REMEDIUMREMEDIUM1561-59362658-3534Joint-Stock Company Chicot101010.21518/1561-5936-2020-10-43-52Original ArticleComparative analysis of business models of top pharmaceutical manufacturing companies: financial analysisYasinskayaL. E.noemail@neicon.ruSt Petersburg State Chemical Pharmaceutical University1012202010435218032022Copyright © 2020,2020Introduction. Earlier, the comparative analysis of the commercial and investment activities of the companies that play the key roles in the investment processes in the Russian pharmaceutical industry and operate within the four main business models (biotechnological, generic, specialized pharmaceutical companies, active pharmaceutical ingredient (API) manufacturers) has been conducted. No full assessment of the companies’ activities is conceivable without a financial analysis of their activities to identify the risks of investment activities.Objective of the study. A detailed comparative analysis of the financial standing of domestic pharmaceutical manufacturers operating within the selected business models for further identification of potential financial risks for investors. Research procedure and article structure. Analysis of RAS statements (forms 1 and 2) of 72 over 500 million revenue companies grouped together as selectedbusiness models for the period from 2015 to 2019.Results. The researchers provided a detailed description of the commercial activities of domestic pharmaceutical companies within the business models under consideration. The companies within various business models showed positive revenue growth rates over the past five years. All business models demonstrate consistently high business profitability and a significant share of own capital in the asset profile.Conclusion. The results of the study show the stable financial standing of the pharmaceutical companies within various business models. The biotechnology sector companies that are the most attractive for investments have the highest quality financial standing. The specialized and generic companies show similar consistently strong performance. API manufacturers that the companies with relatively small revenues are actively developing and are attractive to restrained budget investors.pharmaceutical manufacturersbusiness modelfinancial analysisperformance evaluationprofitabilityequity and debt capitaldebt burdenreceivables and payablesфармацевтические производителибизнес-модельфинансовый анализоценка эффективностирентабельностьсобственный и заемный капиталдолговая нагрузкадебиторская и кредиторская задолженность1.Трофимова Е.О., Ясинская Л.Е. Количественный анализ продуктовых портфелей российских фармацевтических производителей и их классификация. Ремедиум. 2019;(11):8-15. doi: 10.21518/1561-5936-2019-11-8-15.2.Ясинская Л.Е., Трофимова Е.О. Сравнительная характеристика бизнес-моделей лидеров фармацевтического производства: аспекты коммерческой деятельности. Ремедиум. 2020;(1-3):50-59. doi: 10.21518/1561-5936-2020-1-2-3-50-59.3.Ясинская Л.Е. Сравнительная характеристика бизнес- моделей лидеров фармацевтического производства: аспекты инвестиционной деятельности. Ремедиум. 2020;(4-6):71-78. doi: 10.21518/1561-5936-2020-4-5-6-66-78.4.Ясинская Л.Е., Трофимова Е.О. Государственная финансовая поддержка фармацевтической и медицинской промышленности. Ремедиум. 2016;(10):6-16. doi: 10.21518/1561- 5936-2016-10-6-15.5.Ясинская Л.Е. Финансовый анализ отечественных производственных фармацевтических предприятий. Ремедиум. 2017;(4):16-24. doi: 10.21518/1561-5936-2017-4-16-24.