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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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  "nDataPoints": 40,
  "notes": "The slide argues against the Bristol-Myers/Celgene merger by highlighting the risk of patent cliffs.",
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      "kind": "callout",
      "text": "We believe that, were shareholders to approve the transaction, this impending patent cliff will continue to be a massive overhang on Bristol-Myers shares – much like it has been for Celgene shares – for the foreseeable future.",
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      "kind": "chart",
      "text": "Dual-axis chart showing REVLIMID revenue concentration vs P/E multiple",
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      "kind": "chart",
      "text": "Revenue slope chart showing biologics vs small-molecule decline",
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      "text": "revenue concentration: 90%",
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      "kind": "paragraph",
      "text": "We do not believe that the REVLIMID generic risk can be understated. Based on our discussions with Bristol-Myers’ management team, we understand that their base-case scenario is a decline in REVLIMID revenues of approximately 90% in 2026.",
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      "kind": "source-note",
      "text": "Source: Wall Street Estimates. Source: Company Filings; CapitalIQ.",
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      "kind": "title",
      "text": "Celgene P/E vs. REVLIMID Revenue Concentration",
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      "kind": "title",
      "text": "Expected Post-Patent Expiration Revenue Slope – Bristol-Myers(1)",
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