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  "documentTitle": "Sarissa Capital | Activist Presentation Deck | 95 slides",
  "authorId": "sarissa-capital",
  "authorName": "Sarissa Capital",
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  "presentationDate": "2023-06-01 00:00:00",
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  "pageNumber": 23,
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  "notes": "Uses a 'House That Pops Built' illustration to visually represent the company as unstable or poorly constructed.",
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      "kind": "list",
      "text": "Royalties: Valuable royalty revenue for out-licensed technologies that should fall directly to the bottom line and reward shareholders (do not). Commercial: Large revenue potential but commercial model is subscale and fails to reach the economies of scale of larger pharma companies. Manufacturing: Alkermes manufactures drugs for itself and commercial partners but we believe not at a profit, are undersized and have had mishaps and delays. Research and Development: Inefficient R&D spend and a large proportion of revenues. Ex., its foray into cancer does not build on its expertise in neuropsychiatry",
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      "kind": "title",
      "text": "At its core, Alkermes is a patchwork of subscale businesses with bloated expenses",
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      "evidence": "The slide frames the company as a 'patchwork' of failures to justify activist intervention.",
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