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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 37 slides",
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  "authorName": "Icahn Enterprises",
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  "presentationDate": "2023-04-01 00:00:00",
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  "notes": "The slide uses a dual-axis chart to contrast rising R&D investment with slowing growth metrics.",
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      "kind": "chart",
      "text": "Combo chart showing Core R&D spend (bars) and R&D as % of Revenue (line) from 2012-2022",
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      "text": "Only two sequencing systems have launched under CEO Francis deSouza\nLonger product / refresh cycles are stifling revenue growth\nWhere is the investment in R&D going?",
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      "kind": "source-note",
      "text": "Source: Company filings; Bloomberg. Figures are for Core ILMN, excluding the impact from GRAIL, Helix, and one-time costs",
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      "text": "UNDER DESOUZA, R&D CONTINUES TO CLIMB WHILE PRODUCT CYCLES LENGTHEN AND REVENUE GROWTH SLOWS.",
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      "kind": "title",
      "text": "CORE ILLUMINA FAILURES: REVENUE GROWTH AND R&D",
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