Kalbe Farma Group was founded in 1966 as a family owned corporation with initial capital contributed among 6 brothers. This pharmaceutical corporation since then has grown rapidly, and currently has been transformed into one of the main pharmaceutical company in Indonesia. The Company's current main areas of business activities are the production, distribution, marketing and packaging of pharmaceuticals, health foods and other consumer products. To achieved current performance and become large corporation, Kalbe Farma Group as family owned corporation, implement a basic policy maintaining high profitability without sacrificing importance of family interest. To do this, Kalbe Farma Group has long since given the management of its company to professionals including expatriate while maintaining high ownership structure within founding family. This study is conducted to see whether the strategy taken by the owner of Kalbe Farma Group has significance influence to the value of the firm. We try to find the correlation between the structure of ownership and the profitability of PT. Kalbe Farma ( Persero) Tbk. The data come from published annual report during period of year 2000-2005. Result of research show the following result that the ownership structure (family shares) is not significant influence positively to value of firm (both of indicators, ROA & ROE). However, the result shows that although there is not the significant influence positively of the ownership structure (family shares) to value of firm. There are several questions and inquiries that need to be clarified and the result emphasizes the need to conduct next research which include other aspects, e.g. macro economics or exchange rate.