divide the product portfolio into three groups: a) mature growth and mature product, b) new and recently introduced products and c) products in stage 2 and 3 trials. for each group, calculate sales and estimated margins for 2020 and 2021. Do these estimates justify the current stock price and P/E ratio? Use Biogen INC. financials:

A B C D 1 Biogen Financials 2019 common size 2019 common size 2018 2 sales 14,377,900 79.15% 80.93% 3 COGS 1,955,400 - 13.60% - 13.50% 4 Gross profit 12,422,500 86.40% 86.50% 5 R&D 2,280,600 -15.86% -19.31% 6 sales, marketing, other 241,600 -16.52% - 15.66% 7 operating profit 13,670,200 48.98% 43.77% 8 interest 120,000 0.83% 0.84% 9 taxes 187,400 -8.05% -10.60% 10 net income 5,888,500 40.96% 32.93% 11 12 A/R 2,485,400 6.90% 7.74% 13 inventory 929,900 11.92% 14.24% 14 other current assets 687,600 2.95% 3.68% 15 total current assets 7,640,900 30.78% 30.21% 16 fixed assets 3,601,200 12.95% 12.34% 17 goodwill 5,706,400 21.14% 22.56% 18 total fixed assets 5,398,600 100% 100% 19 20 other NIBL 1,389,400 4.95% 5.49% 21 total NIBL 8,962,100 33.16% 35.44% 22 current IBL 3,295,200 17.86% 13.03% 23 interested libailities 2,974,300 24 total IBL 12,257,300 51.02% 48.47% 25 shareholder equity 12,039,600 48.99% 51.53% 26 total IBL + NIBL + shareholder equity 33,259,000 - A B C D 1 Biogen Financials 2019 common size 2019 common size 2018 2 sales 14,377,900 79.15% 80.93% 3 COGS 1,955,400 - 13.60% - 13.50% 4 Gross profit 12,422,500 86.40% 86.50% 5 R&D 2,280,600 -15.86% -19.31% 6 sales, marketing, other 241,600 -16.52% - 15.66% 7 operating profit 13,670,200 48.98% 43.77% 8 interest 120,000 0.83% 0.84% 9 taxes 187,400 -8.05% -10.60% 10 net income 5,888,500 40.96% 32.93% 11 12 A/R 2,485,400 6.90% 7.74% 13 inventory 929,900 11.92% 14.24% 14 other current assets 687,600 2.95% 3.68% 15 total current assets 7,640,900 30.78% 30.21% 16 fixed assets 3,601,200 12.95% 12.34% 17 goodwill 5,706,400 21.14% 22.56% 18 total fixed assets 5,398,600 100% 100% 19 20 other NIBL 1,389,400 4.95% 5.49% 21 total NIBL 8,962,100 33.16% 35.44% 22 current IBL 3,295,200 17.86% 13.03% 23 interested libailities 2,974,300 24 total IBL 12,257,300 51.02% 48.47% 25 shareholder equity 12,039,600 48.99% 51.53% 26 total IBL + NIBL + shareholder equity 33,259,000