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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 chart uses a red bar to emphasize the outlier status of the 'PFE Consolidated Deals (Mgmt)' metric.",
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      "kind": "callout",
      "text": "The Company’s EV / Sales multiple for its M&A is higher than the industry median for the last 10 years.",
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      "text": "EV / Peak Sales by Transaction Year",
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      "text": "Source: Wall Street research and public company presentation. (1) Revenue multiple based upon 2030 sales. (2) Entire Biopharma Industry >$1bn in TEV.",
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      "kind": "title",
      "text": "Pfizer Appears to Have Overpaid For Its Post 2022 Acquisitions Based On the Company’s Own Sales Targets",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The document highlights the costs of Pfizer's poor capital allocation, including overpaying for acquisitions and losing value.",
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      "objective": "What are the consequences of Pfizer's poor capital allocation?",
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