Module: Financial Performance Management Pharma
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Table of Contents
Introduction.................................................................................................................................................3
General Information About Chosen Companies..........................................................................................4
Current Ratio...........................................................................................................................................5
Return On Equity.....................................................................................................................................7
Return On Asset.......................................................................................................................................8
Explain the Reasons Why Company Sanofi Is a Competitor of Company Pfizer...........................................8
Evaluate Kaplan and Norton’s Balanced Scorecard......................................................................................9
Strength of the Balanced Scorecard..........................................................................................................10
Weakness and Criticism of the Balanced Scorecard..................................................................................11
Proposed Improvement for Balanced Scorecard.......................................................................................12
Implications for Performance Management..............................................................................................13
Pfizer Balanced Scorecard..........................................................................................................................14
Integrated Report......................................................................................................................................15
Conclusion.................................................................................................................................................16
Reference..................................................................................................................................................18
Introduction
In the pharmaceutical sector, financial performance management (FPM) is the
systematic process of monitoring, evaluating, and controlling financial performance to
support strategic decision-making and improve overall financial health. It entails the use
of a range of instruments, processes, and strategies to track, assess, and improve
financial performance across multiple facets of the pharmaceutical industry. Due to the
complicated and heavily regulated nature of the pharmaceutical industry, FPM plays a
significant role in this sector (Vijayalakshmi and Srividya, 2014). It supports
pharmaceutical businesses' efficient management of their financial assets, budget
allocation, cost control, profitability optimization, and risk mitigation. Pharmaceutical
firms can make wise choices about pricing tactics, product development, expenditures,
acquisitions, and operational effectiveness by implementing FPM methods. For
evaluating performance and reaching wise judgments, accurate and timely financial
reporting is essential. In order to spot patterns, gauge profitability, gauge liquidity, and
keep track of overall financial health, financial analysis include looking at financial
statements, key performance indicators (KPIs), and financial ratios. The goal of cost
management is to track, evaluate, and manage expenses along the entire
pharmaceutical value chain. Analysis of manufacturing costs, R&D costs, marketing
costs, and administrative costs are all part of this process to better allocate resources
and increase profitability. Pharmaceutical firms can evaluate and track their financial
success by setting up pertinent performance indicators and KPIs (Sheela and
Karthikeyan, 2012). These measures may relate to market share, growth in revenue,
profit margins, return on investment (ROI), and other variables that support the
company's strategic objectives. In general, in a highly saturated and regulated market,
Financial Performance Management in the pharmaceutical business is essential for
maximizing financial outcomes, assisting strategic decision-making, and assuring long-
term sustainability. Pharmaceutical firms may increase profitability, reduce risks, and
allocate resources effectively to spur innovation and growth by successfully managing
their financial performance.
General Information About Chosen Companies
My chosen company is Pfizer and its competitor Sanofi. This section I give some
general information about the companies. A global pharmaceutical company with its
headquarters in the United States is Pfizer Inc. One of the biggest pharmaceutical firms
in the world, it is renowned for the development, production, and research of vaccines
and prescription medications. Charles Pfizer and Charles Erhart, relatives, started Pfizer
in 1849 in New York City. The business first concentrated on producing fine chemicals
but later began to concentrate on pharmaceuticals. Pfizer produces and markets a
variety of pharmaceuticals, immunizations, and consumer healthcare products. Among
Pfizer's well-known product names are Viagra, Lipitor, Lyrica, Celebrex, and Zoloft
(Alkhyeli el at., 2021). In disciplines like neurology, immunology, oncology, heart
disease, and vaccinations, Pfizer has made significant strides. Pfizer and its COVID-19
immunization have received a lot of attention and appreciation thanks to the German
company BioNTech. Numerous countries throughout the world have approved or
authorized the use of the Comirnaty or BNT162b2 vaccine. It has successfully
prevented COVID-19 and has been a key component of global vaccination
programmers. Pfizer is heavily invested in conducting research and development (R&D)
in order to uncover and develop cutting-edge treatments. Pfizer participates in a number
of CSR projects. The business sponsors global initiatives for community improvement,
education, and healthcare access. In addition, Pfizer founded the Pfizer Foundation to
address issues related to global health, such as expanding access to healthcare in
neglected areas. Pfizer has manufacturing and research sites scattered throughout
more than 175 different nations. The corporation has a substantial domestic presence in
addition to a sizable global footprint.
Pharmaceutical giant Sanofi has its global headquarters in Paris, France. It is one of the
biggest pharmaceutical firms in the world, specializing in the development, production,
and marketing of pharmaceuticals and vaccines. In 1973, Sanofi and Synthélabo, two
French pharmaceutical firms, merged to form a new company, Sanofi. Sanofi has
expanded over the years as a result of collaborations, acquisitions, and mergers with
other pharmaceutical firms. Sanofi creates and distributes a vast array of over-the-
counter, prescription, and vaccine healthcare products. The business has a broad range
of therapeutic categories represented in its portfolio, such as diabetes, cardiovascular
disease, immunology, oncology, rare illnesses, and vaccines. Lantus, Toujeo, Dupixent,
Plavix, and Ambien are a few popular Sanofi brands. Sanofi focuses a high priority on
research and development in order to find and create novel therapies. To expand
scientific understanding and provide patients with novel medications, the corporation
makes large financial investments in research and development and interacts with
academic institutions, biotechnology firms, and other partners. Sanofi is dedicated to
sustainability and corporate social responsibility (Beer el at., 2017). The company
concentrates on programs that promote patient support, environmental sustainability,
community involvement, and healthcare access. For the purpose of addressing issues
with global health and fostering social responsibility, Sanofi has forged partnerships with
various groups and stakeholders. Sanofi has a significant global footprint and operates
in more than 170 nations. The corporation operates commercial activities,
manufacturing facilities, and research and development centers across a number of
continents, including Europe, North America, Asia, and Latin America.
Current Ratio
Pfizer's (PFE) present and past ratio from 2020 to 2023. A proportion of liquidity that
assesses an organization's ability to meet short-term obligations is the current ratio. For
all 3 months ending March 31, 2023, Pfizer's current ratio was 1.37.
Figure 1: Pfizer's Current Ratio
Sanofi's (SNY) present and past proportion from 2020 to 2023. A proportion of liquidity
that assesses the ability of an organization to meet short-term obligations is the current
ratio. For the 3 months ended March 31, 2023, Sanofi's current ratio was.
Figure 2: Sanofi Current Ratio
Liquidity Ratios: Determines the company's capacity to meet immediate obligations. It
is computed by subtracting current obligations from current assets. Shows whether or
not the business can pay short-term obligations without using inventory. It is determined
by dividing quick assets by current liabilities (current assets minus inventory) (Yassen el
at., 2013).
Working Capital Cycle Ratios: Calculates the typical time it takes for a business to
receive money from clients. Shows how long it usually takes a business to sell all of its
inventory.
Profitability Ratios: reveals the portion of revenue that is left over after subtracting the
cost of the products sold. By comparing operating income to revenue, determines if
core operations are profitable.
Leverage Ratios: Identifies how much of the company's capital is allocated to debt
financing as opposed to equity financing. Evaluates the company's capacity to make
debt interest payments.
Return On Equity
A financial statistic called return on equity (ROE) gauges a company's profitability in
relation to its shareholders' equity. It offers perceptions on how effectively a business is
returning on the capital made by its shareholders. The company's profit after deducting
all costs, taxes, and interest is known as net income (Martin, 2017). After liabilities have
been subtracted, the remaining interest in the company's assets is known as
shareholders' equity. An important indicator of a company's profitability and
effectiveness in using shareholder funds is its return on equity (ROE). A greater ROE
typically means that a business is efficiently turning its equity into earnings. However,
while analyzing ROE, it's crucial to take into account sector standards, firm size, and
other considerations, as different industries may have different norms and expectations
for profitability.
Return On Asset
A financial ratio called return on assets (ROA) gauges a company's profitability in
relation to its total assets. It offers perceptions into how profitably a company is
employing its resources. The company's profit after deducting all costs, taxes, and
interest is known as net income. The total assets of a corporation are its current and
non-current assets combined. An important indicator of a company's profitability and
capacity to generate returns from its assets is its return on assets (ROA). A greater ROA
typically means that a business is making the most efficient use of its assets to produce
profits (Husna and Satria, 2019). When analyzing ROA, it's crucial to take industry
benchmarks, firm size, and other elements into account, as different sectors may have
different standards and expectations for asset utilization and profitability. Investors and
analysts can evaluate a firm's financial performance and the efficiency of its handling of
assets through assessing the ROA of the business over time and against its rivals or
industry peers.
Explain the Reasons Why Company Sanofi Is a Competitor of Company
Pfizer
For a number of reasons, Sanofi is viewed as Pfizer's rival in the pharmaceutical sector.
Both Sanofi and Pfizer have a broad range of products, including pharmaceuticals,
vaccines, and consumer healthcare items. They work in related treatment fields like
immunology, diabetes, uncommon disorders, and cardiovascular health. Because of
their similar product offers, they are competitors in the market. Globally renowned
multinational corporations Sanofi and Pfizer. They serve patients all over the world and
are active in several nations. They can compete in numerous markets and focus on
similar patient demographics thanks to their worldwide presence. Sanofi and Pfizer are
both heavily investing in research and development (R&D) to create novel medications,
therapies, and medical procedures. They devote a lot of money to R&D in order to
develop and promote new items. Their competitiveness within the industry is further
strengthened by this emphasis on innovation and R&D. Major businesses in the
pharmaceutical industry Sanofi and Pfizer hold sizable market shares across a range of
therapeutic specialties. As they compete for market supremacy and try to take a bigger
piece of the pharmaceutical market, their comparable market presence and market
share help to define them as competitors (Cavallari el at., 2021). There are stringent
regulatory regulations and compliance standards that apply to the pharmaceutical
business. Both Pfizer and Sanofi operate inside the same legal framework and are
subject to the same requirements. As they handle regulatory approvals, patent
protection, and compliance with healthcare rules, this unified regulatory environment
places them in a more competitive position.
Evaluate Kaplan and Norton’s Balanced Scorecard
The Balanced Scorecard (BSC), developed by Aplan and Norton, is a performance
management system that tries to present a fair picture of an organization's performance
by taking into account more than simply financial measurements. The BSC includes a
number of strategic goals, key performance indicators (KPIs), and targets from the
viewpoints of four main areas: finances, customers, internal operations, and learning
and growth. The BSC advises businesses to take into account a wider range of
performance indicators in addition to financial measurements (Poureisa el at., 2013). By
considering non-financial elements like customer satisfaction, process efficiency, and
employee skill development, the BSC provides a more thorough perspective on
company success. The BSC assists in fusing strategic goals with organizational goals.
Making sure that performance indicators are directly tied to the organizational priorities,
it transforms the overall plan into specific performance metrics and targets from a
number of perspectives. The BSC facilitates communication regarding strategic
objectives and performance criteria among all members of the organization. It provides
a framework for the explicit expression of goals and KPIs, fostering agreement on
corporate priorities. One of the key benefits of the BSC is the emphasis on identifying
and understanding the causal relationships between different performance measures.
By integrating the performance measures across the views, organizations may discover
how performance enhancements in a particular field can affect performance in other
areas. Generally speaking, the Kaplan and Norton Balanced Scorecard is a well-known
and significant performance management instrument (Al-Najjar and Kalap, 2012). It
helps businesses balance their focus on monetary achievement and other significant
factors. But for implementation to be successful, careful thought must be given to the
organizational climate, exact goal alignment, and trustworthy performance
measurement techniques.
Figure 3: Balanced Scorecard
Strength of the Balanced Scorecard
Due to all of its advantages, the Balanced Scorecard (BSC) methodology is a helpful
tool for performance management in organizations. One of the BSC's main advantages
is its ability to provide a fair and complete picture of organizational performance. By
considering a variety of perspectives more than just financial metrics, such as customer
happiness, internal processes, and development and learning, the BSC captures a
larger range of elements that contribute to overall performance. The BSC helps firms
align their operational metrics and targets with their larger objectives. By translating the
strategic goals into specific metrics, the BSC ensures that everyone inside the
organization is concentrated on the same priorities and working toward the same vision.
The BSC aids in the effective communication of the organization's goals and
achievement standards. An organized structure is offered when goals and measures are
shared beyond all levels and functions, ensuring that everyone is aware of how their
efforts contribute to the overall strategy. Understanding the causal relationships
between multiple indicators of success is a key component of the BSC (Salem el at.,
2012). This helps firms recognize the interconnections across many performance
categories, enabling them to adopt a more thorough approach to enhance their
activities. Financial and non-financial performance measures are balanced by the BSC.
Financial measurements are crucial, but the BSC understands that they are lagging
indications of performance in general. By routinely monitoring and assessing
performance measures, the BSC promotes a culture of continuous improvement. It
offers a methodical way to monitor development, pinpoint problem areas, and
implement remedial measures, encouraging organizational learning and adaptation. In
general, the strengths of the Balanced Scorecard lie in its capacity to offer a thorough
view of performance, align with strategy, facilitate clear communication, identify cause-
and-effect relationships, balance performance measures, adapt to various contexts, and
promote continuous improvement. These characteristics make the BSC an effective tool
for businesses looking to enhance their strategic execution and performance
management.
Weakness and Criticism of the Balanced Scorecard
The Balanced Scorecard (BSC) system has numerous advantages, but it also has
drawbacks and detractors. Effective BSC implementation can be challenging and time-
consuming. It takes a lot of time and money to create effective performance metrics, set
realistic goals, gather and evaluate pertinent data, and maintain alignment across the
organization. These implementation problems may cause organizations to adopt the
BSC just partially or ineffectively. The BSC has been criticized for its propensity to
overemphasize quantitative metrics and indicators at the expense of performance's
qualitative components. The importance of vital but less quantitative aspects like
employee morale, innovation, and organizational culture may be underestimated if only
measurable aims are the focus (Salem el at., 2012). The BSC mainly uses trailing
indicators that capture past performance. Although these indicators offer insightful
information about historical performance, they might not be enough to support proactive
decision-making. To gather up-to-date data and spot new trends, organizations must
add leading indicators to the BSC. It's critical to remember that these flaws and critiques
do not negate the value of the Balanced Scorecard; rather, they serve to draw attention
to areas where businesses should exercise caution and take precautions to avoid
potential problems. Before using the BSC or any other performance management
framework, organizations should carefully assess their unique context, resources, and
goals.
Proposed Improvement for Balanced Scorecard
To address some of the weaknesses and criticisms associated with the Balanced
Scorecard (BSC), several improvements and considerations can be made:
Clear Strategy Alignment: Ensure that the BSC and the organization's strategy
are strongly aligned. This entails crystallizing strategic goals and connecting
them to the BSC's performance metrics and targets. Reevaluate the plan
frequently to make sure it remains in sync (Lin el at., 2014).
Meaningful and Balanced Measures: Choose performance metrics that
accurately reflect both the quantitative and qualitative facets of performance. To
give a complete picture, take into account a combination of leading and lagging
data. Participate stakeholders in the decision-making process to make sure the
measurements selected accurately reflect the organization's objectives.
Simplicity and Focus: By placing a small number of important critical
performance criteria first, the BSC framework can be made simpler. The
scorecard might become muddled and lose focus if there are too many measures
on it. Focus on the actions that will have the biggest influence on reaching your
strategic goals.
Employee Engagement: Participate in the BSC implementation and
measurement process with employees at all levels. Engage them in establishing
performance goals, tracking results, and accepting responsibility for their part in
the organization's success. This participation encourages a sense of
accountability and ownership.
Implications for Performance Management
The Balanced Scorecard (BSC) has a big impact on how organizations manage
performance. The BSC encourages performance management to have a strategic
focus. The BSC makes ensuring that performance management efforts are focused on
accomplishing the organization's long-term goals by matching performance indicators
with strategic objectives. It aids in establishing precise goals, defining objectives, and
directing decision-making in accordance with the strategic direction of the company. By
taking into account several performance-related factors, the BSC encourages a
comprehensive approach to performance evaluation (Walker el at., 2011). It includes
non-financial factors including customer satisfaction, internal procedures, learning, and
growth in addition to financial indicators. Organizations are able to evaluate
performance from a variety of angles thanks to this broader review, which offers a more
thorough picture of success. The BSC encourages a fair evaluation of performance. It
promotes taking into account qualitative and quantitative measures, leading and lagging
indicators, and a combination of short-term and long-term goals rather than just
concentrating on financial results. Organizations are able to assess performance in a
more complex and nuanced way thanks to this balanced approach. Performance
alignment throughout the entire organization is facilitated by the BSC. It guarantees that
performance management initiatives are coordinated at all levels by cascading the BSC
metrics and targets from strategic goals to individual objectives. This alignment
encourages collaboration, coordination of activities, and a unified strategy for
accomplishing organizational goals. Making decisions based on performance is made
possible by the BSC. It gives managers and leaders the data they need to make wise
decisions by giving a defined set of performance measures and targets. Resource
allocation, process enhancements, strategic investments, and other crucial choices that
support the goals of the business can all be influenced by performance data from the
BSC. The strategic alignment, balanced measurement, performance alignment,
communication, transparency, continual improvement, and well-informed decision-
making are the main implications of the Balanced Scorecard for performance
management. Organizations can manage and improve performance in a comprehensive
and strategic way by implementing the BSC strategy.
Pfizer Balanced Scorecard
Financial metrics in line with Pfizer's strategic objectives would probably be included in
the BSC. Measures including revenue growth, profitability, return on investment, and
cost containment may be included in these measurements. Pfizer can evaluate its
financial situation, ensure profitability, and promote long-term sustainable growth by
monitoring its financial performance. Pfizer may have included measures that focus on
the needs of the consumer in its BSC to assess market success and customer
happiness. These measurements might include stats like market share, customer
satisfaction, product quality, and consumer loyalty (Seller and Davis, 2013). Pfizer can
better understand consumer demands, improve its products and services, and sustain
strong customer relationships by tracking metrics connected to customers. Pfizer can
match its strategic goals with performance metrics from all of these view point thanks to
the BSC. Pfizer can identify areas for improvement, create goals, and take action to
enhance performance in a balanced and strategic way by monitoring and reviewing
these indicators. A shared knowledge of goals and advancement is ensured throughout
the business because to the BSC's facilitation of communication, transparency, and
alignment. It's vital to highlight that Pfizer's Balanced Scorecard would be customized to
reflect the company's distinct business strategy, market conditions, and operational
priorities. It would be necessary to have access to Pfizer's precise performance
management procedures or public disclosures to learn the true details of its BSC
implementation.
Integrated Report
A consolidated perspective of an organization's financial and non-financial performance,
strategy, governance, and sustainability practices is provided by an integrated report,
which is comprehensive and all-encompassing in its reporting methodology. By taking
into account a wider range of value drivers, including as environmental, social, and
governance (ESG) aspects, it goes beyond standard financial reporting. An integrated
report strives to give stakeholders a fair and comprehensive view so they may judge the
organization's capacity to add value throughout the short, medium, and long terms. The
strategic goals of the company are highlighted in an integrated report, along with how it
benefits its stakeholders (Kirklin el at., 2015). It provides information on how the
organization relates its operations to its long-term objectives by outlining its purpose,
mission, and strategy. It identifies important stakeholders and their issues, describes the
organization's method to engaging stakeholders, and shows how stakeholder feedback
affects strategy and decision-making. It encompasses both monetary and non-monetary
criteria, including as governance procedures, innovation, social contributions, employee
well-being, and environmental effect. These measurements offer a more thorough
picture of the performance of the company as a whole. To determine the ESG subjects
and concerns that are most important to the company and its stakeholders, an
integrated report includes a materiality evaluation (Edwards el at., 2010). This
evaluation aids in identifying the main reporting areas of focus and guarantees that the
report covers the subjects that have the most relevance to and influence on the value
creation of the company. An integrated report encourages openness, accountability, and
well-informed decision-making among stakeholders by providing a full view of an
organization's performance and value generation. It aids in positioning businesses as
responsible, mission-driven enterprises by assisting them in demonstrating their
dedication to sustainability, stakeholder involvement, and long-term value development.
Figure 4: Integrated Report
Conclusion
In the pharmaceutical sector, effective financial performance management is crucial to
organizational success. It involves the methodical research, measurements, and
enhancement of financial performance metrics in order to support managerial choices,
ensure profitability over the long run, and foster sustainability. By examining their ratios
of finance and key performance indicators, organizations can learn more about their
liquidity, working capital cycle, profitability, leverage, and valuation (Moynihan and
Pandey, 2010). These ratios offer a quantitative evaluation of the organization's
productivity, resource efficacy, and financial stability. Organizations can evaluate their
performance and pinpoint opportunities for development by comparing their financial
ratios over time and with rivals. By comparing the financial health of an organization to
its goals and competitive standards, it is able to completely understand it. Financial
growth can be fully managed using models such as the Balanced Scorecard. It allows
businesses to align their financial objectives with other strategy criteria including client
satisfaction, internal operations, and development and learning. It also enables
organizations to arrive at based on informed choices, which eventually results in
success and promotes a balanced view of performance (Ongore and Kusa, 2013). Even
while the economic success of a business does provide valuable information, it is
important to consider the limitations and likely fundamental hypotheses of financial
indicators. Further qualitative as well as quantitative components should be included in
financial analysis to provide a complete picture of an organization's success. For them
to effectively deal with the complexities of the market, generate profitability, and create
long-term value for those they serve, drug companies must efficiently manage their
finances.
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