{ "docId": "019dd923-622b-71dc-a6da-84595e2c37a3", "docSlug": "08680a75fcb3", "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": 13, "pageCount": 74, "prevPage": 12, "nextPage": 14, "slideType": "cite_precedent", "function": "cite_precedent", "density": "overcrowded", "nDataPoints": 4, "notes": "The slide uses external validation to support a thesis about the company's strategic positioning.", "elementsJson": [ "headline_text", "quote_block", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6da-84595e2c37a3/13", "deckHref": "/decks/019dd923-622b-71dc-a6da-84595e2c37a3", "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-84595e2c37a3.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-84595e2c37a3#slide-13", "components": [ { "bbox": null, "kind": "callout", "text": "Wall Street analysts believed the Company was well-positioned.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6eb-753a-a393-087d3c5e9d1d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.94, "x": 0.03, "y": 0.25 }, "kind": "quote", "text": "PFE best positioned for top-line growth among large cap pharma with the pipeline capable of replenishing 41% of the FY17 revenue base by FY25 (vs. peers 7%), well in excess of the 16% of sales exposed to generic/biosimilar headwinds (vs. peers 42%).", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3f0ecbb5-a2d9-4d2c-8acf-46016df326a7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.94, "x": 0.03, "y": 0.46 }, "kind": "quote", "text": "Perhaps the greatest legacy of outgoing CEO Ian Read is a reinvigorated R&D pipeline that should sustain top-line growth beyond key patent expirations.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "93858ff4-98cb-4f05-84f8-2695de0f1722", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.94, "x": 0.03, "y": 0.67 }, "kind": "quote", "text": "Pfizer has had pipeline success in 2018 with surprisingly good data from Tafamidis, Tanezumab meeting efficacy endpoints in smaller duration phase-3 trials but with questions on safety remaining.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d7ebb74d-e851-4b83-8f4f-96d2255155e7", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"PFE best positioned for top-line growth among large cap pharma with the pipeline capable of replenishing 41% of the FY17 revenue base by FY25 (vs. peers 7%), well in excess of the 16% of sales exposed to generic/biosimilar headwinds (vs. peers 42%). While near-term growth will be depressed by the loss of Lyrica, we believe investors will look through this to a period of renewed growth. Post-Lyrica LOE, we model revenue CAGR rising to 7.7% (FY20-25) from 2.7% (FY17-20).\" — Atlantic Equities, November 27, 2018; \"Perhaps the greatest legacy of outgoing CEO Ian Read is a reinvigorated R&D pipeline that should sustain top-line growth beyond key patent expirations. We expect new CEO Bourla to leverage this significant boost in late-stage R&D assets to a level that could preclude the need for M&A or financial engineering\" — Oppenheimer, December 11, 2018; \"Pfizer has had pipeline success in 2018 with surprisingly good data from Tafamidis, Tanezumab meeting efficacy endpoints in smaller duration phase-3 trials but with questions on safety remaining, early encouraging data from next-gen JAK's for Inflammation and advancement of 20-valent pneumococcal vaccine into phase-3. We believe these events have a played a key role in changing the narrative on Pfizer from an M&A/Split story to a pipeline/growth story.\" — UBS, January 22, 2019", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6eb-753a-a393-0e8e5c66cbd4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Wall Street Research. Quotes are bolded and underlined for emphasis.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bdcad761-b258-4154-91fd-9febb611de59", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.89 }, "kind": "title", "text": "Wall Street analysts believed the Company was well-positioned.", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "30fdf274-cfbe-4999-ba5f-35f0eb70273d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "In 2019, Wall Street Analysts Were Optimistic About Pfizer’s Pipeline and Future Prospects", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a75bcfef-e9da-43e2-a72c-2f2fe632b368", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "2154e6ea-46fd-481d-ae3a-5a1c4be6dcc7", "evidence": "Uses quotes from financial analysts to validate a strategic thesis.", "confidence": 0.9 } ], "arcBeats": [ { "to": 31, "from": 11, "beatId": "70a41b1b-59a4-4dcf-8d45-92e3a16e689b", "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 various challenges facing Pfizer, including lack of internal innovation and poor capital allocation.", "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": "28cefacd-d8d3-4ae9-ba09-ae3e05acdb07", "evidence": "The document highlights the potential costs of inaction for Pfizer, including continued underperformance and loss of value.", "position": 0, "objective": "What are the costs of inaction for Pfizer?", "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": 71, "from": 11, "name": "Mece Breakdown", "slug": "40-mece-breakdown", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "matchId": "02f3fffa-109d-4115-8a3f-00c62628d55f", "evidence": "The document proposes a breakdown of Pfizer's challenges and potential solutions.", "position": 1, "objective": "How can Pfizer improve its performance?", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "confidence": 0.7, "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }