The biggest problem in business for many companies is to set an optimal inventory management policy. The inventory management policy is very complex and includes the procurement of materials and raw materials on the market, delivery to the company's warehouse, storage, management flows of materials and raw materials in the production process, storage of finished products and their release and transport to the end customer. In the pharmaceutical industry, raw materials, materials and finished products are specific and require the satisfaction of various special transport, handling and storage conditions, as well deadlines that require timely use in production and placement on the market. The paper analyzes the warehouse operations of the three largest Croatian pharmaceutical companies Pliva Hrvatska d.o.o. Belupo d.d. Koprivnica and JGL d.d.. The presentation of their warehouse operations showed thad all three companies assessed that the management of warehouse operations has the greatest impact on business success and invested significant funds in the implementation of the SAP ERP system, which enabled them to optimize warehouse operations and plan production resources, which optimized the level of inventory and the costs of keeping them. The conducted business analysis using indicators showed that Pliva Hrvatska d.o.o. has the most efficient inventory management model, which shows the money conversion cycle, and Belupo d.d. Koprivnica has the most profitable business.