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  "documentTitle": "Sarissa Capital | Activist Presentation Deck | 41 slides",
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  "authorName": "Sarissa Capital",
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  "presentationDate": "2023-06-01 00:00:00",
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  "notes": "Uses a high-jump metaphor to illustrate the gap between management performance and shareholder expectations.",
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      "kind": "callout",
      "text": "What shareholders expect: maximizing shareholder value",
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      "text": "What Alkermes provides: low bar of “non-GAAP” net income targets that also allow the company to “adjust” numbers to meet/exceed its targets",
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      "text": "Low jump silhouette",
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      "kind": "source-note",
      "text": "*NGNI: Non-GAAP net income. Sources: Alkermes DEFA14A (6/7/2023) and corporate presentation (6/7/2023)",
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      "text": "Alkermes’ profitability targets are squishy, with the bar set low and do not seek to maximize shareholder value",
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