Comparative Analysis of Pharmaceutical Company's Financial Perfomance Before and During Covid-19 Crisis

The COVID-19 crisis caused a drastic decline in Indonesia's economic growth. This study will analyze pharmaceutical companies’ financial performance before and during the COVID-19 crisis, as measured by profitability ratios such as ROA, ROE, NPM, and GPM, indicate the extent to which the crisis had affected the pharmaceutical companies’ financial performance, and illustrate the resilience of the pharmaceutical sector while facing the crisis. In addition, this study is expected to help stakeholders in making strategic and adaptive decisions to crisis conditions. This research is a comparative quantitative research, and will use paired sample t-test and Wilcoxon Signed Ranks Test. This study indicates that the COVID-19 crisis does not strongly affected the pharmaceutical companies’ financial performance, so there is no significant difference between before the crisis and during the crisis. Therefore, pharmaceutical companies belong to a stable sector and can give positive signals to stakeholders even in times of crisis.