{ "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": 62, "pageCount": 74, "prevPage": 61, "nextPage": 63, "slideType": "ceo_quote", "function": "cite_precedent", "density": "overcrowded", "nDataPoints": 1, "notes": "The slide uses a dialogue format between a GS Analyst and the Pfizer CEO to validate the investor's thesis.", "elementsJson": [ "headline_text", "quote_block", "headshot", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6da-7792191b0575/62", "deckHref": "/decks/019dd923-622b-71dc-a6da-7792191b0575", "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-7792191b0575.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-7792191b0575#slide-62", "components": [ { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "callout", "text": "Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "592f3fc5-1813-4742-97ac-520d4d3c6d00", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.1, "x": 0.85, "y": 0.5 }, "kind": "image", "text": "Albert Bourla", "attrs": null, "subkind": "headshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6d28108e-c624-4028-94fa-5b46b185afc5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.08, "x": 0.08, "y": 0.21 }, "kind": "image", "text": "Keyur Parekh", "attrs": null, "subkind": "headshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9ed10841-845f-47b7-ac1a-ae7b0799b02a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Excerpt From 2019 Goldman Sachs Conference (January 3, 2019)", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5b47065f-7b6e-4a84-bed8-e3a86c7c1d39", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.15, "y": 0.21 }, "kind": "quote", "text": "But as you think about what markers you want to set for the company in the near term, so maybe in 12 months' time, kind of on a 3-year view or a 5-year view, how do you deem success over the short term?:", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "227f3b2f-26a4-4852-9445-55f9cd250d3f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.8, "x": 0.04, "y": 0.4 }, "kind": "quote", "text": "I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... And the purpose of the pharma company is to bring breakthrough products that change patients' lives... So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years... and that will be success.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b213016e-d0fe-45f0-89f2-95e193b60a45", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... And the purpose of the pharma company is to bring breakthrough products that change patients' lives... So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla, Pfizer Chair and CEO", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b66-7100-896c-1d8ce8bbf457", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "We Agree with Management – TSR and Innovation Are the Defining Characteristics of Success for a Pharma Company", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8a106fe8-3273-4929-b5fc-c7515b9382c8", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "72efbc75-2270-430c-b47a-4c0cdc9af1cd", "evidence": "Using CEO quote to validate investment thesis", "confidence": 0.9 } ], "arcBeats": [ { "to": 74, "from": 61, "beatId": "2f655379-f0eb-4ab4-834d-dbd332abba28", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution (Provide relief)", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The document urges the board to take action to improve Pfizer's performance, including holding management accountable for improving returns on capital.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "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 }