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  "documentTitle": "Pfizer Inc. (PFE)",
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  "notes": "The slide uses a series of quotes to establish a narrative of management over-promising or setting a specific expectation regarding R&D pipeline quality.",
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      "text": "Management repeatedly told investors Pfizer had the best pipeline in its history.",
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      "text": "Dr. Bourla Quotes on Pfizer's Pipeline Pre-COVID",
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      "text": "Now we are facing a very different situation. Right now, we are facing our last LOE. That will be Lyrica. That will happen in June of this year. And then we have a virtually LOE-free period until the end of 2025, so for a very long period of time. At the same time, we have likely the best pipeline we've ever had at the corporation.",
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      "text": "Today, we believe that we have the best pipeline in our history. To ensure we capitalize this incredible opportunity, we must remain highly focused on successful execution. In this context, I would reiterate that we continue not to see the need for any large-scale M&A activity at this time.",
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      "text": "But in this new scale, we retain all the growth drivers, all the products that are driving the growth and to retain the entire pipeline. As a result, this company will be, from day 1 after the separation, a best-in-class revenue growth, long term, sustainable story with a relatively unlevered balance sheet at this company and the best pipeline we ever had. So we can do miracles with this company.",
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      "text": "And if you take a big picture view, over the last decade, we have changed and refocused our approach to R&D. We have improved dramatically its productivity, and we have developed the best pipeline we ever had and one of the best, I believe, in the industry.",
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      "text": "We view this as a significant opportunity because 3 very positive trends are intersecting at the same time: first, macro trends such as an aging population and a rising middle class in emerging markets increasing the number of people seeking access to both innovative and established medicines; second, the continued advancement of what we believe is the best pipeline in our history with good breadth and strong innovation.",
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      "text": "“Today, we believe that we have the best pipeline in our history.” — Dr. Bourla, October 30, 2018; “At the same time, we have likely the best pipeline we've ever had at the corporation.” — Dr. Bourla, January 3, 2019; “what we believe is the best pipeline in our history” — Dr. Bourla, January 29, 2019; “the best pipeline we ever had” — Dr. Bourla, January 14, 2020; “the best pipeline we ever had and one of the best, I believe, in the industry.” — Dr. Bourla, January 28, 2020.",
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      "text": "Management Also Frequently Told Investors Pfizer Had the \"Best Pipeline\" Ever",
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