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  "documentTitle": "Starboard Value | Activist Presentation Deck | 74 slides",
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  "authorName": "Starboard Value",
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  "notes": "Uses authority bias to validate the activist's thesis that the company was already well-positioned for growth.",
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      "text": "Select Quotes from Wall Street Research Analysts",
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      "text": "“Perhaps the greatest legacy of outgoing CEO Ian Read is a reinvigorated R&D pipeline that should sustain top-line growth beyond key patent expirations. We expect new CEO Bourla to leverage this significant boost in late-stage R&D assets to a level that could preclude the need for M&A or financial engineering” Oppenheimer, December 11, 2018",
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      "text": "“Pfizer has had pipeline success in 2018 with surprisingly good data from Tafamidis, Tanezumab meeting efficacy endpoints in smaller duration phase-3 trials but with questions on safety remaining, early encouraging data from next-gen JAK's for Inflammation and advancement of 20-valent pneumococcal vaccine into phase-3. We believe these events have a played a key role in changing the narrative on Pfizer from an M&A/Split story to a pipeline/growth story.” UBS, January 22, 2019",
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      "text": "“PFE best positioned for top-line growth among large cap pharma with the pipeline capable of replenishing 41% of the FY17 revenue base by FY25 (vs. peers 7%), well in excess of the 16% of sales exposed to generic/biosimilar headwinds (vs. peers 42%). While near-term growth will be depressed by the loss of Lyrica, we believe investors will look through this to a period of renewed growth. Post-Lyrica LOE, we model revenue CAGR rising to 7.7% (FY20-25) from 2.7% (FY17-20).” Atlantic Equities, November 27, 2018",
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      "text": "Wall Street analysts believed the Company was well-positioned.",
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      "text": "In 2019, Wall Street Analysts Were Optimistic About Pfizer’s Pipeline and Future Prospects",
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