Mukowa is one of the largest pharmaceutical firms in the world, and over an extended period

of time in the recent past, it consistently earned higher ROEs than the pharmaceutical

industry as a whole. As a pharmaceutical analyst, what factors would you consider to be

important in making projections of future ROEs for Mukowa? In particular, what factors

would lead you to expect Mukowa to continue to be a superior performer in its industry, and

what factors would lead you to expect Mukowa$$s future performance to revert to that of the

industry as a whole? $($