Below is the financial information for Pfizer Inc. and Moderna, Inc. for the fiscal year 2023:

($ 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	18,233	5,621
Research and development	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: a. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Pfizer Inc. and Moderna, Inc. Assume a tax rate of 27%. b. Disaggregate the ROA into profit margin (PM) and asset turnover (AT) for both companies. Discuss the primary factors influencing their ROA. c. Analyze the trend in research and development (R&D) expenses over the past five years. How does it impact their innovation and long-term growth? d. Evaluate the current ratio and quick ratio for Pfizer Inc. and Moderna, Inc. What does it reveal about their short-term liquidity? e. Compare the gross profit margins of Pfizer Inc. and Moderna, Inc. What insights can be drawn regarding their production efficiency and cost management?