ABSTRACT: The COVID-19 pandemic that emerged in March 2020 in Indonesia has opened insight to thepublic about the importance of the role of health such as drugs, health workers, and medical devices because inthis pandemic era, dependence on raw materials and medical devices in Indonesia is more than 90% importedfrom other countries. Currently, pharmaceutical companies are flocking to innovate to create raw materials fordomestic drugs, covid drugs, and multivitamins with the aim of being able to help the government to overcomethe surge in COVID-19 cases in Indonesia. With the policy of restricting the mobility of the population, goods,and services, the supply of imported medicinal raw materials will be disrupted, which will hamper the drugproduction process. This is a challenge for the pharmaceutical industry to be able to produce products relatedto COVID-19 because of the high demand for drugs and multivitamins as preventive measures. This study aims to evaluate and analyze significant differences in financial performance and stock prices ofpublic companies in the pharmaceutical industry in the period before and after covid 19 appeared in Indonesiawhere the demand for drugs related to Covid 19 increased. In addition, this study also analyzes how the effect of several ratios partially and simultaneously on the stock price listed on the Indonesian stock exchange. Theresearch methodology used is financial ratio analysis to measure financial performance, Paired T-test usingSPSS, and multiple linear regression (panel data). In this study, secondary data is used in the form ofpharmaceutical company financial reports published on IDX from the period Q4 2018 to Q1 2021. The result is that only the NPM ratio has a significant difference in the period before and after covid-19 whichhas a positive effect. On multiple regression panel data, simultaneously Current Ratio, Cash Ratio, Total AssetsInventory, Inventory Turnover, Debt to Assets Ratio, Return on Equity have an effect on Stock Price. ForCurrent Ratio partially has a negative effect on stock prices, Inventory Turnover partially has a negative effecton stock prices, and Return on Equity partially has a positive effect on stock prices.

Keyword: Pharmaceutical Industry, Financial Ratio, Stock Price, Financial Performance, Covid-19.