{ "kind": "all", "value": "all", "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations", "filters": { "documentKinds": [], "sourceTypes": [], "orientations": [] }, "total": 319975, "page": 1802, "pageSize": 60, "pageCount": 5333, "rows": [ { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 49, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses a red highlight for BMY to emphasize its outlier status in both charts.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/49", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-49", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 50, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "Includes a summary table and three line charts showing stock performance relative to S&P 500, DRG, and S-4 peers.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/50", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-50", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 51, "slideType": "peer_gap", "function": "expose_gap", "notes": "The slide uses a red dashed line to visually emphasize the decline of Bristol-Myers' P/E ratio relative to its historical peak.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/51", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-51", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 52, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red dashed line to emphasize the downward trend from the peak.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/52", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-52", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 53, "slideType": "precedent_table", "function": "cite_precedent", "notes": "The slide uses a red dashed box to highlight the specific transaction being criticized.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/53", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-53", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 54, "slideType": "precedent_table", "function": "preempt_rebuttal", "notes": "Uses a red box to highlight the Celgene/BMS deal as a current/future concern.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/54", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-54", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 55, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a bar chart to compare revenue concentration of blockbuster drugs and a stacked area chart to visualize the revenue decline of Celgene's portfolio.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/55", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-55", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 56, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "Uses a 'patent cliff' metaphor to argue against the acquisition.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/56", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-56", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 57, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Uses a bar chart to illustrate the valuation gap and potential for multiple compression.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/57", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-57", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 58, "slideType": "precedent_table", "function": "preempt_rebuttal", "notes": "Uses CEO/CFO quotes as evidence to support the thesis that patent cliffs drive M&A activity.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/58", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-58", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 59, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses red callout boxes to emphasize specific points of underperformance and a green callout to mark an activist intervention.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/59", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-59", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 60, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/60", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-60", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 61, "slideType": "executive_summary", "function": "summarize", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/61", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-61", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 62, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a line chart to contrast the revenue decay curves of small molecules vs biologics to argue that Celgene's portfolio is structurally vulnerable.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/62", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-62", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 63, "slideType": "problem_statement", "function": "diagnose_problem", "notes": "The chart uses a waterfall-style visualization to show cumulative revenue loss over time.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/63", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-63", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 64, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red trend line and callouts to highlight the frequency and magnitude of price hikes.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/64", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-64", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 65, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses screenshots of news articles and government speech excerpts to build a case against the company's pricing strategy.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/65", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-65", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 66, "slideType": "villain_critique", "function": "name_villain", "notes": "Uses a 'guilt by association' framing to isolate the target company.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/66", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-66", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 67, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a combination of a quote/excerpt and a data table to build a case against the company's business practices.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/67", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-67", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 68, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "The slide uses a process-style arrow to show the transition from a list of challengers to specific settlement outcomes.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/68", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-68", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 69, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a stacked area chart to visualize the 'cliff' effect of patent expirations.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/69", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-69", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 70, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/70", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-70", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 71, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a screenshot of a Bristol-Myers slide to expose the contradiction.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/71", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-71", "loopMatches": [ { "to": 77, "from": 71, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "81bf725f-6cb1-4bc2-96ea-81ccf9b935e8", "evidence": "The document questions the valuation of Celgene's pipeline and the true cost of the acquisition.", "position": 1, "objective": "Exposing the true cost of the acquisition", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 72, "slideType": "valuation_table", "function": "analyze_data", "notes": "The slide uses a stacked bar chart to visualize the components of the deal value and a bulleted list to detail the specific DCF assumptions.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/72", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-72", "loopMatches": [ { "to": 77, "from": 71, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "81bf725f-6cb1-4bc2-96ea-81ccf9b935e8", "evidence": "The document questions the valuation of Celgene's pipeline and the true cost of the acquisition.", "position": 1, "objective": "Exposing the true cost of the acquisition", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 73, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a stacked area chart to visualize the revenue cliff for Celgene's portfolio.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/73", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-73", "loopMatches": [ { "to": 77, "from": 71, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "81bf725f-6cb1-4bc2-96ea-81ccf9b935e8", "evidence": "The document questions the valuation of Celgene's pipeline and the true cost of the acquisition.", "position": 1, "objective": "Exposing the true cost of the acquisition", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 74, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Includes a waterfall-style bridge diagram showing the components of the BMY deal value.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/74", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-74", "loopMatches": [ { "to": 77, "from": 71, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "81bf725f-6cb1-4bc2-96ea-81ccf9b935e8", "evidence": "The document questions the valuation of Celgene's pipeline and the true cost of the acquisition.", "position": 1, "objective": "Exposing the true cost of the acquisition", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 75, "slideType": "valuation_reveal", "function": "show_valuation_bridge", "notes": "Includes a table of DCF projections and a stacked bar chart illustrating the deal value components.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/75", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-75", "loopMatches": [ { "to": 77, "from": 71, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "81bf725f-6cb1-4bc2-96ea-81ccf9b935e8", "evidence": "The document questions the valuation of Celgene's pipeline and the true cost of the acquisition.", "position": 1, "objective": "Exposing the true cost of the acquisition", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 76, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a table to highlight a logical impossibility (synergies > costs) to challenge management's valuation assumptions.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/76", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-76", "loopMatches": [ { "to": 77, "from": 71, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "81bf725f-6cb1-4bc2-96ea-81ccf9b935e8", "evidence": "The document questions the valuation of Celgene's pipeline and the true cost of the acquisition.", "position": 1, "objective": "Exposing the true cost of the acquisition", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 77, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a reductio ad absurdum argument to challenge the company's valuation narrative.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/77", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-77", "loopMatches": [ { "to": 77, "from": 71, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "81bf725f-6cb1-4bc2-96ea-81ccf9b935e8", "evidence": "The document questions the valuation of Celgene's pipeline and the true cost of the acquisition.", "position": 1, "objective": "Exposing the true cost of the acquisition", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 78, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "The slide uses a DCF model to cap the potential synergy value, explicitly noting that 100% cost elimination is unrealistic.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/78", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-78", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 79, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Includes a waterfall-style bridge diagram comparing the $62B calculated value to the $75B management claim.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/79", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-79", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 80, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "The slide uses a waterfall-style logic to bridge the total synergy value into two distinct buckets (marketed vs pipeline).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/80", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-80", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 81, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a waterfall-style bridge to reallocate synergies and expose the true cost of the pipeline.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/81", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-81", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 82, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/82", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-82", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 83, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a table to derive implied pipeline revenue and a callout box to highlight the specific 2028 assumption.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/83", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-83", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 84, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a callout box to emphasize the short due diligence period relative to the size of the revenue bet.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/84", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-84", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 85, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a bar chart with a red arrow to highlight the 59% delta between the two figures.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/85", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-85", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 86, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a series of small bar charts (indexed to 100) with arrows indicating direction of variance (red for negative, green for positive).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/86", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-86", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 87, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a combination of a 10-K excerpt and a pie chart to highlight the discrepancy between industry reality and management's valuation assumptions.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/87", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-87", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 88, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red dashed circle to highlight the 'Average Expected Revenue Per Product' metric as the key point of contention.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/88", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-88", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 89, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a timeline to visualize the gap between historical performance (3 launches in 15 years) and projected performance (10 launches in 8 years).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/89", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-89", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 90, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a before-after framing to highlight the shift from non-specific bullishness to specific product hype.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/90", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-90", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 91, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a before-and-after comparison to highlight management inconsistency.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/91", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-91", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 92, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a chronological sequence of screenshots to demonstrate the degradation of management's pipeline transparency.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/92", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-92", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 93, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a 'before-after' style critique of management guidance vs reality.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/93", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-93", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 94, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses color-coding (red, orange, green) to categorize drug status, effectively visualizing the failure of management's previous projections.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/94", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-94", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 95, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a side-by-side comparison table to highlight the gap between internal management hype and external analyst skepticism.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/95", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-95", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 96, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a combination of direct quotes and a bar chart to demonstrate the gap between management guidance and reality.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/96", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-96", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 97, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a waterfall-style annotation to highlight the $30 billion loss in shareholder value.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/97", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-97", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 98, "slideType": "problem_statement", "function": "diagnose_problem", "notes": "The slide uses a table to systematically dismantle the credibility of management's revenue projections for the Celgene acquisition.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/98", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-98", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 99, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a screenshot of a Celgene presentation to highlight the company's 'blockbuster' claims, which the activist then challenges.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/99", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-99", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 100, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a combination of a bar chart and pull-quotes to highlight the gap between management's 'blockbuster' narrative and analyst reality.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/100", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-100", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 101, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a Q&A excerpt from a 2019 conference to frame management's complacency.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/101", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-101", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 102, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses screenshots of news articles to provide evidence of the company's past poor capital allocation and clinical failure.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/102", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-102", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 103, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses news clippings as evidence to build a narrative of poor capital allocation or high-risk acquisition strategy.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/103", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-103", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 104, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a direct excerpt from a 10-K filing to establish the liability and a bar chart to establish the revenue expectation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/104", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-104", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 105, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses CEO and President quotes to establish the baseline of management's public optimism.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/105", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-105", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 106, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a before-after framing to contrast management's pre-RTF optimism with post-RTF deflection.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/106", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-106", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 107, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a combination of stock price performance and revenue estimate charts to highlight management failure.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/107", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-107", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 108, "slideType": "competitive_analysis", "function": "name_villain", "notes": "The slide uses a combination of a logo grid for competitors and a series of pull-quotes to frame the product as facing an uphill battle.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/108", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-108", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }