Digital Marketing Capability Disclosure, Revenue Growth, and Firm Value: A Longitudinal Study of Indonesian State-Owned Pharmaceutical Cases

Digital marketing narratives and improving revenue may appear to imply higher firm value, yet market valuation and book based ratios can move differently. This study examines digital marketing capability disclosure, revenue growth and valuation in Kimia Farma and Phapros through a documentary longitudinal comparison. Public reports provide revenue context for 2021–2025 and comparable market and equity information for 2024–2025. Phapros’ 2025 revenue increased by 26.34 percent, while its reported year end market capitalization declined by 7.41 percent. Kimia Farma’s revenue fell by 7.20 percent and market capitalization declined by 10.74 percent, but its price to parent book equity ratio increased from approximately 0.98 to 1.04 because the book equity denominator contracted faster. Reported digital channels establish customer access arrangements, not a measured marketing capability or a market valuation effect. The contribution is an accounting and market reconciliation that separates commercial recovery, market capitalization and changes in book denominators. The cases demonstrate why a higher valuation multiple cannot automatically be interpreted as value creation from digital marketing.