{
  "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": 43,
  "pageCount": 74,
  "prevPage": 42,
  "nextPage": 44,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a visual comparison to contrast the $70B spend against the $20.5B revenue target, implying poor capital allocation.",
  "elementsJson": null,
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019de077-4c75-7299-85f2-8570aa012761/43",
  "deckHref": "/decks/019de077-4c75-7299-85f2-8570aa012761",
  "deckJsonHref": "/decks/019de077-4c75-7299-85f2-8570aa012761.json",
  "deckAnchorHref": "/decks/019de077-4c75-7299-85f2-8570aa012761#slide-43",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.25,
        "x": 0.15,
        "y": 0.4
      },
      "kind": "callout",
      "text": "The Company spent nearly $70 billion on M&A at an implied ~3.3x \"peak\" revenue multiple",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8dcacba2-b492-448e-aef4-4a519ead3cfe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.71,
        "w": 0.308,
        "x": 0.276,
        "y": 0.236
      },
      "kind": "chart",
      "text": "2030 Potential Risk Adjusted Revenues",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c6ddc930-20a5-4ecf-9102-a689d13aeb37",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.19,
        "y": 0.9
      },
      "kind": "paragraph",
      "text": "Pfizer management expects these transactions to contribute >$20.5 billion in revenue by 2030.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "028a65e9-6459-49de-af03-0bffc2f89d0b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.15,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Public company presentation.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2be1e5ca-acfd-4f69-a992-111ec5322fe6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "The Company Expects Its Acquisitions Since 2022 to Generate >$20.5 Billion in Sales by 2030",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a27fd372-bc4e-43b5-959b-10f01365e9f4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "837344b1-5581-4d8d-80bd-f888510f7ee1",
      "evidence": "The slide contrasts management's optimistic revenue projections with the high cost of acquisition to imply poor performance.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 50,
      "from": 42,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "5cfd6c38-7f54-40a4-89ca-d5f3ce72ca30",
      "evidence": "The document highlights the costs of Pfizer's poor capital allocation, including overpaying for acquisitions and losing value.",
      "position": 1,
      "objective": "What are the consequences of Pfizer's poor capital allocation?",
      "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
}