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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 includes a specific callout for 'PFE (Median R&D Efficiency)' at the end, suggesting a comparison of valuation vs. efficiency.",
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      "text": "We are excited to own the business at current valuation multiples as we believe there is substantial upside.",
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      "text": "Peer Median: 14x",
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      "kind": "paragraph",
      "text": "We believe concerns regarding the Company's innovation track record, pipeline, capital allocation, and lost credibility has resulted in a depressed valuation multiple.",
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      "kind": "source-note",
      "text": "Source: Bloomberg and CapIQ. Starboard has identified BMY, AZN, JNJ, NOVN, ROG, MRK, SAN, GILD, ABBV, AMGN, LLY, NVO, and GSK as the relevant peer set for comparing PFE.",
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      "kind": "title",
      "text": "We Believe There Is Substantial Upside at Pfizer",
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