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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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  "notes": "The slide uses a callout to explain why the S&M percentage is calculated against commercial revenues rather than total revenues.",
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      "kind": "callout",
      "text": "Sales and marketing expenses have been grossly inefficient at >50% of commercial revenues (S&M as a % of total revenue would be misleading as historically ~1/3rd of total revenues are royalties that should drop to the bottom line)",
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      "text": "Selling & Marketing (S&M) expenses as % of commercial revenues",
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      "kind": "source-note",
      "text": "Source: Alkermes corporate filings",
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      "text": "But commercial revenues have come at a tremendous cost (i.e., inefficient)",
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