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  "documentTitle": "Starboard Value | Activist Presentation Deck | 74 slides",
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  "authorName": "Starboard Value",
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  "presentationDate": "2024-10-01 00:00:00",
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  "notes": "Uses a funnel-like visual structure to connect specific operational issues to broader financial outcomes.",
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      "text": "Lower valuation multiple and levered balance sheet hamper future M&A, further limiting future growth",
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      "text": "The Company has lost approximately $20 to $60 billion in market value since 2019",
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      "text": "A: Historical Internal R&D Efficiency; B: Expected Future Returns on R&D; C: Capital Allocation; D: Forecasting and Budgeting",
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      "text": "Source: Bloomberg, Starboard estimates.",
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      "text": "We Believe the Company’s Market Value Decline Is Attributable to a Series of Issues",
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      "text": "Causes of Pfizer’s Market Value Decline",
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