<![CDATA[This study aims to identify and analyze indications of financial distress among pharmaceutical subsector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. The study examined five pharmaceutical subsector companies selected based on predetermined financial statement criteria. A descriptive qualitative approach was employed, with data collected using purposive sampling and secondary data from the companies’ financial statements. The Springate S-Score model was used to predict potential financial distress and assess the financial condition of the sampled companies. The results showed that, among the five pharmaceutical subsector companies analyzed, two companies obtained S-Score values greater than 0.862, while three companies obtained S-Score values lower than 0.862. Based on the established Springate classification, two companies were identified as having potential financial distress or bankruptcy, whereas the other three companies were categorized as financially sound. These findings indicate differences in the financial conditions of pharmaceutical subsector companies during the observation period. The Springate S-Score model can provide an overview of potential financial problems based on the companies’ financial statement performance. The findings are expected to provide useful information for management in evaluating financial conditions and developing appropriate strategies to anticipate financial difficulties. In addition, this study may serve as a reference for future research concerning financial distress prediction and the application of financial distress analysis models in the pharmaceutical sector.]]>
