@abrogard - Looks like you're trying to read a PDF with the calibre viewer, that involves an inline-conversion to an EPUBish format. Conversion of PDFs is a best avoided, read the sticky at the top of the Conversion sub-forum. Conversions can also take a long time (as in days).
Use your default PDF reader, you can do this by unchecking PDF in the Preferences->Behaviour->Use internal viewer for: list.
BR
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