{
  "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": 52,
  "pageCount": 95,
  "prevPage": 51,
  "nextPage": 53,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a 'villain' framing technique to highlight management inconsistency.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de075-36db-7707-8915-892fe9583948/52",
  "deckHref": "/decks/019de075-36db-7707-8915-892fe9583948",
  "deckJsonHref": "/decks/019de075-36db-7707-8915-892fe9583948.json",
  "deckAnchorHref": "/decks/019de075-36db-7707-8915-892fe9583948#slide-52",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.4,
        "x": 0.55,
        "y": 0.7
      },
      "kind": "callout",
      "text": "April 2023 (only months later) – Pops states no clinical trial data prior to spin",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b7f6cec-b075-41d5-9ce0-73d89c7ef594",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.4,
        "x": 0.05,
        "y": 0.73
      },
      "kind": "callout",
      "text": "November 2022 – Pops promises data prior to oncology spin",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93cf599b-d382-4cb5-b4a5-8ec00e3af9c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.52,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Alkermes 1Q2023 Earnings (April 2023)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ceee93c-a518-43e7-a936-396909efe467",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Alkermes 3Q2022 Earnings (November 2022)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6776d3f-f29d-4c6d-b7f5-b2da5e35d293",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.52,
        "y": 0.49
      },
      "kind": "quote",
      "text": "Richard Pops: '...So the punch line to your question on the clinical trial is that we're going to spin while both ARTISTRY-6 and ARTISTRY-7 are still underway and blinded....'",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "66ac2eab-58cd-41f5-bfaf-ca984946dbd4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.05,
        "y": 0.52
      },
      "kind": "quote",
      "text": "Richard Pops: '...By the time we spin, we'll have very precise understandings about readouts, interim looks, if any, and other data that will augment the value proposition for the spin.'",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e51b9a90-94fb-4050-aaff-a9d51fe29b13",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Pops known to overpromise and underdeliver – here on timing of oncology updates",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db3cfcd4-3292-44f4-870e-74cf2586aa4b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "CEO quote contradiction",
      "slug": "ceo-quote-contradiction",
      "agent": null,
      "layer": "slide",
      "matchId": "d6e779fd-0793-4717-b3d2-aac157af7c4f",
      "evidence": "Richard Pops' quotes show contradictory statements about clinical trial data prior to spin.",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "66218030-d3e1-45ea-af4e-fc2ccb79aa47",
      "evidence": "Direct comparison of two conflicting statements from the same CEO.",
      "confidence": 1
    }
  ],
  "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": [
    {
      "to": 60,
      "from": 48,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "1e512f1a-100d-4df0-aa13-d0cb7ab19cde",
      "evidence": "The document emphasizes the consequences of not taking action to change Alkermes' board and model",
      "position": 2,
      "objective": "To highlight the cost of inaction for shareholders",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}