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Heavy use of management's own quotes (Jim Cornelius on 'String of Pearls'; Caforio on standalone strength) to expose strategic inconsistency. Signature contrarian framing: '10 blockbusters in 8 years vs 3 in 15.' Amgen margin-transformation precedent is the affirmative blueprint. 197 pages is unusually long even for an activist deck — effectively a dossier rather than a presentation.", "kpisCited": [ { "detail": "~$30B per Starboard (vs ~$15B as management implies), after reallocating synergies", "metric": "Implied price paid for Celgene pipeline" }, { "detail": "Celgene delivered 3 blockbusters in 15 years; BMY base case assumes ~10 blockbusters in 8 years", "metric": "Celgene blockbuster track record vs BMY base case" }, { "detail": "BMY management case $10.8B vs Wall Street median $6.8B (+59%)", "metric": "2028 revenue for Celgene's near-term pipeline" }, { "detail": "36% in 2018 vs peer average 48%, Amgen 53%, Biogen 56%", "metric": "BMY adjusted EBITDA margin" }, { "detail": "(12.2%) 1-yr, (18.1%) 3-yr, (11.9%) over Caforio's CEO tenure — underperforming S&P and direct peers by ~30-40 pts", "metric": "BMY Total Shareholder Return" }, { "detail": "Only ~3% IRR above 9% WACC even in management's base case", "metric": "Deal IRR" }, { "detail": "~2.5x after the Celgene transaction", "metric": "Pro forma net leverage" }, { "detail": "Of 14 significant products highlighted in 2017, ~30% terminated/de-prioritized and ~55% delayed; >$5.5B of stated peak revenue wiped out", "metric": "Celgene 2017 pipeline decay" }, { "detail": "~$37B cumulative unlevered FCF over five years for String-of-Pearls redeployment", "metric": "Standalone FCF capacity" }, { "detail": "REVLIMID is 63% of Celgene revenue and faces 2026 LOE", "metric": "Celgene revenue concentration" }, { "detail": "BMY owes Celgene only up to $40M reimbursement fee if shareholders vote down; $2.2B breakup fee only triggers under narrow conditions", "metric": "Termination / reimbursement fees" } ], "closingAsk": "Shareholders should vote AGAINST the proposed Bristol-Myers acquisition of Celgene.", "extraction": { "at": "2026-04-22 15:25:26+00", "model": "unknown-legacy", "runId": null, "seconds": 198.19373, "promptVersion": null }, "scqaReward": "Standalone BMY can lift adjusted EBITDA margins from 36% to 45% (peer average 48%), deploy ~$37B of unlevered free cash flow over five years, and avoid up to $46B of potential value destruction from pipeline misses.", "thesisTypes": [ "strategic_pivot", "operational_turnaround", "cost_cutting" ], "top3Reasons": [ "BMY is actually paying ~$30B for Celgene's pipeline, not ~$15B as implied", "Deal requires 10 blockbusters in 8 years vs Celgene's 3 in the past 15", "Standalone BMY has 900bps of EBITDA margin upside, following the Amgen blueprint" ], "scqaSituation": "Bristol-Myers is a large-cap biopharma that since 2007 has grown via a disciplined 'String of Pearls' strategy — small acquisitions, licenses, and partnerships anchored by its Opdivo and Eliquis franchises.", "thesisSummary": "Starboard opposes Bristol-Myers' proposed $91 billion acquisition of Celgene, arguing the deal abandons BMY's successful 'String of Pearls' strategy and transfers enormous pipeline risk to shareholders. Starboard calculates BMY is actually paying ~$30 billion for Celgene's pipeline (not the ~$15 billion management implies) once synergies are correctly allocated, and the base case requires Celgene to deliver 10 blockbusters in 8 years versus just 3 in the past 15. With REVLIMID facing 2026 loss-of-exclusivity and five pipeline products still unidentified, the deal destroys value in most realistic scenarios — a single product failure could wipe out $46B. Instead, Starboard proposes a standalone path: expanding adjusted EBITDA margins from 36% to 45% (a 900bps improvement following Amgen's 2014-2018 blueprint), continuing disciplined small-scale M&A, and deploying ~$37B of cumulative free cash flow over five years. The closing recommendation: vote AGAINST the Celgene transaction.", "primaryDemands": [ "Vote AGAINST the proposed $91B acquisition of Celgene", "Remain a standalone company and continue the 'String of Pearls' strategy", "Execute a 900bps EBITDA margin improvement program (COGS, SG&A, R&D)", "Deploy ~$37B of cumulative unlevered free cash flow into disciplined in-licenses, partnerships, and small acquisitions" ], "scqaResolution": "Shareholders should vote AGAINST the Celgene acquisition and instead back a standalone path: continue 'String of Pearls' and execute a 900bps EBITDA margin improvement plan modeled on Amgen 2014-2018.", "thesisOneLiner": "BMY is overpaying ~$30B for Celgene's risky pipeline, betting on 10 blockbusters in 8 years vs 3 in 15; shareholders should vote against and unlock 900bps of standalone margin upside.", "precedentsCited": [ "Amgen 2014-2018 margin transformation (+1,500bps operating margin)", "Bristol-Myers 'String of Pearls' legacy (PDL BioPharma 2008, 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Executive Summary 4\nII. Overview of Bristol-Myers 33\nIII. Overview of Celgene 60\nIV. We Believe the Math Underlying Bristol-Myers' Assumptions Is Flawed 70\nV. We Do Not Believe Celgene's Pipeline Will Generate Bristol-Myers Base Case Projections 82\nVI. We Believe the Celgene Deal Carries A Lot of Risk and Will Destroy Value for Bristol-Myers Shareholders 120\nVII. The Timing of the Transaction Raises Many Questions 139\nVIII. There Is A Better Path Forward For Bristol-Myers 151\nIX. 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In what we believe are more likely scenarios, this deal will destroy shareholder value.\nThe deal process appears to have been rushed, spurred, we believe, by Bristol-Myers’ desire to announce the acquisition by an arbitrary near-term deadline.\nWe also believe the deal may have been negotiated with the wrong intentions, as a defensive measure designed to protect Bristol-Myers from becoming an acquisition target itself.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:29.216+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "538c57e4-401a-49bd-8c79-133908ab343e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.26 }, "kind": "list", "text": "We approached this situation, as we do all of our investments, with an open mind and objectively listened to management’s rationale for the transaction.\nAs we will discuss throughout the presentation, we strongly believe that Bristol-Myers’ proposed acquisition of Celgene has the potential to destroy significant shareholder value.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:29.216+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d4df9c8-d891-4612-ba66-a8d39ebaf84d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.77 }, "kind": "list", "text": "A management team that has struggled to create value on a standalone basis is now asking shareholders to trust them to execute one of the largest pharmaceutical transactions of all time.\nAs we will demonstrate, this transaction will require near-perfect execution for Bristol-Myers shareholders to have a chance to realize any value.\nWe believe that the proposed acquisition of Celgene is a bad deal for shareholders and that there is a better path forward for Bristol-Myers.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or 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whereby it has used acquisitions, partnerships, joint ventures, and licensing agreements, in conjunction with internal development efforts, to build out its pipeline. The $91 billion acquisition of Celgene goes against this strategy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:23.69+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aca7d7c4-11a8-41e6-b566-8df8cc8ca8fe", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“As others have merged into megacompanies, we are becoming more streamlined and focused. As others have broadened their portfolios, we are focusing on select areas of medical need. As others have widened their geographic footprints, we are concentrating on key major and emerging markets.” — James Cornelius, BMY 2009 Annual Report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab2b-ca101c1e842c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: Public company filings, news reports. 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"canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab2d-3181b56a2a4e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Since it is not possible for EBITDA to be greater than revenue, synergies must be reallocated between marketed products and the 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This means that Bristol-Myers is assuming that Celgene can produce, on average, 10 blockbuster drugs in 8 years...after only producing 3 in the last 15 years! 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"attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:25.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57f292f2-099e-4179-a597-4732dced3cd2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.03, "y": 0.23 }, "kind": "list", "text": "We find Bristol-Myers’ implied assumptions for the early-stage pipeline to be highly unrealistic.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", 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"promptVersion": null }, "componentId": "019dd953-0936-7173-ab2d-ff4f43eadf29", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.43 }, "kind": "list", "text": "It appears that Celgene was willing to allow a longer due diligence timeline, but Bristol-Myers rushed to announce the transaction.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:31.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1818177a-cdec-4743-bfd5-c05e0c1e7b7b", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "list", "text": "Celgene has been rumored to be for sale for years and yet it had not been acquired prior to this proposed transaction. In addition, according to the S-4, the one other potential buyer that Celgene contacted during the process was not interested.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:31.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a10d302d-e18f-40cb-8731-2c4f86af26d6", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.9, "x": 0.05, "y": 0.27 }, "kind": "list", "text": "Further, while there is also a mention on November 16, 2018 of a \"...request for limited due diligence relating to certain Celgene intellectual property...\" we understand from speaking with Bristol-Myers management that this was primarily related to REVLIMID IP.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:31.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b063a1c8-3027-44b9-b103-af4f9199a9ad", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "list", "text": "While discussions between the two companies commenced in early September 2018, as the Company's S-4 filing states, this due diligence was merely based on \"publicly available information.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:31.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1973508-be14-4817-ac23-f77bcd8a9ee2", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Bristol-Myers appears to have completed only 2 weeks of full due diligence on a complex pipeline of ~25 compounds.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:31.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "146768be-7c92-4b3d-9e92-95f0321ca51c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "paragraph", "text": "We believe Bristol-Myers chose to rush the process and could have engaged in more thorough due diligence", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:31.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79d1918e-e811-4386-98c9-57de3340eaef", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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21:13:31.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f7ac347-6aa3-4719-838e-c42cbf46cddc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 30, "type": "resolution", "title": "This is a classic activist investor 'thesis' slide, focusing on valuation gaps and management incompetence.", "function": "diagnose_problem", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 89, "componentCount": 10, "textChars": 1881, "nDataPoints": 5, "notes": "This is a classic activist investor 'thesis' slide, focusing on valuation gaps and management incompetence.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:13:27.799+00", "seconds": 4.175, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/30", "deck": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-30", "deckJson": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "callout", "text": "Shareholders must be absolutely certain before allowing management to bet the Company's future on Celgene", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:27.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0fe2c777-63e9-4060-a6da-37dd4ac2fd36", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "In order to generate ~$30 billion of value from the pipeline, we must assume that the Celgene pipeline can generate, on average, 10 blockbuster products in 8 years, compared to 3 blockbusters in the past 15 years.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab2d-8ce6a1a4ac9b", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "list", "text": "In order to generate ~$30 billion of value from the pipeline, we must assume that the Celgene pipeline can generate, on average, 10 blockbuster products in 8 years, compared to 3 blockbusters in the past 15 years. This level of success would be unprecedented and is exceedingly difficult to believe, especially since 3 of the pipeline products have already been delayed and 5 are yet to be identified.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:27.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10f0818c-8cf8-44b3-8286-653f74f18083", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "list", "text": "In what we believe are more likely scenarios, even including the Company hitting Wall Street analysts’ revenue estimates for the pipeline, this deal would destroy value.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:27.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2547515c-fb4c-4648-8e59-09e871886cd3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "list", "text": "Shareholders also need to understand that Bristol-Myers is actually ascribing ~$30 billion of value to the pipeline, not ~$15 billion as is implied by the Company’s presentations.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:27.799+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d1fe458-aebc-43c3-94ba-b1ae6654b532", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "list", "text": "Shareholders need to understand that they are investing in a transaction that values Celgene’s marketed products at $55 billion. 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PD-L1.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:30.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97e2fa99-39ec-4e86-89e7-07b688c6bad9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.08, "y": 0.7 }, "kind": "list", "text": "Conversely, research suggested that mere PD-L1 positivity (e.g. 5% PD-L1 expression) alone was insufficiently predictive of a successful reaction to PD-1 inhibitors.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:30.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a86063d6-5eff-4969-8d99-48c19dbe3b1d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.28 }, "kind": "list", "text": "One of the most promising IO treatments revolves around PD-1 \"checkpoint inhibitors\". Essentially, the body's immune system has a braking mechanism, referred to as a \"checkpoint\", to prevent immune system responses to self-markers. Without this checkpoint, autoimmune disease could flourish.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:30.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d47eb024-20c1-47e3-b76e-c004803c6142", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Bristol-Myers was considered the leader in immuno-oncology heading into CHECKMATE-026.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:30.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f8eaafe-a113-46e1-b0f6-64b930f8f1be", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings, Wall Street research, Jennifer Tung, et al. v. Bristol-Myers Squibb Company, et al. lawsuit, Bloomberg.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"nDataPoints": 3, "notes": "Uses a side-by-side comparison structure to highlight strategic failure vs success.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "callout_box", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:13:30.472+00", "seconds": 4.454, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/43", "deck": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-43", "deckJson": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "callout", "text": "Merck has gone on to gain additional approvals for KEYTRUDA in first-line NSCLC, while Bristol-Myers has continued to struggle, and shareholders are still waiting for OPDIVO to break into first-line NSCLC", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:30.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb937253-5dd5-4004-9699-01d74184971d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "This gamble resulted in COMPLETE FAILURE, and CHECKMATE-026 failed its first-line NSCLC study.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab2e-dc28924d1797", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "list", "text": "Bristol-Myers and Merck began pursuit of approval within the lung cancer market - seen as immuno-therapies most lucrative opportunity. Non-small cell lung cancer (\"NSCLC\") is estimated to be 85% of the $16 billion lung cancer market.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:30.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01f9bc64-c246-4127-84ed-fdef2cd0b99f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.52, "y": 0.4 }, "kind": "list", "text": "Merck's trial (KEYNOTE-189) only enrolled patients if they were shown to have high levels (i.e. 50% expression) of PD-L1, increasing the likelihood that the patients would react positively to the PD-1 inhibitor. KEYTRUDA's KEYNOTE-189 halved the risk of disease progression in previously untreated patients, and cut overall deaths by 40% compared to chemotherapy. The FDA approved KEYTRUDA in first-line lung cancer patients with high PD-L1 expression.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:30.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59dd88e0-02d8-4d2f-82a3-4d4322c52049", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.4 }, "kind": "list", "text": "Bristol-Myers designed its trial to target patients regardless of their cancer's level of PD-L1 expression in hopes of receiving first-mover advantage. This was a gamble that Bristol-Myers hoped would result in a superior label for OPDIVO over its competitors, if successful.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:30.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b82909ef-f7b8-4e9b-89ba-1f908259feca", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "We believe Bristol-Myers took a major gamble by designing the CHECKMATE-026 trial to target patients regardless of their cancer's level of PD-L1 expression. This backfired enormously.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:30.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5afc38b3-b3b7-4c3a-8319-949f3194f9bf", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.52, "y": 0.75 }, "kind": "quote", "text": "\"Keytruda will be the new standard of care in first line lung.\" - Bank of America, October 2016; \"...Sets Stage for Merck to Dominate NSCLC Market.\" - Credit Suisse, October 2016", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:30.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "160c54cd-05be-4bb8-b6fa-1e86dcd00bf7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.05, "y": 0.75 }, "kind": "quote", "text": "\"This data represented a worst-case scenario for Opdivo.\" - Sanford Bernstein, October 2016", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:30.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "244aee5f-4143-46a3-9190-0421564f1698", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"This data represented a worst-case scenario for Opdivo.\" — Sanford Bernstein, October 2016; \"Keytruda will be the new standard of care in first line lung.\" — Bank of America, October 2016; \"...Sets Stage for Merck to Dominate NSCLC Market.\" — Credit Suisse, October 2016", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab2e-e130995d0b96", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings, Wall Street research, Jennifer Tung, et al. v. 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"canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:41.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "983323b7-33ab-4fe0-a24f-1796c77b0782", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.13 }, "kind": "list", "text": "In Bristol-Myers' S-4 filing, management presents their estimate of cost synergies, which ramps to $2.5 billion by 2022.\nIn our conversations with the Company, management stated that post-2022, synergies are assumed to be $2.5 billion into perpetuity.\nWhen using Bristol-Myers' synergy estimates, which ramp to $2.5 billion by 2022, we can calculate the greater than $20 billion in synergy value that management references.", "attrs": null, "canon": { "kind": { "name": "List", "slug": 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(1) 1.3x applied to 2028 Unlevered FCF and calculated per guidance from the Company's S-4 filing. We use the Gordon Growth Method and assume 1.25% terminal growth and a 9% discount rate.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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of the acquisition", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:54:08.52909+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 76, "type": "tension", "title": "Uses a table to highlight a logical impossibility (synergies > costs) to challenge management's valuation assumptions.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 1103, "nDataPoints": 20, "notes": "Uses a table to highlight a logical impossibility (synergies > costs) to challenge management's valuation assumptions.", "elementsJson": [ "headline_text", "bullet_list", "data_table", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:13:35.383+00", "seconds": 3.19, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/76", "deck": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-76", "deckJson": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.72 }, "kind": "callout", "text": "Synergies cannot be greater than costs! Therefore, the synergies cannot be fully allocated to marketed products.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:35.383+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "337d9846-5a9c-4c26-8965-484f315d2aba", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.92, "x": 0.04, "y": 0.23 }, "kind": "list", "text": "As shown earlier, management is using the ~$55 billion of value attributed to marketed products and the ~$20 billion of value attributed to cost synergies to back into an implied value for the pipeline of ~$15 billion. However, these synergies are not fully achievable from the current cost base of Celgene's marketed products. 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"callout", "text": "Applying 100% of cost synergies to marketed products would imply EBITDA is higher than revenue from 2024 - 2028... But this is impossible!", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:36.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bfd6088-8539-41b0-8b81-1c4b1b0fce9e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Adj. EBITDA Margin: 376%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f18-711c-9ae3-277853da9b47", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "The resulting financial projections are nonsensical – one would be implying that Celgene’s marketed products will generate EBITDA that is approximately four times greater than revenues in 2028.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:36.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c091bc3-6a10-4c21-a1b8-994fcb23be4f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.82 }, "kind": "paragraph", "text": "Clearly, these synergies should not all be associated with Celgene’s marketed products business, as the most Bristol-Myers could possibly achieve in marketed products-related synergies is 100% of the associated operating expenses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:36.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26e01fb7-9536-471e-86f9-b0211fcd684c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "Below, we show financial projections for Celgene’s marketed products assuming ALL of the synergies, as communicated in the S-4 filing, are allocated to that portion of the business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:36.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86e25f9b-70b1-4026-a814-888e83faac24", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Public company filings, Bristol-Myers investor relations, Starboard estimates.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:36.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e886593b-1cdf-4d87-b488-b96b56b9f072", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.75, "x": 0.05, "y": 0.35 }, "kind": "table", "text": "Financial Projections For Celgene’s Marketed Products Assuming 100% Synergies", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:36.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5730ccf-f566-409c-bb24-4025300a38d3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "title", "text": "Applying ALL cost synergies to Celgene’s marketed products results in nonsensical financial projections", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:36.365+00", "model": 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In reality, the value will be less as it is highly improbable that 100% of operating costs can be eliminated", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:39.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26841b01-faed-4842-aa87-446c0a9337e3", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "To be clear, $7 billion is a MAXIMUM value, as 100% of operating costs cannot actually be eliminated, since the Company will still need dedicated sales, marketing, and support functions for these marketed products.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f18-711c-9ae3-0864f669147b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.92, "x": 0.04, "y": 0.27 }, "kind": "list", "text": "Using the same DCF assumptions for Celgene's marketed products, we arrive at a maximum synergy valuation of $7 billion.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:39.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6dc76f80-fc45-4ddb-9b67-d9492daa1ff0", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "list", "text": "In the calculation below, we apply management's cost synergy ramp as presented in the S-4, which assumes full synergies are realized by 2022. 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Both of those - as I mentioned before, ozanimod is a we think $4bn to $6bn asset; -0301 for Crohn's disease could be transformational as well. 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We think that's an enormous opportunity, and we'll wait to see what the data says and then we have high hopes for it commercially", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:45.118+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d068904-3319-4572-911e-129a37394780", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.04, "y": 0.53 }, "kind": "quote", "text": "We aggressively advanced the development of two potential future blockbuster products, ozanimod and GED-0301. Several important data readouts will follow throughout the year.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:45.118+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bee03824-d54f-46f3-aa9a-9a6473dab4c9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"And then you have ozanimod, GED-0301. Both of those - as I mentioned before, ozanimod is a we think $4bn to $6bn asset; -0301 for Crohn's disease could be transformational as well. In our opinion, it's probably a multi-billion dollar asset, as well.\" — Corporate VP - Investor Relations Patrick Flanigan, March 2017; \"We aggressively advanced the development of two potential future blockbuster products, ozanimod and GED-0301. Several important data readouts will follow throughout the year.\" — President & COO Scott Smith, April 2017; \"So beginning with GED-0301...we've had some great Phase II data for the products. It's in Phase III now for Crohn's disease. 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"x": 0.44, "y": 0.275 }, "kind": "quote", "text": "I'd say it's early days and we've always said this is going to be a 5-year journey with KYMRIAH to really get it to be the globally successful brand we want it to be. On manufacturing, we have seen some variability in our product specifications.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:42.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95f30395-0b3b-46cb-8149-f7f1894969a5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.52, "x": 0.44, "y": 0.59 }, "kind": "quote", "text": "Let's first make a comment about manufacturing and gene therapy of CAR-Ts. I think we all need to be aware, this is an extremely new field. A lot of manufacturing technologies are under development.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:42.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b63d17d0-2acd-4cd2-8273-42ed25e2b5c6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I’d say it’s early days and we’ve always said this is going to be a 5-year journey with KYMRIAH to really get it to be the globally successful brand we want it to be. On manufacturing, we have seen some variability in our product specifications. — Vasant Narsimhan, Novartis CEO, July 2018; Let’s first make a comment about manufacturing and gene therapy of CAR-Ts. I think we all need to be aware, this is an extremely new field. 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In addition, several leading industry consultants that we have spoken with believe that a significant increase in affordability can only be achieved with industrial-scale manufacturing – a feat that current technologies are incapable of achieving.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:42.579+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "669a8f83-7a90-4fee-9c2d-93a68077c8d7", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "CAR-T therapy pricing has already generated negative media headlines while reimbursement has been rejected in certain geographies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:42.579+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d388229-4b5c-4826-856f-2381bb060f04", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "UK rejects Gilead's CAR-T cancer cell therapy as too expensive — Ben Hirschler. 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"paragraph", "text": "With the exception of fedratinib, there is not only significant variance in Wall Street analysts’ revenue projections for Celgene’s five near-term product launches, but the median of Wall Street analysts’ projections is also ~40% below Bristol-Myers management expectations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:48.995+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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"componentId": "85abb989-499e-42a8-b75d-dc7a06f0cc80", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "NPV of Celgene's Pipeline: $30 billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:12:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f19-73dd-8e9d-78e10fb1e81d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 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"list", "text": "While discussions between the two companies commenced in early September 2018, as the Company’s S-4 filing states, this diligence was merely based on “publicly available information.”\nFurther, while there is also a mention on November 16, 2018 of a “…request for limited due diligence relating to certain Celgene intellectual property…” we understand from speaking with Bristol-Myers management that this was primarily related to REVLIMID IP.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:51.726+00", "model": 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So let me answer 2 of your important questions... We have an extraordinary, exciting pipeline... we are very focused on delivering on the value of our products...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:48.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9105426b-7a7b-4d5d-bacf-0142f21ef293", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"I'm wondering whether Bristol-Myers will become an acquisition target in the next year.\" — Unidentified Shareholder, May 2017. \"Thank you. So let me answer 2 of your important questions. The first one with respect to your comments about acquisitions. My comment and answer is that our company has very strong performance for our marketed medicines. We have an extraordinary, exciting pipeline that has the potential to develop into really important medicines in the future. 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"slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:53.461+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e895eca-0055-4291-b929-24b5f13c914e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "We believe that there is an opportunity to lower Bristol-Myers' research and development (R&D) expense closer to peer levels through numerous cost reduction initiatives.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:53.461+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e8bd464-4514-4ae0-b7a4-abaab0b6949b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.78 }, "kind": "quote", "text": "Instead of four people managing four people, it should have been one person managing four people.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:53.461+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc3671d3-4079-4c02-a84f-b2fe32e64a0c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Instead of four people managing four people, it should have been one person managing four people.” — Former Bristol-Myers Executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, 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Shareholders should vote AGAINST this transaction.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:56.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59200c42-8f7d-4fb6-8cf3-4f4513489aa4", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "Shareholders need to understand that they are investing in a transaction that values Celgene’s marketed products at $55 billion. We believe there is risk to this assumption due to the potential genericization of REVLIMID earlier than management expects.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:56.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "481714bb-d792-451e-9271-249747cd7c9c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.73 }, "kind": "list", "text": "Additionally, the Celgene acquisition process was rushed – seemingly unnecessarily, given Celgene’s apparent willingness to allow for more time – due to management’s fixation with an arbitrary deadline to announce a deal.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:56.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a5f8195-b37f-46fe-89b2-d52512bdf8d4", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.52 }, "kind": "list", "text": "In order to generate $30 billion of value from the pipeline, we must assume that, on average, the Celgene pipeline can generate 10 blockbuster products in 8 years, compared to 3 blockbusters in the past 15 years. This level of success would be unprecedented and is exceedingly difficult to believe, especially since 3 of the Celgene pipeline products have already been delayed and 5 are yet to be identified. In what we believe are more likely scenarios, even including the Company hitting Wall Street analysts’ revenue estimates for the pipeline, this deal would destroy value.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:56.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bad8151-b514-4922-bee2-ce77a718742d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.43 }, "kind": "list", "text": "Shareholders also need to understand that Bristol-Myers is actually ascribing $30 billion of value to the pipeline, not $15 billion as is implied by the Company’s presentations.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:56.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e48647f2-8912-4e4e-86f7-0d7733a6cfee", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "paragraph", "text": "Shareholders must be comfortable and supportive of the true merits of the deal – not simply trust management’s lofty expectations – given the size of the deal and risks it poses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:13:56.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3e0be91-dc00-4c0a-8bf8-1e2de8da275b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings, Starboard estimates.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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