Callouts & quotes from 205+ activist slides

"Pepsi: China MediaExpress promotes our products to tier 2 cities and towns by its large scale inter-city bus network, which is highly helpful to our sales expansion. CMCC: China MediaExpress' network penetrates large target audience precisely. It fits our products very well. Lenovo: ChinaMediaExpress' media cost is much lower than traditional media, which is the main reason that we chose CCME"

"“If you grow your Industrial EPS...4% a year over the next couple of years, that gets you to $2.00 [EPS in 2018]...Now I'm going to run the company to a higher number than that...So if you get 5% organic growth, if we're able to do the job with margins, if we execute the way we think we can execute...we're going to be substantially above 4% annual growth” — Jeff Immelt EPG Conference 5/20/15"

"“there’s always pressure...they put reps in a very awkward position...you want to make money, and not that I would do it, but like the whole cataplexy thing, for instance....” “I’m glad to be out of pharma now, that’s all I could say...the way that they compensate, you have to be a very ethical person....” — Ex-Harmony territory manager for a large region in the southeast across two states"

"I was stunned at how many cataplexy and narcolepsy patients that are legitimately out there. I was stunned. Stunned...I was just amazed...that every month that these different providers have...identified so many patients...we’re not talking about an autoimmune disease...it’s almost like narcolepsy’s a pandemic, not a rare disease. — Ex-field reimbursement manager working with Harmony"

""The Company stated that based on its assessment of market conditions today, management anticipates local currency sales growth in 2015 will be in the range of 4% to 5%. This sales growth will result in Adjusted EPS in the range of $12.80 to $13.05. Using the midpoint of the 2014 Adjusted EPS range, this reflects an increase of 10% to 12%." — Q3'2014 Results, Nov 16, 2014"

"BP Moves Chief Executive to Lesser Role in Spill Response — The New York Times; Boeing CEO Dave Calhoun to step down in wake of safety issues — Axios; Wells Fargo CEO John Stumpf Resigns Amid Scandal — NPR; 3M Names New CEO Amid PFAS Battles, Health Spinoff — The Wall Street Journal; CEO of Canada's Suncor Energy steps down after latest site fatality — Reuters"

"“The question that we're getting a lot from investors is how to think about EPS growth and should EPS growth just follow and marry revenue growth, or is there opportunity and would management and the Board come off their 19% and 20% margin range or even perhaps get more aggressive on share repurchases or get more aggressive on M&A.” — Oppenheimer, Aug. 2016"

"“You are absolutely right. You are right. There are two separate steps: gene synthesis, and once you synthesize the gene, Twist is not the cheapest one because their cost is much higher than, say, GenScript, for whom most of their products are generated in China, and their labor cost and everything is cheaper.” — Former Twist employee, director-level"

"“it’s not that big a deal” — Medical advisor to Harmony; “most patients I treat with narcolepsy are going to be a 2 or 3-agent regimen, and those are going to involve things that are at least Schedule 4.” — Medical advisor to Harmony; “the folks at Harmony market that stronger than probably it carries with clinicians” — Medical advisor to Harmony"

"I think semen stains could be basis for settlement of civil suit. Here is how. They indicate Sofitel employees involved in a prostitution ring. The accor Group would not want this coming out in trial. So suit has to be sealed. This means it would contribute money to settlement. End of the suit — Email from 'Ed' to Jeffrey Epstein, April 4, 2012."

"Conclusion: CSF histamine and tele-methylhistamine did not significantly differ between patients with narcolepsy-cataplexy and other etiologies of non-hypocretin-1 deficient central hypersomnias; these measurements, therefore, are not useful in assessing the etiology or severity of centrally mediated hypersomnia. — Yves Dauvilliers et al., 2012"

"“The biggest one was the cataplexy. If you coded the patient narcolepsy with cataplexy, that was your best go-to. The problem was the patient doesn't have cataplexy. So now the discontinuation or is diagnosing cataplexy because that's how you got it covered.” — Ex-Harmony territory manager for a large region in the southeast across two states"

"The plasma level average was 100.6±78.1 ng/ml (n=17). Elevated plasma levels (> 150 ng/ml) were observed in 5 patients, in some cases related to the experience of adverse events occurring a few hours after drug intake. — An inverse agonist of the histamine H3 receptor improves wakefulness in narcolepsy: Studies in orexin-/- mice and patients"

"We identified a material weakness in connection with our internal control over financial reporting. Although we are taking steps to remediate this material weakness, there is no assurance we will be successful in doing so in a timely manner, or at all, and we may identify other material weaknesses. — Super Group (SGHC) Limited Form 20-F"

""We are not privy to PepsiCo's specific holdings or their investment strategy," Danimer Scientific said in the statement. "PepsiCo continues to be a strong strategic partner to Danimer Scientific through a fruitful business relationship and PepsiCo's seat on Danimer Scientific's board." — Danimer Scientific (via Seeking Alpha)"

"A lot of doctors think it's a waste of money...I think a lot of doctors are unfamiliar with it or not so excited about it. There's not so many subscribers of it, and I'm starting to think that some doctors also think that Xywav is it. He doesn't think it works at all. — Neurologist in New York with 70-80 narcolepsy patients."

"“your answer is totally garbled”: “your entire computation breaks down after a few steps”; “your chances of getting the right answer diminish very, very quickly” — Anonymous ex-employees and experts; “for 10 years, 15 years, 20 years”; “I just don’t see how it’s going to work.” — Leading expert and friend of the founders"

"If Val-gan can grow organically at a high single-digit rate as Valeant management projects, and management can invest the company’s free cash flow in new acquisition targets at historical rates of return, then we believe management can achieve its goal of 15%-20% annual EPS growth — Valeant Presentation April 22, 2014"

"“While unfortunate, this disappointing trajectory has created a historic opportunity: With the right mindset and an appropriately ambitious turnaround plan, PepsiCo today represents a rare chance to revitalize a leading global enterprise and unlock significant shareholder value,” — Elliott Investment Management"

"Last month, Danimer Scientific's own Dr. Isao Noda traveled to Dubai and attended the Global Bottled Water Congress along with existing partners Maurizio Patarnello, CEO and Chairman of Nestlé Waters, and Simon Lowden, President and Chief Marketing Officer of Global Foods at PepsiCo (pictured). — Facebook"

"“there were other sales directors like that, too, absolutely...what would happen is their sales reps would push back, and they would just move that sales rep to somewhere else. I'm not kidding. I saw that happen twice because of what they were doing.” — Ex-field reimbursement manager working with Harmony"

"“not a trivial limitation” — The Lancet. “the effect of pitolisant on cataplexy could not be assessed.” — The Lancet. “reported that trials...in drug-free patients...are ongoing. The results of these trials will clarify whether pitolisant is a novel alternative treatment for narcolepsy.” — The Lancet."

"“THAN JUST ONE PERSON MAKING 100 STEPS FORWARD. LET’S BE UNITED, WORK HARD, AND TURN THIS COMPANY AROUND!! WE DO NOT NEED ANY GENIUS. 100 PEOPLE TRYING TO MAKE ONE STEP FORWARD IS MORE IMPORTANT ... I WILL RESTRUCTURE THIS COMPANY AT MY FULL RESPONSIBILITY.” — Nagamori-san (via company comic)"

"The jagged steps are so close together in the blue region that you can't see the steps—it almost looks like a smooth curve, but then the steps become obvious at the end. Each step is getting longer, and each step is going up in current, which is on the far right y-axis. — Former R&D employee"

"“a list of patients they were in charge of”; “high patient contact”; “reps engaging in the practice of medicine has always been the concern,”; “not health care providers in any way, shape, or form”; “responsible for the care of patients.”; “pretty concerned” — Former Nevro executives"

"In Russia, PepsiCo had an advantage selling beverages beginning in the early 1970s when PepsiCo's CEO (Don Kendall) negotiated a barter agreement that gave PepsiCo the exclusive right to sell cola in the Soviet Union, which lasted until the mid-1980s. — PepsiCo Company History"

"“I was quite bullish and excited about a couple of years ago, and I'm less so now... we have a lot of good therapies already. There's just not a lot of open running room for Wakix in the setting of narcolepsy.” — Physician and professor of neurology at a large academic center"

""We note that strategic initiatives suggested by Elliott are not necessarily leveraging or detrimental to credit quality. As such, we believe the company could carry out these steps while maintaining an investment grade rating." — J.P. Morgan Credit Research, February 2013"

"We note that strategic initiatives suggested by Elliott are not necessarily leveraging or detrimental to credit quality. As such, we believe the company could carry out these steps while maintaining an investment grade rating. — J.P. Morgan Credit Research, February 2013"

"I don't hear about it much from my colleagues — Prescriber #1. I’m think I’m not alone in this opinion — Prescriber #2. there’s just not a lot pf open running room for Wakix in the setting of narcolepsy — Prescriber #3. weakest of all the drugs out there — Prescriber #4."

"It is a one-for-one model. We literally, we are accountable - and we're a B corp, by the way which keeps us accountable - um, so every three months we see how many units were sold, and you know, basically calculate how many units we gave during that time period. — Spear"

"According to a PepsiCo manager with whom we spoke, the recently released “Off the Eaten Path” brand bag made with DNMR materials is also made from PLA compounds. Recent DNMR inventory increases in 1Q21 and 2Q21 may also have been related to its launch. — Footnote 25"

"management promised the transactions would be accretive, provide synergies that could be reinvested back in the brands and allow PepsiCo to “take to a whole new level our ‘Power of One’ program of bundled food and beverage offerings” — PepsiCo press release, 4/20/09"

"“sitting on over $200 million of take or pay offtake agreements, and we had customers like PepsiCo, Nestlé, Bacardi, you know, expecting us to be able to grow our capacity, so we had to find a way to find a lot of cash fast.” — Stephen Croskrey, CEO (via CNBC)"

""So, we don't have competition -- it's not like we're grabbing market share. It's our market to create. So this is the what keeps me up at night. It's the question -- it's about how do we stay in control while we're growing fast." — Tim Herbert, Inspire's CEO"

"As noted by Emory professor Dan McCarthy, Peloton's churn disclosure just "doesn't pass the smell test" as Peloton's 0.65% churn rate implies that the average customer keeps the digital subscription for 13 years! Can we take the under? — Dan McCarthy"

"“Quantum Computing Creeps Closer to Reality.” — 1994 article in Scientific American. “Practical Quantum Computers Creep Closer to Reality” — 2011 article in IEEE Spectrum. “The Era of Quantum Computing Is Here.” — 2018 article in industry journal."

"They're going to focus on the Pepsi and Coke brands and that's going to be their first priority. So when you think about energy and even still brands, that is the last priority for Coke salesman or Pepsi salesman. — Former Monster Employee"

"How at a meeting in the fall of 2013, CEO Indra Nooyi told Nelson that the acquisition of the bottlers was a "mistake," thereby conceding that $21bn ($17bn excluding the equity PepsiCo previously owned in the bottlers) was misspent."

"BG beat on adj. EPS vs our estimates of $1.85 and Bloomberg consensus of $1.81, sees FY26 adj. EPS in a range of $7.50 to $8.00, which is ~$1 lower than our estimate and Bloomberg consensus. — Barclays Research: Feb 4, 2026"

"A strong fourth quarter capped another great year for Broadridge, with record closed sales, 16% recurring revenue growth, continued margin expansion, and 14% Adjusted EPS growth. — CEO Gokey, Q4 2022 Press Release"

"Wakix has kind of been a crowded field of third-line therapies... There are four FDA-approved medications now for this indication. That's a lot of options. — Neurologist in New York with 70-80 narcolepsy patients"

"“Elliott would like to commend the Board and management team for the significant steps taken to build a better Alcoa and maximize value for shareholders.” — Elliott presentation to Alcoa, Nov. 9, 2015"

"Elliott would like to commend the Board and management team for the significant steps taken to build a better Alcoa and maximize value for shareholders. — Elliott Presentation to Alcoa, Nov 9, 2015"

"WAKIX is a histamine-3 (H3) receptor antagonist/inverse agonist indicated for the treatment of excessive daytime sleepiness (EDS) or cataplexy in adult patients with narcolepsy (1) — Wakix label"

""Pepsi is slow to act and cannot make decisions." — Senior merchandising official at a large U.S. retail chain; "Coke swooped in" — Senior merchandising official at a large U.S. retail chain."

"JPMorgan Kept Jeffrey Epstein as a Client Despite Internal Warnings — The New York Times; Goldman Sachs Is Said to Try to Avoid Pleading Guilty in 1MDB Scandal — The New York Times"

"holistically, this portfolio provides a platform for balanced growth, margin and return improvement...all of which leads to top-tier total shareholder return — PepsiCo Management"

""We're not running the company for the OR, we're running the company for EPS growth, operating income, free cash flow" — Jean-Jacques Ruest, CEO, Q2 2021 earnings conference call"

"PepsiCo is committed to converting all their snack food packaging to recyclable, compostable, or biodegradable products by 2025. — DNMR Investor Call Transcript, Oct. 5, 2020."

""We're just waiting for the FDA approval... that's not in our hands, it's in the government's hands. Once we get the FDA approval, we'll be launching posthaste." — PepsiCo CEO"

"In the event we are unable to obtain sufficient capital, we may need to take steps to conserve cash by reducing our capital expenditures or dividend payments — 2011 10-K"

"DuPont’s Written Statement: “Trian’s analysis relies on a 2011 EPS of $4.32 that is not reported in DuPont’s public filings…” — DuPont presentation, February 2015"

"“the stories that the reps provided with us...aren't things that I'm seeing right now with my patients” — Pediatric endocrinologist at a Delaware academic center"

"At a fall 2013 meeting with PepsiCo’s leadership team, the CEO told Nelson that repurchasing the bottlers was a “mistake” but the bottlers were “in disarray.”"

"An inverse agonist of the histamine H3 receptor improves wakefulness in narcolepsy: Studies in orexin-/- mice and patients — Lin, Dauvilliers, Schwartz et al."

""Expedia to Spin Off TripAdvisor" — Scott Morrison, Wall Street Journal. "Barry Diller sells shares in TripAdvisor, steps down as chairman" — Business News."

"Chambers USA noted in 2012 that Mr. Epstein "is venerated for his ongoing contribution to the development of concepts such as managed care" — Chambers USA"

"Chambers USA noted in 2012 that Mr. Epstein "is venerated for his ongoing contribution to the development of concepts such as managed care" — Chambers USA"

"Expedia to Spin Off TripAdvisor — Scott Morrison (Wall Street Journal). Barry Diller sells shares in TripAdvisor, steps down as chairman — Business News."