conducting research related to sharia shares. This research investigates the existence of an anomaly effect. Where this effect is supported by religious situations and conditions, namely the month of Ramadan, so it is called the Ramadan effect which has also been widely documented by researchers, with the FMCG (Fast Moving Consumer Good) company sector indexed by Indonesian sharia shares from 2020 to 2023 as the object of this research. The GARCH method is the model used in this research. Introduced by Bollerslev in 1986. This research was conducted quantitatively using secondary data on daily closing stock prices. The results of this research show that there is no effect of Ramadan on returns or volatility in FMCG (Fast Moving Consumer Good) sector shares listed on the Indonesian Sharia Stock Index (ISSI). There are only 3 companies that have a Ramadan effect on stock returns, including PT Martina Berto Tbk., PT Prima Cakrawala Abadi Tbk., and PT Sekar Bumi Tbk., then on volatility there are also 3 companies that have a Ramadhan effect, including PT Pantai Indah Kapuk Dua Tbk. ., PT Sekar Bumi Tbk., and PT Kimia Farma Tbk.. However, it was found in this research that in the month of Ramadan all the returns of the companies studied produced positive values with the majority of volatility being low.

Analysis of the Implementation of Total Quality Management (TQM) through Competitive Advantage on Company Performance: Study in the Pharmaceutical Industry of PT Kimia Farma Tbk Indonesia

Analysis of the Implementation of Total Quality Management (TQM) through Competitive Advantage on Company Performance: Study in the Pharmaceutical Industry of PT Kimia Farma Tbk Indonesia

The Effect of Talenta Management, Knowledge Leader on Employee Performance and its Implications on Sustainable Competitive Advantage in Pt. Kimia Farma, Tbk

This study uses a quantitative approach, which aims to determine the influence of talent management, knowledge leader, employee performance toward a sustainable competitive advantage in PT. Kimia Farma Tbk Jakarta region business unit. This study was based on the existing theories are theories about the influence of talent management, knowledge leader, employee performance toward a sustainable competitive advantage. The sample data were obtained as many as 124 employees, the sample was drawn with a survey method as a primary data source. Data obtained directly from respondents using questionnaires. Data analysis included descriptive analysis, classic assumption test, simple linear regression analysis, multiple regression analysis, t test, F test and R² are processed using SPSS version 24. ???? = -0.775 + 0.178 X1 + 0.301 X2 + 0.220 Y1. 0.000 significance value <0.05 (α) and 45.148 F count> F table 2,68 showed positive results for all three variables. Value coefficient (R Square) shows the number of 0.530 which means a sustainable competitive advantage variables are influenced by variables Talent Management, variable knowledge leader, variable employee performance by 53% while the rest influenced by other variables that are not addressed in this study.

The Influence Of Profitability And Financial Leverage On Earnings Management And Its Impact On The Value Of Manufacturing Companies In The Indonesian Stock Ex-change (Case Study Of The Automotive Sub-Sector Period 2018-2022)

The practice of income smoothing still occurs in the Indonesian economy. There are sever-al cases of income smoothing that have occurred, including at PT. Kimia Farma Tbk, PT and Lippo Tbk where these companies have published different financial reports. The purpose of this research is to determine the direct effect of profitability on income smoothing, fi-nancial leverage on income smoothing, profitability on company value, financial leverage on company value, the indirect effect of profitability on company value through income smoothing, financial leverage on company value through income smoothing and Income smoothing has a direct effect on company value. This research uses a mixed method. The population used in this research is automotive sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the 2018-2022 period. The sampling method is to use a purposive sampling technique so that the samples obtained are 50 samples. The re-search results show that there is no direct influence of profitability on income smoothing, there is no direct influence of financial leverage on profit smoothing, there is a direct influ-ence of profitability on firm value, there is no direct influence of financial leverage on firm value, there is no indirect influence income smoothing between profitability and company value, there is no indirect effect of income smoothing between financial leverage on com-pany value and there is no direct effect of income smoothing on company value.

Public Relations Campaign PT. Kimia Farma Tbk Dalam Meningkatkan Citra Perusahaan

Kimia Farma, in enhancing its corporate image, has undertaken various communication campaigns as part of their efforts to build a positive image in the eyes of the public. PT. Kimia Farma is also actively involved in disseminating health-related information through their official social media channels, and they engage in various collaborations to boost public trust. The objective of this research is to understand and explore the campaigns carried out by PT. KAEF Kimia Farma Tbk in improving the company's image. The data collection techniques employed by the researcher include interviews, observations, and documentation. The research findings indicate that the image of PT. Kimia Farma Tbk has improved significantly following the campaigns they have conducted.

Efficacy Evaluation of Meloxicam 15mg Tablet through Bioequivalence Study in Indonesian Healthy Volunteers

Objective: The objective of this study is to compare the efficacy between the generic drug of Meloxicam 15mg Tablets produced by PT. Kimia Farma Tbk and its comparator (Movi-Cox® 15mg Tablet by PT. Boehringer Ingelheim Indonesia) by a study of bioequivalence in Indonesian healthy volunteers Methods: A randomized, single-dose, open-label, crossover two-way (2 treatments, 2 periods, and 2 sequences) under fasting condition were conducted in healthy Indonesian volunteers to evaluate bioequivalence between 2 formulations of Meloxicam 15mg tablet. This study required washout period of at least 7-days. The test and comparator drug were administered to subjects as a single oral dose. Blood samples were collected adequately (0–72 h) with 18 points to determine meloxicam concentrations in plasma using a validated LC-MS/MS analytical method. The number of subjects who participated and completed the study were 18 volunteer (9 male and 9 female). The pharmacokinetic parameters calculated in this study are AUC0-72, AUC0-inf, Cmax, tmax, and t½. The bioequivalence acceptance limit of 90% confidence interval (CI) with α = 5.00% is 80.00–125.00% for AUC and Cmax parameters. The estimation of Tmax and T½ in the bioequivalence study was based on a nonparametric statistical procedure on the original data using Wilcoxon Sign Test. Result: The results for AUC0-72 and Cmax were 108.07% (104.88-111.35) % and 105.24% (97.72-113.34) % respectively with intra-subject variability (%CV) was 5.15% for AUC0-t and 12.80% for Cmax. These results were within the regulatory acceptance limit 80.00-125.00%. Conclusion: Based on this result, it was concluded that the test formulation is bioequivalent to comparator formulation

Mengukur Kondisi Kesehatan Keuangan Perusahaan Sub- Industri Farmasi Saat Pandemi Covid-19

This research is intended to obtain information regarding the financial health of companies in the pharmaceutical sub-industry (code F211) on the Indonesia Stock Exchange (BEI) during the period during the Covid-19 pandemic (2020-2022). To detect whether a company is experiencing financial health problems or its finances are experiencing pressure, a multiple discriminant analysis (MDA) model is used. There are 6 MDA models used, namely: Altman model, Fulmer model, Grover model, Springate model, Taffler model, and Zmijewski model. The type of research carried out includes exploratory descriptive research. The entire population was taken as a sample, namely 11 companies belonging to the pharmaceutical sub-industry (code F211). The research results show that the use of different models produces the same results, but some also produce different results. Generally, the results of analysis of a company experiencing very severe financial pressure using several models will produce the majority of the same results. Likewise, if an analysis is carried out on a company with a very healthy financial condition using several models it will produce the same results as the majority of the models used. The research results show that there are 4 companies that need to pay attention to their financial health, namely: PT Indofarma Tbk. (INAF), PT Kimia Farma Tbk. (KAEF), PT Phapros Tbk. (PEHA), and PT Pyridam Farma Tbk. (PYFA). There are 2 companies that are indicated to have very healthy financial conditions, namely: PT Kalbe Farma Tbk. (KLBF) and PT Industri Jamu and Pharmacy Sido Muncul Tbk. (SIDO).

Analisis laporan keuangan untuk mengukur kinerja keuangan pada PT Kimia Farma Tbk Periode 2018-2022

Assessment of the financial performance of a company can be done by analyzing the company's financial statements for a certain period. In order for financial reports to be meaningful to users or those with an interest in financial reports, it is necessary to carry out an analysis of financial statements. The purpose of this study was to find out the analysis of financial statements to measure financial performance at PT Kimia Farma Tbk for the 2018-2022 period. The analytical method used is descriptive analysis using measurements of liquidity, solvency, activity and profitability ratios. The type of data used in this study is quantitative data sourced from secondary data, namely documents from the IDX/Indonesian Stock Exchange (IDX). The results of the study show that based on the calculation of the liquidity ratio, the company's financial performance is said to be unfavorable, marked by a decline that causes the company to be unable to carry out or pay its current obligations. Based on the calculation of the solvency ratio, it produces data that the company has increased, which makes the company's condition very worrying because the company is unable to pay debts in a timely manner. Based on the calculation of the activity ratio, it can be concluded that the overall condition of the company is good because the activity ratio has not decreased so that the company has been able to maximize the capacity of the company's fixed assets. Meanwhile, based on the calculation of the profitability ratio, it is not good because it has not been able to generate large profits and has not been able to manage the company's investment.

PENGARUH RETURN ON ASSETS (ROA) DAN RETURN ON EQUITY (ROE) TERHADAP HARGA SAHAM PADA PT. KIMIA FARMA TBK

The stock price is one of the financial benchmarks for a company, with a stable stock price it will also make a company still trusted and in demand by the public. The purpose of this study was to determine the factors that can affect the stock price of PT Kimia Farma Tbk which is listed on the IDX during the 2012-2021 period, especially in the profitability ratios in the form of Return On Assets and Return On Equity of PT Kimia Frma Tbk. The associative approach is the choice in this study. The results showed that in the Partial T test conducted each variable return on assets and return on equity had no effect on stock prices at PT Kimia Farma Tbk. Then the Simultaneous F test shows that all Return On Assets and Return On Equity variables together have no effect on stock prices at PT Kimia Farma Tbk. In conclusion, in this study, it is important for companies to consider many factors in maintaining the stability of stock prices, as an effort to maintain the quality of the company in maintaining public trust as its users.

The Influence of Servant Leadership and Work Environment on Employee Performance through Work Motivation as a Mediation Variable at Pt. Kimia Farma Tbk

Good human resources are those who are able to manage an activity effectively and efficiently, to carry out an efficient activity with the role of a leader, serving leadership can be a benchmark for making employee performance better, in this study employee performance is influenced by serving leadership , work environment and work motivation, the research will be conducted using the SEM-PLS analysis tool, the research being carried out is a quantitative study with a sample size of 190 with a sideways purposive method. This study supports the hypothesis of the influence of servant leadership and the positive and significant work environment on employee performance, as well as the indirect effect between servant leadership and the work environment through work motivation as a mediating variable, namely obtaining positive and significant results. These results imply for agencies PT. KIMIA FARMA Tbk covers the provinces of Lampung and Jakarta. Showing that from the results that have been obtained, serving leadership and an increased work environment will increase employee performance, and serving leadership and an increased work environment will increase work motivation. Suggestions or low scores from statements that have been spread on leadership variables that serve with the lowest statements are leaders who prepare the organization for positive developments in the future, it is recommended for leaders to pay attention to the following, in the work environment variable with my workplace statement there is no smell an, it is recommended for the work environment to be more sterile and not have a lot of unclear smells, for the comfort of the workers, the employee performance variable with the statement I work comes and goes home on time, it can be suggested for employees to come and go home on time, on variable of work motivation with the statement where I work provides equal opportunities for all employees to work, so it is recommended for companies to provide opportunities for workers and pay better attention to the following.

Mengukur Kinerja Keuangan Menggunakan Eva dan Rasio Aktivitas Pada Industri Farmasi Setelah Holding BUMN

A company's financial performance, as based on value-added, can indicate its capacity to enhance the well-being of investors or shareholders. One of the notable accomplishments of firm management in financial management is the attainment of efficient financial performance through the optimal utilisation of company resources. This study aimed to measure the financial performance of the pharmaceutical industry after holding BUMN, utilising the EVA and activity ratios as measurement instruments. This study employed a descriptive analysis methodology to depict a symptom or scenario in its current state during this research without engaging in hypothesis testing. The study was conducted at PT Kimia Farma Tbk and PT Indonesia Farma Tbk, publicly listed on the Indonesia IDX. This data was selected using the documentation method and was analysed using EVA and Efficiency Ratio analysis instruments. The findings indicated that PT Indofarma Tbk financial performance could generate value added after holding BUMN in 2020 and 2021. On the one hand, PT Kimia Farma Tbk demonstrated the creation of value added after holding BUMN in 2021 and 2022. In addition, the findings indicated that the operational efficiency of PT Indofarma and PT Kimia Farma Tbk improved significantly after holding BUMN in 2021, as revealed by their enhanced financial performance.

ANALYSIS OF FINANCIAL PERFORMANCE USING LIQUIDITY RATIO, SOLVENCY RATIO, ACTIVITY RATIO, PROFITABILITY RATIO IN PHARMACEUTICAL SUB-SECTOR MANUFACTURING COMPANIES ON THE INDONESIA STOCK EXCHANGE FOR THE 2018-2020 PERIOD IN DKI JAKARTA

Financial performance is the result or achievement that has been achieved by the company's management in carrying out its function of managing company assets effectively during a certain period. Financial performance is very much needed by companies to find out and evaluate the level of success of the company based on the financial activities that have been carried out. Indonesian Securities for the period 2018-2020. In this study, the types of data used were qualitative and quantitative data with secondary data sources. The data collection procedure in this study is to analyze the financial statements that have been documented using a descriptive and comparative qualitative approach. Based on the results of this study, PT Darya Varia Laboratoria Tbk, PT Kalbe Farma Tbk, PT Kimia Farma Tbk, PT Merck Tbk and PT Pyridam Farma Tbk have had good financial performance at certain financial ratios. The company also has poor financial performance on profitability ratios.

Bioequivalence Study of Salbutamol 400 mg Tablet in Healthy Indonesian Volunteers by Liquid Chromatography Tandem with Mass Spectrometry

This study objective was to determine the bioequivalence of Salbutamol 4 mg Tablet manufactured by PT Kimia Farma Tbk compared to Ventolin® 2x2 mg Tablet manufactured by Glaxo Wellcome Indonesia, in healthy Indonesian volunteer. The pharmacokinetic parameters calculated in this study are AUC0-24, AUC0-inf, Cmax, Tmax, and T1/2. The study was conducted in a randomized, single-dose, open-label, two-way crossover design (2 treatments, 2 periods, and 2 sequences) under fasting state with 7 (seven) days washed-out period. The number of subjects who participated in the study were 24 volunteers ((12 males and 12 females). The participants were provided with an overview of the study and signed the informed consent form. The study participants underwent a minimum 8-hour fasting period prior to receiving both the test drug and the reference drug, and blood samples were collected at 14 specified time points: 0 hours (before drug administration), minutes-20, minutes-40, 1, 1.5, 2, 2.5, 3, 4, 6, 8, 12, 16, and 24 hours after drug administration. Plasma concentrations of the drug were determined by LCMS/MS method. The acceptance criteria for the bioequivalence test are 80.00 - 125.00% for AUC0-t and Cmax with 90% Confidence Interval (CI) with α = 5.00%. The mean SD value of AUC0-24, AUC0-inf, Cmax, Tmax, and T1/2 respectively for test drug is 84.49 ±18.99 ng.mL-1.hour; 89.66 ±21.29 ng.mL-1.hour; 13.85 ±4.25 ng/mL; 2.00 ±0.71 hour and 5.08 ±1.27 hour. The mean SD values of AUC0-24, AUC0-inf, Cmax, Tmax, and C1/2 respectively for reference drug are 88.81 ±26.50 ng.mL-1.jam; 93.78 ±27.97 ng.mL-1.jam; 13.39 ±5.39 ng/mL; 2.63 ±1.45 hour and 5.03 ±1.16 hour. Meanwhile, the geometric mean ratio of test drug to reference drug (90% confidence interval) is 96.35% (90.55- 102.53%) for AUC0-24 and 105.39% (93.62-118.65%) for Cmax. Based on the AUC0-24 and Cmax values, Salbutamol 4 mg Tablet manufactured by PT Kimia Farma Tbk is bioequivalent to Ventolin® 2x2 mg Tablet manufactured by Glaxo Wellcome Indonesia.

Bioequivalence Study of Zidovudine 100 Mg Capsule with TwoWay Crossover Design

Zidovudine is a synthetic nucleoside analogue, specifically a nucleoside reverse transcriptase inhibitor (NRTI), that inhibits the replication of retroviruses, including HIV. Study Objective: This study objective was to determine the bioequivalence of Zidovudine 100 mg capsules produced by PT Kimia Farma Tbk compared to Retrovir 100 mg capsules produced by GlaxoSmithKline Pharmaceuticals S.A, in healthy subjects Methods: The study was conducted in a randomized, single-dose, open-label, two-way crossover design (2 treatments, 2 periods, and 2 sequences) under fasting state with 7 (seven) days washed-out period between each period. The number of subjects who participated and completed the study were 31 of 32 adult male and female. One subject dropped out from 2nd period because of personal reason. The subjects received an explanation of the study and signed informed consent. Subjects fasted for a minimum of 8 hours before receiving the test drug and reference drug. Blood samples were collected 15 times at the following time points: 0 hours (before drug administration), 0.16, 0.33, 0.50, 0.75, 1, 1.5, 2, 2.5, 3, 4, 5, 6, 8, and 10 hours after drug administration. Plasma concentrations of the drug were determined by LC-MS/MS method. The pharmacokinetic parameters calculated in this study are AUC0-t, AUC0-inf, Cmax, tmax, and t½, while the statistical interval proposed was 80.00 - 125.00% for AUC0-t and Cmax with 90% Confidence Interval (CI) with α = 5.00%. Results: The main pharmacokinetic parameters of the test drug Zidovudine (BN: G2 1346 J) compared to reference drug, Retrovir (BN: JN8K) were calculated based on geometric mean ratio and 90% confidence interval (CI). The results for AUC0-t and Cmax were 101.65% (96.77- 106.83%) and 95.63% (84.09-108.76%) respectively, with intra-subject variability (%CV) for AUC0-t and Cmax were 11.49% and 30.47%. Hence, the number of 31 subjects has adequate number for required power of study. Conclusion: Based on the AUC0-t and Cmax values, Zidovudine 100 mg Capsules Produced by PT. Kimia Farma Tbk is bioequivalent to Retrovir 100 mg Capsules Produced by GlaxoSmithKline Pharmaceuticals S.A.

Tools for HR Analytics ANALISA DI PT. KIMIA FARMA TBK

This study discusses the use of Tools for HR Analytics at PT. Kimia Farma Tbk, a leading pharmaceutical company in Indonesia. The aim is to analyze the implementation of these tools and the challenges faced. The study shows that the use of HR Analytics helps the company in analyzing HR data, making strategic decisions, improving HR processes efficiency, employee performance, and employee experience. However, the challenges include a lack of understanding of data analysis and the need for skilled human resources to operate HR Analytics tools. This research provides a deeper understanding of the use of HR Analytics technology in human resource management, which can be used for the development of more effective systems.

CORPORATE SOCIAL RESPONSIBILITY TIDAK MEMPENGARUHI CORPORATE FINANCIAL PERFORMANCE DENGAN RISK SEBAGAI VARIABEL MEDIASI PERUSAHAAN FARMASI

In the chemical, pharmaceutical and traditional medicine industries, the growth rate of the 2,017-201·8 quarter experienced a decline, but in the third quarter of 2018 it experienced an unstable increase until 2020 and the highest growth rate was achieved in the third quarter of 2\020 of 14.96%. The highest net income . achievement was obtained by PT Kalbe Farma Tbk in 2017-2020 at 1,570,280,116,839 and the highest share price movement in 2020 was achieved by PT Kimia Farma Tbk at 4250/share due to the increase in demand for medicines and supplements in the face of the COVID-19 pandemic. 19. The purpose of this study was to analyze the effect of CSR on CFP with risk as a mediating variable and firm size, leverage and age as control variables. This study uses a purposive sampling method with a sample of 8 companies with criteria for the pharmaceutical sub-sector that are actively listed on the Indonesia Stock Exchange, the pharmaceutical sub-sector that includes consecutive annual reports, and the pharmaceutical sub-sector that consistently discloses CSR activity reports during the 2017-2017 period. 2020. Using the Least Square Panel (PLS) model. The results showed that CSR had no effect on CFP, CSR had a significant positive effect on risk, and risk could not mediate the relationship between CSR and CFP. the industrial sector is expected to not only carry out CSR as required but must go beyond it and not as a burden or voluntarily, in order to obtain a high CSR value and be able to reduce company risk. It is also hoped that regulators can design regulations to reduce the occurrence of increased risk and discrimination.

Implementation of Total Productive Maintenance and Lean Manufacturing in the Pharmaceutical Industry: An Empirical Study

This study aimed to determine the relationship between the implementation of total productive maintenance and lean manufacturing on overall equipment effectiveness at PT Kimia Farma Tbk Plant Banjaran. This research design is quantitative, with multiple linear regression methods to determine the independent variable on the dependent variable. Data was collected by giving questionnaires directly to respondents. This study's results show a positive and significant relationship between the Total Productive Maintenance program and the Overall Equipment Effectiveness measured at PT Kimia Farma Tbk Plant Banjaran. A positive and meaningful relationship exists between the Lean Manufacturing program and the Overall Equipment Effectiveness measured at PT Kimia Farma Tbk Plant Banjaran. TPM is one of LM's tools in terms of equipment, apart from other tools that measure process aspects such as Standard Work, 5S, VSM, JIT, Line Balancing, and SMED. A positive, simultaneous, and significant relationship exists between the combination of Total Productive Maintenance and Lean Manufacturing programs on Overall Equipment Effectiveness as measured at PT Kimia Farma Tbk Plant Banjaran. The combination of a good TPM and LM program directly causes an increase in the effectiveness and efficiency of the production process. It reduces the occurrence of production defects so that OEE also increases.

Tinjauan Du Point System Untuk Mengukur Kinerja Keuangan Pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia

This study aims to determine the extent of financial performance in pharmaceutical companies listed on the Indonesia Stock Exchange using the Du Pont System method, for three years (2018-2020), The data analysis technique used in this study is quantitative by calculating Net Profit Margin (NPM), Debt Ratio (DR), Total Asset Turnover (TATO). Return On Investment (ROI), Return On Equity (ROE). The results of this study show that at PT. Kimia Farma Tbk, PT. Darya Varia Laboratoria Tbk, and PT. Kalbe Farma Tbk's financial performance tends to fluctuate up and down or fluctuate so it can be concluded that the financial performance of PT. Kimia Farma Tbk, PT. Darya Varia Laboratoria Tbk, and PT. Kalbe Farma Tbk is in the category of not according to industry standards, because the average ROI, ROE, and TATO level are below the assessment standard.

Alman Z-Score Analysis For Predicting Bankruptcy In Pharmaceutical Companies Listed On The Indonesia Stock Exchange

This study aims to determine and analyze the risk of bankruptcy of pharmaceutical companies on the Indonesia Stock Exchange based on the Altman Z-Score method. This research uses a type of quantitative descriptive research using secondary data sources. The data collection technique used is a documentation technique in the form of financial reports comprising ten companies for the 2017-2021 period. The method used to analyze bankruptcy risk is the revised Altman method. Where the ratio used is in the form of company financial ratios based on Altman Z Score, namely working capital to total assets (T1), retained earnings to total assets (T2), earnings before interest and taxes to total assets (T3), market value of equity to book value of liability (T4), and sales to total assets (T5). The Altman method in this study can be calculated using the following formula: Z = 0,717 T1 + 0,847 T2 + 3,107 T3 + 0,420 T4 + 0,998 T5. The results of this study indicate that three companies are at risk of bankruptcy or are in a distress zone, namely PT Indofarma (Persero) Tbk (INAF), PT Kimia Farma Tbk (KAEF), and PT Pharos Tbk (PEHA). Besides that, there are three companies in the grey area zone, and four companies in a safe condition. For the company to avoid bankruptcy risk, the company can improve the company's financial performance by optimizing the company's assets, increasing sales volume, and reducing production costs.