Key Performance Indicators for Phizer and Merk

In: Business and Management

Submitted By gfhuntley
Words 1624
Pages 7
Key Performance Indicators for Pfizer and Merck

Overview

In recent years, auditors have increased the amount of attention they give to nonfinancial measures because these measures can be very helpful in assessing the risk of revenue frauds. Most frauds of this nature involve accounting personnel falsifying financial information with the intent of materially misstating the financial statements. Nonfinancial measures are much more difficult for accounting personnel to manipulate, especially those produced independently; therefore, auditors have increasingly used these nonfinancial measures to help them detect fraud. In order to utilize the nonfinancial information of a company for auditing purposes, auditors must select Key Performance Indicators (KPIs) for the company or industry. By compiling KPIs for a company and its competitor(s), the audit team can compare the nonfinancial measures and the effects they might have on the financial statements. The purpose of this paper is to identify three KPIs for Pfizer, Inc. and compare these measures with those of Merck & Company, Inc. Both of these companies focus mainly on the development and sale of pharmaceutical drugs. The success of companies in this industry relies greatly on research and development of new drugs. New drugs stay in the research and development phase until they are granted FDA approval. For this reason, we have selected number of FDA approvals as a KPI for Pfizer and Merck. The pharmaceutical industry is fiercely competitive. Manufacturers of drugs are constantly coming out with new drugs that compete with existing drugs on the market. This makes it very difficult for company’s drugs to maintain their market share from year to year. For this reason, we have decided our second KPI will be the ratio of drugs that have increased in sales over the last year to drugs that have…...

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