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1 . 1 3 Value Chain Analysis and Financial Statement Relations. Exhibit 1 . 1 8 represents common - size income statements and balance sheets

1.13 Value Chain Analysis and Financial Statement Relations.
Exhibit 1.18 represents common-size income statements and balance sheets for seven firms that operate at various stages in the value chain for the pharmaceutical industry. These common-size statements express all amounts as a percentage of sales revenue. Exhibit 1.18 also shows the cash flow from operations to capital expenditures ratios for each firm. A dash for a particular financial statement item does not necessarily mean the amount is zero. It merely indicates that the amount is not sufficiently large for the firm to disclose it.
Below, use the ratios to match the companies in Exhibit 1.18 with the firms listed.
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