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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "Uses a direct excerpt from a 10-K filing to establish the liability and a bar chart to establish the revenue expectation.",
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      "kind": "callout",
      "text": "Wall Street analysts uniformly expect fedratinib to generate modest peak revenues",
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      "text": "Fedratinib – 2028 Wall Street Analyst Revenue Estimates",
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      "text": "Excerpt from Celgene 2018 10-K Filing Regarding Impact Biomedicines",
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      "text": "According to Celgene’s 10-K filing, the company could owe Impact Biomedicines a contingent payment of $1.4 billion if fedratinib receives regulatory approval (excerpt below).",
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      "text": "If Bristol-Myers successfully commercializes fedratinib, the Company may owe Impact Biomedicines contingent payments nearly 4x greater than fedratinib’s peak sales – is fedratinib even worth commercializing?",
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