{
  "docId": "019de077-4c75-7299-85f2-8570aa012761",
  "docSlug": "bc27eff688e591dce79cc29b4a79cc4b",
  "documentTitle": "Starboard Value | Activist Presentation Deck | 74 slides",
  "authorId": "starboard-value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-10-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 32,
  "pageCount": 74,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses highlighted text to draw attention to specific claims within the quotes.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de077-4c75-7299-85f2-8570aa012761/32",
  "deckHref": "/decks/019de077-4c75-7299-85f2-8570aa012761",
  "deckJsonHref": "/decks/019de077-4c75-7299-85f2-8570aa012761.json",
  "deckAnchorHref": "/decks/019de077-4c75-7299-85f2-8570aa012761#slide-32",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.89
      },
      "kind": "callout",
      "text": "The Company told investors GLP-1s were a $10 billion sales opportunity.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "041e2c59-53a3-471d-b538-f257bb4b26dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.94,
        "x": 0.03,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Excerpts from Company Transcripts",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "689f4d2f-320e-453d-a1c6-34479a8a7ecd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.94,
        "x": 0.03,
        "y": 0.21
      },
      "kind": "quote",
      "text": "Now we will see how things will evolve. But that's one clearly. GLP-1, clearly, everybody is excited about that. I believe that it is something that could -- we said that we think it could be $10 billion product for us in a market that could be $90 billion. So it's not part of this calculation, but it is a major upside if we get it right. Again, we think that we'll be very few players that will play in the oral GLP-1, us and Lilly. Clearly, we are going to be one of them. We think the data should show which one has a better profile. We believe and we hope that we will have. But no matter what, it's going to be so big a market that it's going to be a very big product for both of us, I think. Albert Bourla (PFE CEO) January 9, 2023",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d042cc72-7859-4563-855b-0350b57c8126",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.41,
        "w": 0.94,
        "x": 0.03,
        "y": 0.47
      },
      "kind": "quote",
      "text": "We're happy to speak about our exciting GLP-1 programs. We have 2 programs, right, danuglipron and then PF-1532, which we now refer to as lotiglipron. So we believe that it's going to be a $90 billion market opportunity set in 10 years, a little bit beyond 2030 across type 2 diabetes and obesity. We believe that oral GLP-1s will take 30% of this opportunity in a Pfizer oral GLP-1, either danuglipron or lotiglipron could garner about 1/3 of that oral segment. So the math calculation here is 30% share of $90 billion and then 1/3 of that $27 billion, that gets you to about $9 billion in the U.S. And internationally, today, 90% of sales -- or globally, today, 90% of sales of GLP-1s occur in the U.S. given price realization and market access. So we expect about 10% for international, assuming nothing changes in that dynamic. And that's how we get to our $10 billion global opportunity for Pfizer oral GLP-1. Andy Schmeltz (PFE Global President of Oncology) February 16, 2023",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2e8bb06-9173-4941-9709-49270f32d812",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Public company transcripts. Quotes are bolded and underlined for emphasis.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b31dea30-e334-4012-9f7e-d664546dc99e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.94,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "At the Beginning of 2023, the Company Also Set a $10 Billion Sales Target for GLP-1s",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4303d628-c7ff-49ef-8d56-8a6cd987ecbd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "8098c6b1-6c43-464b-8da8-6fbd3569d904",
      "evidence": "Uses executive quotes to establish a baseline expectation that is later challenged.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}