Background: Competition in the pharmaceutical industry is getting more intense along with the economic developments and increasing public awareness of the importance of health. Thus, companies need to manage financial policies optimally to increase company value. Research objective: to analyze the effect of profitability, dividend policy, and debt policy on company value in pharmaceutical sub-sector companies registered on the Indonesia Stock Exchange (BEI) period 2021–2023. The independent variables in this study include profitability, dividend policy, and debt policy; and the dependent variable is company value. Research method: This study employed a quantitative approach with secondary data in the form of annual financial reports obtained through a purposive sampling method from four pharmaceutical companies for three years. Research results: It shows that, profitability and dividend policy partially have a positive and significant effect on company value; while debt policy does not have a significant effect. The coefficient of determination (Adjusted R²) of 87.6% indicates that the independent variables in this study are able to explain variations in company value strongly. Conclusion: These findings support the Signaling Theory, where profitability and optimal capital structure provide positive signals to investors. These results
are expected to be a consideration for company management and investors in making strategic decisions.
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