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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 line chart to illustrate the 'patent cliff' phenomenon, contrasting the steep decline of small molecules with the relative stability of biologics.",
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      "text": "In short, Bristol-Myers is knowingly acquiring a massive small-molecule patent cliff.",
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      "text": "Unlike Celgene, we believe that Bristol-Myers possesses a much more durable product portfolio.",
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      "text": "It is important to note the differences between large and small molecule drugs in terms of historical genericization because they make the proposed transaction extremely puzzling.",
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      "text": "Source: Company Filings. (1) Q0 represents the quarter prior to a product coming off-patent...",
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      "text": "Post-Patent Expiration Revenue Slope – Selected Small Molecules vs. Biologics(1)",
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