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  "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",
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  "notes": "The slide uses a bar chart to visually demonstrate that BMY's margins are below the peer average, supporting the activist's argument for operational improvement or sale.",
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      "kind": "callout",
      "text": "We definitively believe the acquisition of Celgene is not in the best interest of Bristol-Myers shareholders.",
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      "kind": "chart",
      "text": "Bar chart showing EBITDA margins for 15 companies, with BMY highlighted in red.",
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      "text": "EBITDA margin: 32%",
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      "kind": "paragraph",
      "text": "While cost cutting and margin improvement is one alternative that we believe is readily available to Bristol-Myers as a standalone entity, the Company's Board should be open to evaluating all alternatives to create shareholder value, including a sale of the Company.",
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      "kind": "paragraph",
      "text": "The first crucial step in this campaign is to vote down this ill-advised transaction. It is important, however, for shareholders to also know that as the next step, we would seek shareholder support to elect a slate of highly-experienced and respected director candidates.",
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      "kind": "paragraph",
      "text": "We believe that there is significant room for improvement in Bristol-Myers' margins. As previously mentioned, the Company's R&D as a percentage of revenue is the highest of its peers, resulting in EBITDA margins well below average.",
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      "kind": "source-note",
      "text": "Source: Company Filings, CapitalIQ. (1) Peers based on Bristol-Myers S-4 selected publicly traded companies.",
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      "kind": "title",
      "text": "FY2018 EBITDA Margins – Bristol vs. Peers(1)",
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      "evidence": "Comparing BMY EBITDA margins against a peer group to justify an activist position.",
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