This study aims to analyze the effect of price to book value and return on equity on stock prices in pharmaceutical companies listed on the Indonesia Stock Exchange. Data collection used a documentation method from secondary data obtained from financial reports and stock data using a saturated sampling technique. The sample size was 11 pharmaceutical companies with a three-year observation period (2021–2023). Therefore, 33 observations were observed. The data analysis method used panel data linear regression analysis. The results showed that price to book value and return on equity had no effect on stock prices.
