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  "documentTitle": "Sarissa Capital | Activist Presentation Deck | 17 slides",
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  "authorName": "Sarissa Capital",
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  "notes": "Uses a hub-and-spoke layout to attribute multiple critical statements to the ISS report.",
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      "kind": "callout",
      "text": "“[T]he persistently negative operating margins, even in the face of the company's commitment to profitability targets, is troubling”",
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      "kind": "callout",
      "text": "“[T]he persistent negative return on investment at ALKS is unsustainable.”",
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      "text": "“[T]he company's leadership has not demonstrated a commitment to lowering costs... there is risk that the pending windfall [from the Jansen settlement] will be squandered...”",
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      "text": "“[T]he implication of this trend [significant increases in SG&A spend relative to sales] is that the company's leadership lacks either the ability or the desire to reduce spending relative to revenue”",
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      "kind": "callout",
      "text": "“The persistently low gross margin is the problem, not the change in recent quarters.”",
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      "text": "Source: ISS Report (6/16/2023)",
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      "text": "Independent proxy advisory firm ISS recognizes that “leadership lacks either the ability or the desire to reduce spending relative to revenue”",
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