The following is financial data for Johnson & Johnson and Pfizer Inc. for the fiscal year 2023:

($ millions)	Johnson & Johnson	Pfizer Inc.
Net sales	$101,239	$81,288
Cost of sales	37,921	24,845
Gross profit	63,318	56,443
Operating expenses:
Selling, general, and administrative	24,684	18,233
Research and development	11,512	10,314
Operating income	27,122	27,896
Interest and other (income) expense	1,509	1,207
Interest and investment income	(564)	(438)
Earnings before provision for income taxes	26,177	27,127
Provision for income taxes	5,235	5,759
Net earnings	$20,942	$21,368

Required: a. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Johnson & Johnson and Pfizer Inc. Assume a tax rate of 30%. b. Disaggregate the ROA into profit margin (PM) and asset turnover (AT) components. Discuss which factors primarily influence ROA for each company. c. Analyze the trend in research and development (R&D) expenses over the past five years. How does it impact the companies' innovation and long-term growth? d. Evaluate the interest coverage ratio for Johnson & Johnson and Pfizer Inc. What does it indicate about their ability to meet interest obligations? e. Compare the gross profit margins of Johnson & Johnson and Pfizer Inc. What insights can be drawn regarding their production efficiency and cost management?