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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2019-02-28 00:00:00",
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  "notes": "The slide uses a combination of a line chart to show financial decline and a timeline to show management's shifting narrative.",
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      "text": "While Celgene management has argued that JCAR017 and bb2121 have demonstrated a superior safety profile in early-stage trials, their recent commentary on timelines for approval has become more measured.",
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      "text": "2022 Wall Street Revenue Estimates For Approved CAR-T",
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      "text": "Timeline of Celgene Management Commentary on JCAR017 (i.e. liso-cel)",
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      "text": "While Celgene management has argued that JCAR017 and bb2121 have demonstrated a superior safety profile in early-stage trials, their recent commentary on timelines for approval has become more measured.",
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      "kind": "paragraph",
      "text": "For example, Chimeric Antigen Receptor T-cell (“CAR-T”) therapies, which account for two of the five near-term product launch opportunities, are prime examples of a category where sell-side revenue estimates have massively declined since the drugs have come to market.",
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      "text": "\"We anticipate JCAR017's first approval in 2019 and for that therapy to achieve global peak sales of approximately $3 billion\" — Peter Kellogg, EVP, CFO, CAO, January 2018. \"So the approval for JCAR017 liso-cel is 2019, that's still the plan.\" — Nadim Ahmed, Pres. of Hematology & Oncology, June 2018. \"Just the expected launches of fedratinib and JCAR017 in 2019 will enable us to absorb the financial impact caused by the delay in the expected launch of ozanimod\" — Mark Alles, Chairman & CEO, May 2018. \"Well, for JCAR017...Investors should not expect new data... ASH will not be updated data for 17 on lymphoma.\" — Mark Alles, Chairman & CEO, September 2018. \"Now turning to our CAR-T programs. Both liso-cel and bb2121 remain on target for expected 2020 approvals.\" — Jay Backstrom, Chief Medical Officer, January 2019.",
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      "kind": "source-note",
      "text": "Source: Company Filings and Transcripts.",
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      "text": "Source: Wall Street Estimates, Bloomberg.",
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