{
  "docId": "019de075-36db-7707-8915-892fe9583948",
  "docSlug": "e088071a33718c771716613bab08cb28",
  "documentTitle": "Sarissa Capital | Activist Presentation Deck | 95 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": 25,
  "pageCount": 95,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "thesis_headline",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": "Uses a cartoon illustration to emphasize the 'easy money' narrative.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de075-36db-7707-8915-892fe9583948/25",
  "deckHref": "/decks/019de075-36db-7707-8915-892fe9583948",
  "deckJsonHref": "/decks/019de075-36db-7707-8915-892fe9583948.json",
  "deckAnchorHref": "/decks/019de075-36db-7707-8915-892fe9583948#slide-25",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.63,
        "y": 0.25
      },
      "kind": "callout",
      "text": "Expenses associated with royalties should be de minimis",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce20f62b-3d53-448f-9311-2ca31c119e45",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.45,
        "x": 0.07,
        "y": 0.295
      },
      "kind": "chart",
      "text": "Royalty Revenue Breakout",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "410bc989-4c5f-41cd-8192-6e1d9d367a6d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.25,
        "x": 0.65,
        "y": 0.4
      },
      "kind": "image",
      "text": "Hands holding dollar signs",
      "attrs": null,
      "subkind": "illustration",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "10c87eaa-b18c-48c7-8395-4d33333ef8d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.02,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Royalties in 2022 negatively impacted by dispute with JNJ. Source: Alkermes corporate filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9d79fcc-c432-4d18-bac5-6ec8cdc27bc2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Collecting these royalties is incredibly lucrative and straightforward, like collecting checks",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6db904ab-7814-49a3-9278-796a6fe55c85",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 77,
      "from": 4,
      "beatId": "a83e7dc1-821d-4dd1-9d31-0dc7f5e2a605",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document repeatedly exposes contradictions in Alkermes' strategies and performance",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 76,
      "from": 20,
      "beatId": "e138ce19-87e9-4f77-98f8-9b0d2dd59e9c",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The document critiques Alkermes' management and board, particularly CEO Pops",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}