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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2019-02-28 00:00:00",
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  "notes": "The slide uses a bar chart to highlight BMY's high R&D investment relative to peers, framing it as a potential inefficiency or misallocation of capital.",
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      "text": "as shown in the chart below, over the past 5 years, on average, the Company has spent almost double the percentage of revenue on R&D as peers.",
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      "text": "5-Year Average R&D Expense as % of Revenue",
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      "text": "R&D Expense as % of Revenue: 30%",
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      "kind": "paragraph",
      "text": "While these rumors have yet to amount to anything substantive, we find the timing of management's initial approach to Celgene curious...",
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      "kind": "paragraph",
      "text": "Bristol-Myers is a leader in immuno-oncology. The Company possesses a number of innovative assets that have pushed the boundaries of science in order to save lives...",
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      "text": "Management has assured shareholders that the Company continues to be well-positioned for both the short and long-term...",
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      "kind": "quote",
      "text": "one of the most promising in our history — Management (referring to the Company's pipeline).",
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      "text": "Source: Company Filings, CapitalIQ. (1) Average of annual reported financials from 2014 – 2018. Peers based on Bristol-Myers S-4 selected publicly traded companies.",
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      "kind": "title",
      "text": "There is a better path forward for Bristol-Myers.",
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