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  "documentTitle": "Starboard Value | Activist Presentation Deck | 74 slides",
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  "authorName": "Starboard Value",
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  "notes": "Uses a simple division framework to highlight capital allocation inefficiency.",
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      "text": "Expected Revenue Return on R&D + M&A Investments: 15%",
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      "text": "Cumulative R&D + M&A Investments From 2019 to 2023(1): $128 billion",
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      "text": "2023 to 2030 Consensus Estimated Gross Sales Growth: $19 billion",
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      "text": "Illustrative Explanation of R&D and M&A Efficiency",
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      "text": "This is not acceptable.",
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      "kind": "source-note",
      "text": "Reminder: Peer Median is ~38%",
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      "text": "Source: Public company filings, Visible Alpha, Bloomberg, and CapIQ. (1) Excludes estimated COVID-related R&D of $4 billion.",
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      "text": "The Board Needs to Be Laser Focused On Tracking Pfizer's Return on R&D Investments",
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