<![CDATA[Ketidakpastian ekonomi global menuntut perusahaan farmasi menjaga efisiensi biaya guna mempertahankan profitabilitas. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang mempengaruhi profitabilitas perusahaan yang direpresentasikan oleh laba bersih. Kebaruan penelitian ini terletak pada integrasi variabel operasional dan struktur kepemilikan modal guna membedah fenomena cost stickiness serta kualitas laba pada industri farmasi. Menggunakan pendekatan kuantitatif eksplanatori, studi ini menguji pengaruh total aset, total pendapatan, beban usaha, arus kas operasi, NCI equity, dan outstanding share terhadap laba bersih. Data berupa 40 observasi runtun waktu triwulanan (2016–2025) dari PT Kalbe Farma Tbk. Hasil analisis regresi linear berganda menunjukkan bahwa secara simultan, keenam variabel berpengaruh signifikan terhadap laba bersih. Secara parsial, total pendapatan berpengaruh positif signifikan, sedangkan beban usaha dan arus kas operasi berpengaruh negatif signifikan. Beban usaha ditemukan sebagai faktor paling dominan dalam menggerus profitabilitas. Kontribusi penelitian ini memperkuat Resource-Based View (RBV) dan memberikan arah strategis bagi manajemen dalam kendali biaya berbasis cost leadership. Global economic uncertainty demands that pharmaceutical companies maintain cost efficiency to sustain profitability. This study aims to analyze the factors influencing corporate profitability, as represented by net income. The novelty of this research lies in the integration of operational variables and capital ownership structures to dissect the phenomena of cost stickiness and earnings quality within the pharmaceutical industry. Utilizing an explanatory quantitative approach, this study examines the effects of total assets, total revenues, operating expenses, operating cash flows, non-controlling interest (NCI) equity, and outstanding shares on net income. The dataset comprises 40 quarterly time-series observations (2016–2025) from PT Kalbe Farma Tbk. Multiple linear regression analysis results indicate that, simultaneously, all six variables have a significant effect on net income. Partially, total revenues exert a significant positive effect, whereas operating expenses and operating cash flows show a significant negative effect. Operating expenses were found to be the most dominant factor eroding profitability. The contribution of this research reinforces the Resource-Based View (RBV) theory and provides a strategic direction for management in cost leadership-based expense control.]]>
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