Using the financial data provided for Johnson & Johnson and Pfizer for the fiscal year 2018, perform the required analyses:

($ millions)	Johnson & Johnson	Pfizer
Net sales	$81,581	$53,647
Cost of goods sold	$25,213	$13,682
Gross profit	$56,368	$39,965
Operating expenses	$32,500	$21,300
Operating income	$23,868	$18,665
Interest and other (income) expense	$1,200	$800
Earnings before provision for income taxes	$22,668	$17,865
Provision for income taxes	$6,800	$4,200
Net earnings	$15,868	$13,665

Required: a. Calculate the gross profit margin, operating profit margin, and net profit margin for each company. b. Determine the return on assets (ROA) and return on equity (ROE) for each company. Assume Johnson & Johnson's equity is $50,000 million and total assets are $150,000 million, while Pfizer's equity is $40,000 million and total assets are $100,000 million. c. Compute the debt-to-equity ratio for both companies. d. Discuss which company appears more profitable and provide reasons for your conclusion. e. Perform a comparative analysis on the efficiency of both companies by calculating the asset turnover ratio.