ANALISIS POTENSI KEBANGKRUTAN PADA PT KIMIA FARMA TBK (KAEF) PERIODE 2021-2023

The pharmaceutical industry is a strategic sector that plays a crucial role in supporting Indonesia's economic growth and improving public health. PT. Kimia Farma Tbk (KAEF), as one of the major players in this field, has faced significant challenges in recent years, including fluctuations in raw material prices, increasing operational costs, and changes in regulatory policies, which have impacted the company’s operational and financial stability as well as its ability to compete and grow amidst industry fluctuations. This study aims to evaluate KAEF financial performance from 2021 to 2023 and assess its bankruptcy risk using the Springate and Altman Z-score models, two widely used methods for predicting financial health. The analysis seeks to provide strategic recommendations for enhancing operational efficiency, reducing financial risks, and ensuring the company’s long-term sustainability.