IMPACT OF THE ACQUISITION OF PT KALBE FARMA TBK ON PROFITABILITY AND COMPANY VALUE

Abstract

This study aims to evaluate the impact of the acquisition on profitability and company value after the integration phase is completed. The study was conducted using a descriptive quantitative approach by analyzing the financial data of PT. Kalbe Farma Tbk two years before and two years after the acquisition. Several financial ratios such as liquidity (CR, QR), leverage (DER, DAR), and profitability (ROI, ROE) were used. The method used in this study is a non-causal comparative method because it serves to provide an analytical overview of the status relationship before and after the acquisition. The non-causal comparative method also provides information on the parameters and differences of several variables used in the research object through hypothesis testing. This study was conducted using quantitative descriptive analysis techniques and statistical tests (Paired Sample T-Test) to determine the financial efficiency of the company PT Kalbe Farma Tbk before and after the acquisition based on descriptive analysis methods that vary up or down. The average magnitude of the change ratio experienced by the PT before and after the acquisition. A comparison of pre- and post-acquisition results was conducted to observe changes in performance and assess the effectiveness of the expansion strategy. The research findings revealed that this acquisition had a positive impact on Kalbe Farma's financial performance. The increase in profitability ratios indicates that the collaboration between the two companies has succeeded in increasing efficiency and generating greater profits. Furthermore, the market response seen in the increase in company value indicates that investors view this move as a smart strategy that strengthens Kalbe Farma's position in the domestic pharmaceutical market. However, the initial integration phase still faced several challenges that slightly affected profit stability in the early post-acquisition period