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09-2 INTERNET CASE 9.5 R & D in the Pharmaceutical Industry The pharmaceutical industry spends billions of dollars each year on research and development. Rather than capitalize these R&D expenditures as intangible assets, companies are required to charge them to expense in the vear incurred Perform a keyword search of Pharmaceutical Companies using the search engine of your choice (e.g., Yahoo, Google) Your search will result in a list of companies that research and develop pharmaceutical products. Select three of these companies and obtain their 10-K reports using the SEC's EDGAR system or going directly to the websites of the companies you choose Instructions a. For each of the companies you selected, determine 1. Total R&D expense for the most current year. 2. Total R&D expense as a percentage of total operating costs and expenses 3. Total R&D expense as a percentage of net sales 4. The percentage by which operating income would have increased had the entire R&D expenditure been recorded as an intangible asset instead of being charged to expense of drugs being researched and developed by each of these companies innovative and promising? Explain b. Using information from the 10-K reports, summarize briefly the kinds To a potential investor, which company appears to be the most Internet sites are time and date sensitive. It is the purpose of these exercises to have you explore the Internet. You may need to use the yahoo.com (or another favorite search Yahoo! search engine engine) to find a company's current web address