{
  "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": 60,
  "pageCount": 74,
  "prevPage": 59,
  "nextPage": 61,
  "slideType": "testimonial",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses bolded and underlined text within quotes to highlight key negative sentiment.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de077-4c75-7299-85f2-8570aa012761/60",
  "deckHref": "/decks/019de077-4c75-7299-85f2-8570aa012761",
  "deckJsonHref": "/decks/019de077-4c75-7299-85f2-8570aa012761.json",
  "deckAnchorHref": "/decks/019de077-4c75-7299-85f2-8570aa012761#slide-60",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.9
      },
      "kind": "callout",
      "text": "The massive earnings guidance miss significantly damaged management's credibility.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2264a1ba-9f12-4cb4-a8ec-438549907e57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.94,
        "x": 0.03,
        "y": 0.21
      },
      "kind": "quote",
      "text": "Investors in PFE have been battered twice in the last 2 weeks - the first came with danuglipron's failure (oral GLP1),the second with the new guidance. No doubt there was an element of capitulation... In other words, despite a year of major underperformance, it's hard to say PFE's a \"buy.\" Some credibility has been lost, and the near-term catalyst path is not a strong one.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "556dceb3-0ddc-460f-95e7-2b0f28a3a314",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.94,
        "x": 0.03,
        "y": 0.43
      },
      "kind": "quote",
      "text": "Given the high number of questions we have received on EPS and margin dynamics and the implications for 2025 results, we do not see today's update as a clearing event. Today's update essentially should provide a floor on COVID estimates and EPS, in our view. However, there remains a significant amount of uncertainty on what is driving 2024 margins & EPS so low (i.e. whether this is due to depressed COVID guidance or there is an issue with the core business margins, or a mix of both). And based on our conversations, we expect that investors will have a hard time stepping into the story until they gain further clarity.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84086121-615b-47fe-af08-3224bfae11df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.94,
        "x": 0.03,
        "y": 0.71
      },
      "kind": "quote",
      "text": "But we don't have much conviction in the outlook, making it tough to pound the table even from these levels... Level Of Confidence In Management - Our confidence is not the highest for several reasons. PFE provided guidance on many parameters but in retrospect much of it is proving to have been too optimistic, is no longer supported, and resulted in two reductions in 2023. We were not fans of the Seagen acquisition from the start, given that each of the key assets has associated questions, making the outlook less than clear, particularly given the price paid.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9495e4c-2eca-42bc-b34a-daf76dae28e3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Wall Street research. Quotes are bolded and underlined for emphasis.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2340e66b-2c6d-44e7-ba35-14a67ce0dddb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.94,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "Notably, the Magnitude of the Company's Guidance Miss Resulted In a Blow to Management's Credibility",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37a84670-28ab-4a92-9968-741cc54c0a08",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.94,
        "x": 0.03,
        "y": 0.15
      },
      "kind": "title",
      "text": "Select Commentary From Wall Street Research Analysts",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d9d90fb6-ce99-4e9a-a853-ac1b03a0fd1b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "e452627e-03e7-43f2-8f97-7b0a98974374",
      "evidence": "Use of Wall Street analyst quotes to validate the thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}