The following table provides selected financial information for Pfizer Inc. and Moderna, Inc. for the fiscal year 2023:

($ millions)	Pfizer Inc.	Moderna, Inc.
Net sales	$80,000	$24,000
Cost of sales	25,000	9,000
Gross profit	55,000	15,000
Operating expenses:
Selling, general, and administrative	20,000	6,000
Research and development	12,000	4,500
Operating income	23,000	4,500
Interest and other (income) expense	2,000	1,000
Interest and investment income	(700)	(500)
Earnings before provision for income taxes	21,700	4,000
Provision for income taxes	6,000	1,200
Net earnings	$15,700	$2,800

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 25%. 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?