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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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  "pageNumber": 47,
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  "slideType": "valuation_table",
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  "nDataPoints": 12,
  "notes": "The slide uses a combination of a table and a bar chart to illustrate the delta in valuation.",
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  "slideHref": "/slides/019de077-4c75-7299-85f2-8570aa012761/47",
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      "kind": "callout",
      "text": "We believe the Company likely lost more than $20 billion in value from M&A.",
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      "text": "Bar chart showing values of $36, $24, and $21 for 10 Year Median, Advertised Multiples, and Current PFE EV/Sales",
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      "text": "Source: Wall Street research and Bloomberg.",
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      "kind": "table",
      "text": "Cons. Est. Sales $13.3 / Market Multiple 2.4x, 3.3x, 3.5x / Value of M&A $32, $44, $47",
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      "kind": "title",
      "text": "Lower Sales Expectations at Market Multiples Suggest Significant Value Was Lost Through M&A",
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      "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",
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