Analysis of financial statements gives a true picture to investors, creditors etc. The stakeholders of the firm are interested in knowing about the firm financial condition and wealth of the firm. Ratio analysis like Profitability, Working capital, Debt equity ratio are the most important tool to monitor the financial performance of a company. The present research paper deal in measuring financial performance of selected pharmaceutical companies with the help of Altman Z-score Model, based on the past 10 years Financial Statements and concluded that the companies which are under study falls in ‘Safe Zone’ or ‘Grey Zone’ or ‘Distress Zone’ as per Z-score criteria.