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  "documentTitle": "Pfizer Inc. (PFE)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2024-10-01 00:00:00",
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  "pageNumber": 47,
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  "notes": "The slide uses a simple arithmetic bridge to show how different multiples (2.4x, 3.3x, 3.5x) applied to $13.3B in sales result in different implied values, compared against current market valuations.",
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      "kind": "callout",
      "text": "We believe the Company likely lost more than $20 billion in value from M&A.",
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      "text": "Bar chart showing values of $36, $24, $21 corresponding to 10 Year Median of Transaction Comps, Advertised Purchase Multiples, and Current PFE EV / Sales",
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      "text": "Value of M&A: $20bn",
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      "kind": "source-note",
      "text": "Source: Wall Street research and Bloomberg.",
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      "text": "Cons. Est. Sales $13.3; Market Multiple 2.4x, 3.3x, 3.5x; Value of M&A $32, $44, $47",
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      "kind": "title",
      "text": "Lower Sales Expectations at Market Multiples Suggest Significant Value Was Lost Through M&A",
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      "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.",
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