ABC Pharma Inc. researches and develops pharmaceuticals. Financial data for 2023 is provided below:

Ledgers (in $ millions)	Amount
Research and Development Expenses	30.0
Sales Revenue	150.0
Marketing Expenses	22.5
General and Administrative Expenses	12.5

Requirements:

• Prepare ABC Pharma Inc.'s income statement for the year ended December 31, 2023.
• Calculate the Gross Profit Margin and Operating Expenses.
• Determine the Net Income after taxes using a tax rate of 20%.
• Analyze the impact of research and development expenses on ABC Pharma Inc.'s profitability.
• Discuss the role of intellectual property rights in the pharmaceutical industry and their financial implications.