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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "Uses a combination of a performance table, a bar chart for margins, and a time-series line chart for P/E multiples to argue against management's M&A capability.",
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      "text": "How can shareholders trust a management team that is executing poorly at Bristol-Myers to now successfully integrate one of the largest pharmaceutical deals of all time?",
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      "text": "LTM Adj. EBITDA Margins: BMY (36%) vs Direct Peers (48%)",
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      "text": "Source: CapitalIQ. (1) Total returns... (2) Peers based on... (3) Starboard selected...",
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      "text": "Can shareholders really trust Bristol-Myers to execute a complex transaction well enough to create value?",
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      "text": "Bristol-Myers Has Underperformed Under Current Leadership",
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