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  "notes": "Uses a timeline framework to highlight management's shifting narrative.",
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      "text": "Inexplicably Delayed",
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      "text": "We have serious concerns about the ability of Celgene to bring blockbuster CAR-T therapies to market",
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      "text": "Despite yellow flags, Celgene acquired Juno Therapeutics in January 2018 and confidently targeted a 2019 FDA first approval for JCAR017. However, after bullish commentary through June 2018, the company, without warning, changed the targeted first approval date to 2H 2020.",
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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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