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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 bar chart to highlight the high revenue concentration of Revlimid compared to historical blockbuster drugs, and a range chart to show analyst uncertainty for Celgene's pipeline.",
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      "text": "Based on our analysis of the Celgene pipeline, we believe that Bristol-Myers' projections are extremely optimistic, especially given the most recent developments.",
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      "text": "Revenue Concentration: 63%",
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      "text": "Based on our analysis of the Celgene pipeline, we believe that Bristol-Myers' projections are extremely optimistic...",
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      "text": "Not surprisingly, sell-side analyst revenue projections for each of the five near-term products reveal wildly differing outlooks...",
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      "kind": "source-note",
      "text": "Source: Company Filings. (1) % revenues for SINGULAIR, LIPITOR, CRESTOR, CYMBALTA, PLAVIX, and REVLIMID as of 2011, 2010, 2015, 2013, 2011, and 2018, respectively.",
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      "text": "2028 Wall Street Est. for Near-Term Launch Pipeline Product Revenue",
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      "text": "Select Blockbuster Drugs - % Revenue Contribution Prior to Loss-of-Exclusivity(1)",
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