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Jeffrey C. Smith · shareholder-letter

Bristol-Myers Squibb Company (BMY)

16 pages · 3 arc beats · 2 loops

Shareholder-Letter Download JSON
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Bristol-Myers Squibb Company (BMY)

Jeffrey C. Smith · 2019-02
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 11 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Monster 3 slides 100% 3/3 slides 100% 3/3 slides · 19 hits
— 0/3 slides
— 0/3 slides
100% 3/3 slides 100% 3/3 slides 33.3% 1/3 slides The Struggle 5 slides 100% 5/5 slides 100% 5/5 slides · 44 hits
— 0/5 slides
40% 2/5 slides 40% 2/5 slides 100% 5/5 slides 100% 5/5 slides The Victory 3 slides 100% 3/3 slides 100% 3/3 slides · 27 hits
— 0/3 slides
— 0/3 slides
100% 3/3 slides 100% 3/3 slides 100% 3/3 slides

Slide inventory

16
every slide · same image gating as the playbook
01
Slide 1
This is the first page of an activist investor presentation/letter.front_matter
Open slide detail
02
The slide uses quantitative underperformance data to justify an activist campaign against a merger.expose_gap
Open slide detail
03
This is page 3 of a shareholder letter, likely from an activist investor (Starboard Value or similar) opposing the BMY-Celgene merger.diagnose_problem
Open slide detailBeat · The Monster
04
The slide uses a line chart to illustrate the 'patent cliff' phenomenon, contrasting the steep decline of small molecules with the relative stability of biologicompare_peers
Open slide detailBeat · The Monster
05
The slide argues against the Bristol-Myers/Celgene merger by highlighting the risk of patent cliffs.expose_contradiction
Open slide detailBeat · The MonsterLoop · The Reveal
06
The chart highlights the 'patent cliff' risk, specifically focusing on the concentration of revenue loss in 2026.diagnose_problem
Open slide detailBeat · The StruggleLoop · The Reveal
07
The slide uses a bar chart to highlight the high revenue concentration of Revlimid compared to historical blockbuster drugs, and a range chart to show analyst ucompare_peers
Open slide detailBeat · The StruggleLoop · The Reveal
08
Uses a stacked area chart to show revenue projections and pull-quotes to highlight management's past over-optimism.expose_contradiction
Open slide detailBeat · The StruggleLoop · The Reveal
09
The slide uses a combination of a line chart to show financial decline and a timeline to show management's shifting narrative.expose_contradiction
Open slide detailBeat · The StruggleLoop · The Reveal
10
This page is a text-heavy critique of a corporate acquisition, likely from an activist investor letter.name_villain
Open slide detailBeat · The StruggleLoop · The Reveal
11
The slide uses a timeline-annotated line chart to suggest a narrative of defensive M&A.expose_contradiction
Open slide detail
12
The slide uses a bar chart to highlight BMY's high R&D investment relative to peers, framing it as a potential inefficiency or misallocation of capital.compare_peers
Open slide detailBeat · The VictoryLoop · Cost Of Inaction
13
Uses a 'CEO Quote vs. Reality' structure to highlight management failure.expose_contradiction
Open slide detailBeat · The VictoryLoop · Cost Of Inaction
14
The slide uses annotations to link specific clinical trial events (KEYNOTE-189, CHECKMATE-331, CHECKMATE-451) to share price volatility.compare_peers
Open slide detailBeat · The VictoryLoop · Cost Of Inaction
15
The slide uses a bar chart to visually demonstrate that BMY's margins are below the peer average, supporting the activist's argument for operational improvementcompare_peers
Open slide detail
16
closing_ask
Open slide detail