{
  "docId": "019de075-3630-758c-9196-25f7a74eb952",
  "docSlug": "7e832f58890c6d5f3f05fff919c18d79",
  "documentTitle": "Sarissa Capital | Activist Presentation Deck | 41 slides",
  "authorId": "sarissa-capital",
  "authorName": "Sarissa Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-06-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 24,
  "pageCount": 41,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Uses a callout box to link a specific text point to a financial impact.",
  "elementsJson": null,
  "metadataConfidence": 1,
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  "slideHref": "/slides/019de075-3630-758c-9196-25f7a74eb952/24",
  "deckHref": "/decks/019de075-3630-758c-9196-25f7a74eb952",
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  "deckAnchorHref": "/decks/019de075-3630-758c-9196-25f7a74eb952#slide-24",
  "components": [
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      "bbox": {
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      "kind": "callout",
      "text": "As Sarissa has highlighted, Alkermes’ manufacturing is subscale, fraught with missteps and likely unprofitable",
      "attrs": null,
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      "kind": "callout",
      "text": "In the third quarter 2022 financial results, Vumerity manufacturing revenue fell because of issues manufacturing commercial batches",
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      "kind": "list",
      "text": "The relationship between Alkermes and Biogen has changed substantially since 2021. The Company’s agreement with Sarissa relating to potential Board candidates was made in April 2021, over two years ago. Since 2021, Alkermes’ relationship with Biogen has become more adversarial in nature, with the parties invoking the dispute resolution provisions of the license agreement to address multiple previously disclosed issues related to VUMERITY manufacturing. Alkermes receives a 15% royalty on Biogen’s worldwide net sales of VUMERITY. VUMERITY accounts for approximately $114 million in Alkermes’ revenues annually based on Q1 2023 LTM",
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      "kind": "source-note",
      "text": "Sources: Alkermes proxy materials, Alkermes corporate filings and press releases",
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      "componentId": "7fddec38-2e54-402c-a9e2-e59b8d050163",
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      "bbox": {
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      "kind": "title",
      "text": "Alkermes admits that its disputes with Biogen center around Alkermes’ issues with manufacturing Vumerity",
      "attrs": null,
      "subkind": "headline",
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  "metrics": [],
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      "evidence": "The slide explicitly frames the company's disclosures as an admission of failure to support an activist narrative.",
      "confidence": 0.8
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  "arcBeats": [
    {
      "to": 30,
      "from": 19,
      "beatId": "de9e60d9-86bd-4a3a-8fc5-c59223e88b7f",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Slides 19-30 present the struggle, highlighting the need for change and the obstacles to be overcome",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
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  ],
  "loops": [
    {
      "to": 25,
      "from": 20,
      "name": "Voice Of Customer",
      "slug": "51-voice-of-customer",
      "bestFor": "Product strategy, customer experience, market research",
      "matchId": "1ae9ddc0-456d-49fa-8255-715d6bb417d4",
      "evidence": "The document presents Sarissa's nominees and their qualifications",
      "position": 1,
      "objective": "What do Sarissa's nominees bring to the table?",
      "structure": "What Customers Say (Verbatim) -> The Pattern Across Voices -> The Insight -> The Response",
      "confidence": 0.6,
      "description": "Let customer quotes and feedback drive the narrative and validate the insight"
    }
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  "locked": true
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