{
  "docId": "019dd923-622c-750b-8b9b-7e7228555e88",
  "docSlug": "36c903ba19aa",
  "documentTitle": "Allergan, Inc. (AGN)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-22 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.70665085,
  "pageNumber": 33,
  "pageCount": 110,
  "prevPage": 32,
  "nextPage": 34,
  "slideType": "problem_statement",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 4,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-7e7228555e88/33",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88#slide-33",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.09,
        "y": 0.13
      },
      "kind": "callout",
      "text": "High-risk, low-return",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8f626de6-14b9-4332-949e-7208746023b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.09,
        "y": 0.27
      },
      "kind": "list",
      "text": "High-Risk: Only 4% of pre-clinical compounds become approved medications",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "165c29e6-81a2-4462-957d-b904800048ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.09,
        "y": 0.33
      },
      "kind": "list",
      "text": "Low-Return: Total cost per drug $1.3bn, up 10x since 1975; A 10- to 15-year investment to develop a novel drug; 4.8% industry average ROI on R&D investment",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64752abf-eb74-4b4b-a784-2c39984ae8c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.09,
        "y": 0.19
      },
      "kind": "list",
      "text": "The Traditional model: Large, fixed-cost R&D organization; Discovery -> Formulation -> Pre-clinical trials -> Scale-up -> Clinical trials",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f83406b-91fd-4ec6-981c-39a4d6ed3a3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "industry average ROI: 4.8%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d3-71df-9942-2308fd979c59",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.09,
        "y": 0.48
      },
      "kind": "source-note",
      "text": "(1) Getting Pharmaceutical R&D Back on Target; Mark E. Bunnage; Nature America, Inc. (2) The Pharmaceutical Industry and Global Health Facts and Figures 2012; IFPMA. (3) Measuring the Return from Pharmaceutical Innovation in 2013; Deloitte / Thomson Reuters.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06d5e610-2279-4449-8087-5b48289a2bf2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.09,
        "y": 0.09
      },
      "kind": "title",
      "text": "Traditional Pharma R&D Model is Broken",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a3ed74ec-af9b-403e-bcef-e8d14798af00",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}