you're assuming the point of R&D is soly to launch new products. There's other benefits. Such-as institutional knowledge that can be used to determine where to

you're assuming the point of R&D is soly to launch new products. There's other benefits. Such-as institutional knowledge that can be used to determine where to invest VC money / acquisitions. Or the strategic part where you leverage R&D spend to sign quid pro quo contracts...who's earnings might boost some quarterly earning metric.