ABC Pharma Inc. is a research-driven pharmaceutical company. Financial data for 2023 is provided below:

Ledgers:

• Research and Development Expenses: $25,000,000
• Sales Revenue: $100,000,000
• Marketing Expenses: $15,000,000
• General and Administrative Expenses: $10,000,000

Requirements:

• Prepare ABC Pharma Inc.'s income statement for the year ended December 31, 2023.
• Calculate the Gross Profit Margin and Operating Expenses.
• Determine the Net Income after taxes using a tax rate of 25%.
• Analyze the impact of research and development expenses on ABC Pharma Inc.'s profitability.
• Discuss the role of intellectual property rights in the pharmaceutical industry and their financial implications.