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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": 55,
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  "notes": "The slide uses a bar chart to contrast historical performance with management's 2023 guidance, implying the guidance is overly optimistic given inventory levels.",
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      "kind": "callout",
      "text": "Lower COVID sales based on (i) inventory absorption and (ii) management's assumed level of normalized utilization",
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      "text": "COVID sales: $21.5bn",
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      "text": "Source: Public company filings and transcripts.",
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      "text": "While management recognized 2022 COVID-19 sales resulted in an inventory build-up, it still assumed a significant level of COVID sales in 2023 with increases thereafter.",
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      "kind": "title",
      "text": "Pfizer Guided to 2023 COVID Sales of $21.5 Billion Based On Inventory Absorption and Normalized Utilization",
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