ANALISIS POTENSI TINGKAT KEBANGKRUTAN PADA PERUSAHAAN FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2022-2024

Declining profitability, increasing debt, and liquidity pressures in several pharmaceutical companies in the post-pandemic period indicate potential financial distress ithin sector. This study aims to analyze the potential bankruptcy risk of pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The study employs a quantitative descriptive approach using secondary data in the form of annual financial statements. The research sample was selected through purposive sampling, resulting in four pharmaceutical companies, namely PT Kimia Farma Tbk, PT Indofarma Tbk, PT Pyridam Farma Tbk, and PT Phapros Tbk. Data analysis was conducted using financial ratio analysis processed with Microsoft Excel 2019 and bankruptcy prediction models to assess the companies’ bankruptcy potential. The results indicate that all four companies exhibit a high potential risk of bankruptcy, with PT Indofarma Tbk showing the highest level of bankruptcy risk compared to the other companies. These findings suggest that the financial conditions of the pharmaceutical companies remain under pressure and require attention from relevant stakeholders.