Diploma thesis "Comparative analysis of financial indicators of two pharmaceutical companies: Belupo d.d. and Jadran – galenski laboratorij d.d. is studying variations in financial statements in the period of the coronavirus pandemic. The research provides a comprehensive insight into their operations through a comparative analysis of financial statements and the application of relevant financial indicators, and to identify key differences and similarities. For this thesis, selected data from the financial statements of the pharmaceutical company Belupo d.d. were used. and Jadran – galenski laboratory d.d. The limitation of this research is that the obtained results refer to the years 2021 and 2022, and no longer time series analysis was performed. The main focus is to analyze the financial situation of these companies using relevant financial indicators. The results of the analysis indicate the sustainability of the liquidity of both companies, with Belupo d.d. which has significantly higher current liquidity. Regarding indebtedness, JGL d.d. financed almost half of its total assets with debt, while Belupo d.d. financed most of its assets from capital and reserves. Both companies have a similar turnover of total assets, but Belupo d.d. has a higher turnover of short-term assets. Although JGL d.d. has higher total assets, the net return on assets of both companies is not significantly different. The return on equity is higher at JGL d.d., mainly due to lower capital and reserves. The analysis highlights the importance of understanding financial indicators for making informed business decisions in the pharmaceutical industry, especially in challenging times such as the coronavirus pandemic.