The pharmaceutical industry spends billions you choose.

Instructions 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.

Pfizer 2016 10-K Information

Sales/Revenue $52.82 B

Costs of Goods Sold 15.95 B

Gross Income 36.87 B

SG&A Expenses 226.6 B

R&D 7.84 B

Other SG&A 14.76 B

Consolidated Net Income 7.23 B

Minority Interest Expense 31 M

Net Income 7.2 B

EPS Basic 1.18

EPS Diluted 1.17

Interest Expense 1.19 B

Pretax Income 8.35 B

EBITDA 20.03 B