Hmm, if for the sake of argument we assume that spend on R&D is kept constant, then profit margin (being money left over after spending on stuff) does indeed ac

Hmm, if for the sake of argument we assume that spend on R&D is kept constant, then profit margin (being money left over after spending on stuff) does indeed account for development costs. In reality (I think this is your point) there's a big time shift, in that profit earned in 2024 is thanks to R&D spend over the past decade or so. However, the 2024 profit margin would incorporate the 2024 R&D spend contributing towards new drugs and indications over the next decade or so, and with a with a constant R&D spend these would effectively cancel out. (In reality, of course, R&D budgets do fluctuate.)