{
  "docId": "019dd923-622b-71dc-a6d9-f55770808ccc",
  "docSlug": "8d578da76618",
  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-02-28 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 14,
  "pageCount": 16,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses annotations to link specific clinical trial events (KEYNOTE-189, CHECKMATE-331, CHECKMATE-451) to share price volatility.",
  "elementsJson": [
    "headline_text",
    "line_chart",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-f55770808ccc/14",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-f55770808ccc",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-f55770808ccc.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-f55770808ccc#slide-14",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "As a result, Bristol-Myers' P/E ratio is now at its lowest level in years and below its peer group, despite a growing franchise and a net cash balance sheet.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-8547-f26ef8164027",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.766,
        "x": 0.117,
        "y": 0.125
      },
      "kind": "chart",
      "text": "1-Year Share Price Performance line chart",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "52d5757a-d8da-4c7b-b94d-c97ffa241844",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.55,
        "x": 0.117,
        "y": 0.645
      },
      "kind": "chart",
      "text": "Historical NTM P/E line chart",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3be9813-2a8b-4a8b-8c3b-99d83856a2d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.22,
        "x": 0.39,
        "y": 0.13
      },
      "kind": "legend",
      "text": "BMY, Peers, S&P 500",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c3b111a-a22b-4ae3-b8e5-9f461e752648",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "P/E ratio: -2.7x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-8547-f7e6e9c86e03",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.766,
        "x": 0.117,
        "y": 0.455
      },
      "kind": "paragraph",
      "text": "The persistent challenges surrounding OPDIVO's never-ending quest for first-line (“1L”) approval in non-small cell lung cancer (“NSCLC”) has been particularly frustrating.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f6fccc9-0715-4ece-b4a9-41f3abbfe353",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.19,
        "x": 0.69,
        "y": 0.645
      },
      "kind": "table",
      "text": "BMY P/E Multiple Premium vs. Peers table",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c580b89-757f-4f76-99b3-636b30e9793a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.766,
        "x": 0.117,
        "y": 0.615
      },
      "kind": "title",
      "text": "Historical NTM Price / Earnings – Bristol vs. Peers(1)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88a6f2f8-317e-483b-bded-e1999bb5d641",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.766,
        "x": 0.117,
        "y": 0.092
      },
      "kind": "title",
      "text": "1-Year Share Price Performance(1)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6795958-c77e-460e-a1a1-3323bbc96899",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "84f12e6f-1f4e-4e13-b724-108b3e6495bf",
      "evidence": "Direct comparison of BMY performance and valuation against a defined peer group.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 14,
      "from": 12,
      "beatId": "13b52d80-e96a-43b0-ba71-b086a7524d4d",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Presents an alternative path forward for Bristol-Myers",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 14,
      "from": 12,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "ee52c9c1-896c-41d6-ad48-7d753ddf443c",
      "evidence": "Presents alternative strategies for Bristol-Myers",
      "position": 1,
      "objective": "Highlight costs of inaction",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}