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  "documentTitle": "Pfizer Inc. (PFE)",
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  "notes": "The slide uses a callout to highlight that royalties were donated, framing the divestment as a negative financial outcome.",
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      "kind": "callout",
      "text": "Over $700mm BELOW \"Blockbuster\" threshold of $1 billion",
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      "text": "Pfizer's Bavencio Annual Sales ($mm)",
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      "text": "Annual Sales: $271mm",
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      "text": "In March 2023, it was announced that our alliance with Merck KGaA to co-develop and co-commercialize Bavencio (avelumab) would terminate. Effective June 30, 2023, Merck KGaA took full control of the global commercialization of Bavencio.",
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      "text": "“In March 2023, it was announced that our alliance with Merck KGaA to co-develop and co-commercialize Bavencio (avelumab) would terminate. Effective June 30, 2023, Merck KGaA took full control of the global commercialization of Bavencio. Beginning in the third quarter of 2023, the related profit share was replaced by a 15% royalty to Pfizer on net sales of Bavencio.” “Additionally, we will no longer record royalties from U.S. sales of Bavencio, as we have irrevocably chosen to donate the right to such royalties to the American Association for Cancer Research.” — 2023 Pfizer 10-K",
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      "text": "Bavencio ultimately did not become a blockbuster drug and will not contribute to revenue moving forward.",
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      "text": "While Bavencio Was Approved, Its Revenue Contribution Fell Short of \"Blockbuster\" And Was Ultimately Divested",
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