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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-03-18 00:00:00",
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  "slideType": "expose_contradiction",
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  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "Uses a combination of a bar chart and pull-quotes to highlight the gap between management's 'blockbuster' narrative and analyst reality.",
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      "kind": "callout",
      "text": "Despite repeated, bullish commentary from management on fedratinib, Wall Street analysts have overwhelmingly lower expectations for the drug",
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      "kind": "chart",
      "text": "Select Wall Street Analyst Estimates for Fedratinib 2028 Revenue",
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      "text": "Select Wall Street Analyst Commentary on Fedratinib",
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      "text": "2028 Revenue Estimate: $400mm",
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      "componentId": "019dd953-0f19-73dd-8e9c-0a9d0ab3667f",
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      "kind": "paragraph",
      "text": "However, Wall Street analysts' estimates are remarkably in agreement that this will be a small drug.",
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      "kind": "quote",
      "text": "We believe fedratinib represents a significant opportunity for patients and has the potential to be a billion-dollar blockbuster for Celgene.",
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      "kind": "quote",
      "text": "\"We believe fedratinib represents a significant opportunity for patients and has the potential to be a billion-dollar blockbuster for Celgene.\" — Nadim Ahmed, Celgene President of Hematology and Oncology, January 2018; \"In our view, the drug will be a more modest seller and we model $400mm peak sales as there are several JAK inhibitors entering late stage development for MF.\" — Cowen, February 2019; \"We have not included any sales impact to Celgene from Juno’s JCAR017 or Impact’s fedratinib through 2022 at this time...\" — Oppenheimer, May 2018; \"Investors are likely to again focus on risks to fedratinib with mgt. delaying the filing to confirm with FDA the information communicated to Impact.\" — Morgan Stanley, May 2018; \"Approval and launch of fedratinib in MF will likely only provide incremental growth.\" — Barclays, January 2018",
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      "kind": "title",
      "text": "Wall Street analysts are essentially in unanimous agreement that fedratinib will be a small drug",
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      "kind": "title",
      "text": "Fedratinib Appears to Be Far Smaller and Riskier Than Initially Expected (cont'd)",
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