<![CDATA[The competitive business environment requires companies to maintain financial performance to achieve profitability. This quantitative study aims to analyze the effect of working capital management on the profitability of pharmaceutical companies listed on the Indonesia Stock Exchange for the 2019–2023 period. Working capital management is proxied by inventory conversion period, receivables collection period, payables deferral period, and cash conversion cycle, while profitability is measured using Return on Assets (ROA). The data were analyzed using multiple linear regression with the assistance of SPSS version 29. The results show that the payables deferral period has a significant positive effect on profitability, while the inventory conversion period, average collection period, and cash conversion cycle have no significant effect. These findings indicate that efficient working capital management, particularly optimizing the payables deferral period, can improve the profitability of pharmaceutical companies. Nevertheless, the management of inventory and receivables must still be adjusted to market dynamics and regulations to support sustainable company performance.]]>
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