This study examines the relationship between working capital management and firm's profitability for the period before and after last economic crisis in Greece. We use as a sample Greek pharmaceutical industry. We examine as a dependent variable return on assets ratio, as explanatory variables: cash conversion cycle, days inventory outstanding, days sales outstanding and days payables outstanding and as control variables: firm's growth, leverage and firm's size. The results, based on the implementation of descriptive statistics, Pearson's correlation and regression analysis show: 1) positive relationship between profitability and cash conversion cycle, firm's size, growth and leverage; 2) negative relationship between profitability and components of cash conversion cycle. The impact of economic crisis on these relationships is also analysed.