A Pharma Company’s Finance Function Gets a Shot in the Arm

A global pharmaceutical company with over $50 billion in annual revenue wanted to transform its finance function, refreshing its existing vision with a set of priority focus areas and mobilization plans.

The transformation aimed to align finance more closely with strategic goals and evolving business needs. We helped PharmaCo* develop a qualitative approach, leveraging peer benchmarks, best practices, and co-creation workshops to inform planning processes and build a roadmap for the overall transformation.

To better understand the finance function’s current environment and scope out potential improvement opportunities, we conducted interaction sessions across roles, tenures, and departments. Qualitative benchmarking enabled us to uncover best practices in key finance areas, including the company’s annual planning calendar and processes, sales and operations planning, and finance talent strategy—from candidate perception and sourcing to development and retention. A streamlined planning calendar was introduced to establish an end-state vision and map the initiatives needed to reach the desired future state.

Flexibility was key to achieving the end-state vision. As we deepened our understanding of the company’s goals and inner workings, we continuously refined the vision—adapting planning processes, tools, and organizational structures to respond to shifting business demands and external trends. We then supported the company’s transformation management office in developing a roadmap and fostering organizational buy-in to ensure sustained success.

Our work with PharmaCo helped position the company’s finance function for long-term success. The refreshed vision and finance planning calendar were the foundation for more than 20 transformation initiatives, including reporting, budgeting, and forecasting; continuous improvement capability building; tech stack strategy; and more. Executive- and board-level materials, as well as a stakeholder engagement plan, helped communicate the finance transformation story and ensured alignment across the organization.