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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": "The slide uses a dashed line to represent the blockbuster threshold and includes a callout box explaining the donation of royalties.",
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      "kind": "callout",
      "text": "Over $700mm BELOW \"Blockbuster\" threshold of $1 billion",
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      "text": "Royalties donated as part of SGEN acquisition, making the transaction even more expensive.",
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      "text": "Pfizer’s Bavencio Annual Sales ($mm)",
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      "kind": "paragraph",
      "text": "In March 2023, it was announced that our alliance with Merck KGaA to co-develop and co-commercialize Bavencio (avelumab) would terminate. Effective June 30, 2023, Merck KGaA took full control of the global commercialization of Bavencio.",
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      "kind": "source-note",
      "text": "Source: Public company filings. Quotes are bolded and underlined for emphasis.",
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      "text": "Bavencio ultimately did not become a blockbuster drug and will not contribute to revenue moving forward.",
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      "kind": "title",
      "text": "While Bavencio Was Approved, Its Revenue Contribution Fell Short of \"Blockbuster\" And Was Ultimately Divested",
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      "evidence": "The document agitates the problem by highlighting Pfizer's lack of internal innovation, failed products, and poor capital allocation.",
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