Financial Health and Environmental Transparency in the Catalan Pharmaceutical Sector (2019–2023)

ABSTRACT This study examines the relationship between financial health (2019–2023) and the transparency of environmental information disclosure in leading Catalan pharmaceutical companies. Based on an economic–financial analysis of financial statements and environmental information reported in accordance with the European Sustainability Reporting Standards, the study evaluates the relationship between financial and environmental indicators. Environmental transparency is measured through a Disclosure Index (DI), defined as the proportion of ESRS‐aligned indicators reported, and a Quality of Numerical Disclosure index (DI‐N), based on a 0–3 scale assessing the quality of quantitative reporting. The results reveal solid financial health across the sector and a relatively high level of environmental disclosure, with particular emphasis on circular economy and climate change indicators. The relationship between financial performance and environmental disclosure is mixed, suggesting that higher profitability does not necessarily lead to greater environmental transparency. Given the limited number of firms with available sustainability reports, the empirical results should be interpreted as exploratory.