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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "documentKindLabel": "Shareholder letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-02-28 00:00:00",
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  "notes": "Uses a 'CEO Quote vs. Reality' structure to highlight management failure.",
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      "text": "Unfortunately, R&D failures continue to plague the Company and have destroyed significant shareholder value in the process.",
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      "text": "5-Year Share Price Performance",
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      "text": "share price performance: 42%",
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      "kind": "paragraph",
      "text": "The past year has been particularly painful for Bristol-Myers shareholders, as key clinical trials have failed to show the desired results and the Company’s future growth trajectory has been called into question.",
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      "text": "Unfortunately, R&D failures continue to plague the Company and have destroyed significant shareholder value in the process. Over the past five years, the Company has underperformed peers and the broader market index by approximately 40%.",
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      "kind": "quote",
      "text": "Finally, our emerging pipeline across all therapeutic areas is one of the most promising in our history...",
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      "text": "I'm also excited by the progress with our diversified pipeline... we are executing very well...",
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      "kind": "quote",
      "text": "\"Finally, our emerging pipeline across all therapeutic areas is one of the most promising in our history... The significant opportunities ahead of us requires us to ensure the right level of investment behind R&D and certain commercial capabilities, and we are doing just that.\" — Giovanni Caforio, Chairman & CEO, February 2018; \"I'm also excited by the progress with our diversified pipeline and the work we are doing in cardiovascular disease, immunoscience and fibrosis... we are executing very well, and I believe we are focused on the right strategic opportunities for the future. We're investing commercially and in our pipeline to drive growth, and I feel very good about the progress we're making.\" — Giovanni Caforio, Chairman & CEO, July 2018",
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      "kind": "title",
      "text": "Select Management Commentary on R&D Productivity",
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