{
  "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",
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  "pageNumber": 5,
  "pageCount": 41,
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  "slideType": "expose_contradiction",
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  "density": "sparse",
  "nDataPoints": 10,
  "notes": "The slide uses a callout to emphasize that royalty revenue should have low expenses, making the operating loss even more notable.",
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  "slideHref": "/slides/019de075-3630-758c-9196-25f7a74eb952/5",
  "deckHref": "/decks/019de075-3630-758c-9196-25f7a74eb952",
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  "deckAnchorHref": "/decks/019de075-3630-758c-9196-25f7a74eb952#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.15,
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        "x": 0.68,
        "y": 0.55
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      "kind": "callout",
      "text": "Remarkably, for ~1/3rd of its revenue (royalties), expenses are de minimis",
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        "h": 0.5,
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        "x": 0.15,
        "y": 0.3
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      "kind": "chart",
      "text": "Alkermes Revenue vs Operating Loss",
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        "h": 0.03,
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      "kind": "source-note",
      "text": "Sources: Alkermes corporate filings",
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      "kind": "title",
      "text": "Alkermes touts recent revenue growth but with years of revenues exceeding $1 Bn, Alkermes continues to operate at a loss",
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      "evidence": "The slide explicitly contrasts high revenue with persistent operating losses to undermine management's narrative.",
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  "arcBeats": [
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      "beatId": "2e54f238-7c27-4c8c-8ab6-89c530a472a9",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "Slides 3-18 present the problem and the villain, highlighting Alkermes' poor performance and lack of accountability",
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      "parentBeatName": "Hook",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The document highlights the poor performance of Alkermes and the need for change",
      "position": 0,
      "objective": "What is the cost of inaction for Alkermes' shareholders?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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