PT Kimia Research Articles

Comparison of Financial Performance in Pharmaceutical Industry Companies

This research aims to evaluate the financial performance of PT Kimia Farma (Persero) Tbk, PT Indofarma (Persero) Tbk, and PT Kalbe Farma (Persero) Tbk during the 2016-2022 period using liquidity, profitability, leverage, activity, and efficiency ratios as comparison metrics. The research applies quantitative descriptive analysis through ratio calculations, and is classified as explanatory research with a quantitative approach. The DuPont System Analysis, which highlights the Net Profit Margin, is also employed. The findings reveal that PT Kalbe Farma (Persero) Tbk and PT Kimia Farma (Persero) Tbk showed improved financial performance in 2016-2022, characterized by an increasing liquidity ratio, indicating better debt management. In contrast, PT Indofarma (Persero) Tbk experienced a decline in its liquidity ratio, signifying poorer debt management. Additionally, all three companies—PT Kalbe Farma (Persero) Tbk, PT Indofarma (Persero) Tbk, and PT Kimia Farma (Persero) Tbk—saw declining profitability ratios during this period, reflecting lower profits, which can be considered unfavorable. Overall, while PT Kalbe Farma (Persero) Tbk and PT Kimia Farma (Persero) Tbk had relatively stable financial performance, PT Indofarma (Persero) Tbk's performance was less favorable throughout 2016-2022.

Customer Segmentation Using the K-means Clustering Algorithm and Recency Frequency Monetary Model at Pharmaceutical Product Wholesaler

PT Kimia Farma Trading and Distribution (KFTD) is a company engaged in the distribution and trading services of Indonesian health products, on a national scale. In 2022, the company aims to increase sales to be awarded as one of the top 3 national pharmaceutical product distributors by 2024. Their current strategy is to provide customers with delayed payment permission and integrated complaint services. However, the offers and services are the same for all customers which does not consider customer track record hence it is not cost-effective. One way to increase sales is by enhancing customer satisfaction and loyalty by implementing Customer Relationship Management (CRM) strategies. Several strategies can be carried out, namely analysis of associations related to pharmaceutical products, and analysis of customer segmentation and clustering of products. The method used in this study was the K-means clustering algorithm combined with the Recency Frequency Monetary (RFM) model. Experiments showed that the optimal clustering results are 4 therefore they are categorized into 4 customer segments, namely Superstar, Golden, Typical, and Occasional Customers.

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.

The position of state-owned enterprises: Towards a health sector super holding company paradigm

Purpose: In Indonesia, the State-Owned Enterprises holding in the healthcare sector operates under the mandate of Article 33 of the 1945 Constitution, consisting of two main holding companies: PT. Bio Farma (Persero), which includes PT Kimia Farma, PT Indofarma, and PT Inuki, as well as Pertamedika IHC that manages SOE hospitals nationwide. The overlap in business activities between PT. Bio Farma and Pertamedika IHC suggests the potential for establishing a super healthcare holding. Method: This research, conducted normatively, evaluates the principles and legal norms for creating such a super holding, referencing the legislative framework and Constitutional Court decisions. Result: The proposed super holding would adopt a modern corporate structure led by a Chief Executive Officer, akin to Temasek in Singapore or Khazanah in Malaysia. The establishment of a super healthcare holding company involves PT. Bio Farma with its 410 healthcare clinics and Pertamedika IHC as the parent holding of SOE hospitals, which manages 75 hospitals and 143 healthcare clinics throughout Indonesia. Conclusion: However, legal challenges, including the state's financial status and the legal relationships between parent and subsidiary companies, necessitate amendments to Law No. 19 of 2003 on SOEs to provide a stronger legal foundation for the formation of the super holding.

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 Influence of image and product attributes on customer satisfaction and its implications for customer loyalty of Kimia Farma Apotek (KFA) in the Bandung City area

The retail segment has the largest contribution to the total net sales value of Kimia Farma Group, which is run by the company's subsidiary, PT Kimia Farma Apotek (KFA). Kimia Farma's retail segment is experiencing a relatively non-ideal revenue trend from 2017 to 2022. The main challenges faced are the purchasing power of the community, the increasingly fierce level of competition, and risks related to customer loyalty. Based on this background, this study aims to examine the effect of Kimia Farma's image and product attributes on customer loyalty, both directly and indirectly through customer satisfaction. The research was conducted with a quantitative approach at the Kimia Farma Pharmacy in Bandung, with the unit of observation being Kimia Farma pharmacy customers in Bandung City. The sample was 235 respondents, who were taken using the Multistage Random Sampling technique. Structural Equation Modeling was used to conduct causality analysis. The results revealed that: Kimia Farma's image and product attributes play a role in shaping customer satisfaction, but have no direct impact in creating customer loyalty; customer satisfaction plays a role in creating customer loyalty; customer satisfaction mediates the effect of Kimia Farma's image and product attributes on customer loyalty; product attributes have a greater role than Kimia Farma’s image in encouraging customer satisfaction which will create customer loyalty. This research provides managerial benefits for increasing customer loyalty at Kimia Farma Pharmacy in Bandung City, by increasing customer satisfaction, which is supported by the development of product attributes and the image of Kimia Farma.

ANALISIS DAMPAK PANDEMI COVID-19 TERHADAP KINERJA LAPORAN KEUANGAN PERUSAHAAN SEKTOR KESEHATAN, INDUSTI, DAN BARANG KONSUMEN PRIMER

The increase in Covid-19 cases that occurred in early 2019 had a significant impact on various companies. One way to find out the economic condition of a company is by analyzing the company's spatial reports. This study aims to explain the description of the performance analysis of the financial statements of companies in the health, industrial and primary consumer goods sectors before and during the Covid-19 pandemic (2019 – 2020). Financial reports are accessed openly on the Indonesian Stock Exchange website (www. https://www.idx.co.id/). The sampling technique used is purposive sampling. The sample of health sector companies includes the financial statements of PT Kalbe Farma, Tbk. and PT Kimia Farma, Tbk. The industrial sector company sample is PT United Tractors, Tbk. and PT Lion Metal Works, Tbk. The sample companies in the primary consumer goods sector include PT Ace Hardware Indonesia, Tbk. for household needs, PT Ramayana Lestari Setosa, Tbk. for clothing needs, and PT Matahari Department Store, Tbk. for food needs. The results of the study show that the Covid-19 pandemic has affected the company's economy. Companies engaged in the industrial sector and primary consumer goods tend to experience a decline in profits and losses. On the other hand, companies engaged in the health sector experienced an increase in profits.

Kinerja Keuangan dengan Metode Economic Value Added (EVA)

Performance of the company is mostly measured by financial ratio for a spesific period. This measurement must be in accordance with generally accepted accounting treatment in preparing financial statements. Financial ratios have weaknesses in measuring performance where performance looks good but does not increase or even decrease. Therefor, other measuring are needed that can show the success of the company with the aim of adding economic value. Economic Value Added (EVA) is one of the most relevant measurements in measuring a company's financial performance because it can show how much added value can be generated during a spesific period.This research using qualitative descriptive method with secondary data from financial statement of PT Kimia Farma, Tbk listed on Indonesia Stock Exchange for 2018-2022. This study aims to find out the financial performance of PT Kimia Farma, Tbk listed on the BEI using the Economic Value Added (EVA) method. Economic value added (EVA) is an added value for the company by incurring capital costs. The result of this research indicate that financial perform with EVA method are negative, means that it performs is not optimal.

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 Efektivitas Bisnis Kosmetika dan Healthy Food hingga Triwulan Kedua sebagai Strategi Diversifikasi Bio Farma Group Berdasarkan RKAP Tahun 2023

In the increasingly competitive and dynamic market landscape, companies must continuously adapt and devise strategies to sustain their business. Bio Farma Group, one of the large companies in Indonesia and a world-class player in the life sciences industry with global competitiveness (Bio Farma Group, n.d.), needs to maintain its success by enhancing its value and crafting a growth strategy to ensure its continued existence and not rest on its past laurels (Herdian, 2023). One way the Bio Farma Group is safeguarding its future is by laying out both short and long-term strategies. A notable strategic initiative by the Bio Farma Group involves venturing into the cosmetics and healthy food business, a diversification move detailed in their RKAP. This strategy is undertaken by their subsidiary, PT Kimia Farma, which has two operational goals: achieving a revenue of Rp XX M for the beauty clinic and Rp X M for stem cells in 2023. Upon analyzing the effectiveness, it was concluded that one of the two operational goals, specifically the beauty clinic's revenue, was deemed less effective due to missing the target for the second quarter of 2023. On the other hand, the stem cell initiative is classified as effective. Some recommendations for these two operational goals include maximizing digital marketing efforts, intensive training for employees in selling and communication skills, raising public awareness, collaborating with R&D for product formulation, and introducing stem cell treatments at Marvee Clinic.

Analysis of The Financial Performance of PT Kimia Farma, Tbk (Persero) 2021-2022

The effective management of company operations hinges on precise analysis and informed decision-making. Financial reports are pivotal in this decision-making process. In 2022, PT Kimia Farma, Tbk (Persero) registered a net loss, a stark contrast to its performance in 2021. This study aims to assess the financial performance of PT Kimia Farma, Tbk (Persero) during the 2021-2022 period using quantitative descriptive data sourced from financial reports. The employed methodologies include comparative financial statement analysis and financial ratio. Despite the company's robust performance foundation, the findings indicate a decline in its financial performance. The first research on PT Kimia Farma, Tbk (Persero) conducted financial performance during the pandemic or 2020 until 2021. Originality produces financial performance analysis and any suggestions to pharmaceutical companies.

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.

Pharmaceutical State-Owned Enterprises Holding Formation Performance Assessment

Along with being a business focused on making a profit, State-Owned Enterprises (SOE) also have additional responsibilities to assist national economic progress and engage in accelerated development. There are many tactics that can be used to improve SOE performance, such as restructuring by creating a SOE holding. So that the management could operate as effectively as possible, several SOEs that were active in the same industry were reorganized into holding corporations. The goal of this study is to assess and examine the financial performance of SOE pharmaceutical firms using financial ratio analysis and SOE Financial Scoring of Healthiness level that include PT Bio Farma (BIOF), PT Kimia Farma (KAEF), PT Indofarma (INAF) and as Consolidation basis before and after restructuring through the establishment of a holding in 2017-2022. Calculations were also carried out employing the paired t-test statistical technique during the time prior to holding in 2017-2019 and after holding in 2020-2022 to determine significant differences. The findings show that the financial ratios of pharmaceutical SOEs during the period before and after the holding formation in 2017-2022 mostly are deteriorating and the healthiness level from healthy become less healthy. However, using paired t-test, the holding formation has no significant influence on financial performance profitability, leverage, or liquidity when it be analysed for each SOE. However, when viewed as a consolidation basis, the ROI before and after the holding configuration was significantly different.

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.

The Effect of Production and Sales on Leverage and Profitability in The JKN Era (State-Owned and Private Pharmaceutical Companies Tbk, Period 2014–2018)

The implementation of the National Health Insurance (JKN) by BPJS has an impact on the pharmaceutical industry, there are an increase in demand for generic drugs, resulting in increased production, increased drug consumption in quantity, but decreased sales because pharmaceutical companies have to compete with small margins. The purpose of this study is to describe the financial performance of pharmaceutical companies in the JKN era, to analyze the factors that can affect leverage and profitability. This research was conducted at state-owned pharmaceutical companies (PT. Kimia Farma and PT. Indofarma) and private pharmaceutical companies (PT Merck and PT Kalbe). The two independent variables in this study, namely production and sales, were analyzed to see how they affect the leverage and profitability dependent variables. Descriptive analysis shows the financial performance of each company in the JKN era. Product analysis shows that at PT Kimia Farma production has a strong correlation with leverage and sales growth has a strong correlation with profitability, at PT Indofarma production and sales growth has a strong correlation with leverage and profitability, at PT Merck leverage has a strong correlation with profitability, while the correlation between sales growth on leverage does not show a strong correlation with the four companies, at PT Kalbe sales growth has a strong influence on leverage and leverage has a strong effect on profitability

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.

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.