{
  "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": 66,
  "pageCount": 74,
  "prevPage": 65,
  "nextPage": 67,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 14,
  "notes": "The chart uses a broken axis for the top two performers (NVO, LLY) to accommodate the scale.",
  "elementsJson": [
    "headline_text",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-7792191b0575/66",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-7792191b0575",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-7792191b0575.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-7792191b0575#slide-66",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.88
      },
      "kind": "callout",
      "text": "The Company is expected to generate worst-in-class returns on R&D and M&A.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4d02d261-44a1-4088-88d2-73899b601b52",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Expected Revenue Return on R&D + M&A Investments",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb4a1ea9-4b7b-41b3-b151-84e041a92d33",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Expected Revenue Return on R&D + M&A Investments: 10%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b66-7100-896b-d96039139053",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.03,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Public company filings and Bloomberg. (1) Cumulative R&D spend from 2019 to 2023. Includes IPR&D not captured by M&A. (2) Cumulative M&A spend from 2019 to 2023. (3) Cumulative R&D excludes estimated COVID-related R&D of $4 billion.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e9d8209a-29cb-4d51-a655-cccd9c29293e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe the Root Cause of Pfizer's Issues Are Its Low Expected Return on Organic and Inorganic R&D Investments",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "290571ec-20f5-4ea8-adb2-67c99b3bba32",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "192c6376-9499-4965-88f9-c63a05bf63b4",
      "evidence": "Benchmarking Pfizer against industry peers on R&D efficiency metrics.",
      "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
}