Below is the financial information for Pfizer Inc. and Moderna, Inc. for the fiscal year 2022:

($ millions)	Pfizer Inc.	Moderna, Inc.
Net sales	$81,288	$23,531
Cost of sales	24,845	8,740
Gross profit	56,443	14,791
Operating expenses:
Selling, general, and administrative (SG&A)	18,233	5,621
Research and development (R&D)	10,314	4,327
Operating income	27,896	4,843
Interest and other (income) expense	1,207	813
Interest and investment income	(438)	(206)
Earnings before provision for income taxes	27,127	4,236
Provision for income taxes	5,759	1,059
Net earnings	$21,368	$3,177

Required:

1. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for each company in fiscal year 2022. Assume a tax rate of 27%.
2. Disaggregate the ROA into profit margin (PM) and asset turnover (AT) components. Identify which factor drives the ROA for each company.
3. Analyze the trend in R&D expenses over the past five years. How does it impact each company’s innovation and long-term growth?
4. Evaluate the current ratio and quick ratio for Pfizer Inc. and Moderna, Inc. What does it reveal about their short-term liquidity?
5. Compare the gross profit margins of Pfizer Inc. and Moderna, Inc. What insights can be drawn about their production efficiency?