{
  "docId": "019dd923-622b-71dc-a6da-7792191b0575",
  "docSlug": "ca94acfa263b",
  "documentTitle": "Pfizer Inc. (PFE)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-10-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 42,
  "pageCount": 74,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "other",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 5,
  "notes": "The slide uses a bracket to aggregate the total investment value.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_vertical",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-7792191b0575/42",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-7792191b0575",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-7792191b0575.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-7792191b0575#slide-42",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.25,
        "y": 0.28
      },
      "kind": "callout",
      "text": "The Company invested nearly $70 Billion in M&A since the pandemic",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a357179-d63b-469e-8029-1385f3325bfd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "The Company used more than its COVID cash benefit on large M&A transactions.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b66-7100-896a-07be1bc839d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.84,
        "x": 0.08,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Select PFE Transactions ($bn)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5675dfc7-ec8a-4f8c-81c3-4fe6c618cd37",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "M&A spend: $70bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b66-7100-896a-098bc06f5949",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.05,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Public company filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01439dda-ff0d-4587-9630-f3b60b8d34e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "subtitle",
      "text": "The Company used its COVID-19 cash benefit to make multiple large acquisitions.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fccc6787-e03e-4cfc-98c9-1ead05b7b6cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "title",
      "text": "The Company used more than its COVID cash benefit on large M&A transactions.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dddc6687-3a0c-4c74-89bd-0b53a29b1cc6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Pfizer Pursued Significant Inorganic Investments Over the Last Five Years",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f519d303-4f62-4a3f-af0d-9b21f695e8fc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "d6e3e214-1440-444b-9757-e9c9c7897d62",
      "evidence": "chart/bar-vertical: Select PFE Transactions ($bn)",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 60,
      "from": 11,
      "beatId": "06f958bd-fafa-4ea3-a570-c80d16e2354b",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document highlights several issues with Pfizer's strategy, including its poor capital allocation and forecasting and budgeting issues, which have made its performance worse.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 73,
      "from": 10,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "54ce6058-bed8-43c5-8780-84fb43f33c5e",
      "evidence": "The document highlights the significant losses in value that Pfizer has experienced due to its poor performance, and urges the board to take action to improve this.",
      "position": 0,
      "objective": "What are the consequences of not improving Pfizer's performance?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    },
    {
      "to": 73,
      "from": 3,
      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "f6f940a6-6451-4a43-940f-82e2afbdbeb8",
      "evidence": "The document presents several potential solutions to improve Pfizer's performance, including improving its return on R&D investments and holding management accountable for improving performance.",
      "position": 1,
      "objective": "Can Pfizer achieve higher returns on capital?",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.6,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}