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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 broken axis for the top two performers (NVO, LLY) to accommodate the scale.",
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      "kind": "callout",
      "text": "The Company is expected to generate worst-in-class returns on R&D and M&A.",
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      "text": "Expected Revenue Return on R&D + M&A Investments",
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      "text": "Source: Public company filings and Bloomberg. (1) Cumulative R&D spend from 2019 to 2023. Includes IPR&D not captured by M&A. (2) Cumulative M&A spend from 2019 to 2023. (3) Cumulative R&D excludes estimated COVID-related R&D of $4 billion.",
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      "kind": "title",
      "text": "We Believe the Root Cause of Pfizer's Issues Are Its Low Expected Return on Organic and Inorganic R&D Investments",
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      "evidence": "Benchmarking Pfizer's R&D efficiency against a peer group.",
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      "evidence": "The document proposes a solution by suggesting that the Board needs to hold management accountable for improving performance and achieving higher revenue growth.",
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      "parentBeatName": "Resolution",
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      "evidence": "The document proposes a breakdown of Pfizer's R&D investments and suggests that the company needs to achieve higher revenue growth based on its R&D and M&A investments.",
      "position": 2,
      "objective": "How can Pfizer improve its return on R&D investments?",
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