{ "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 118, "pageCount": 197, "prevPage": 117, "nextPage": 119, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 10, "notes": "Uses a combination of a line chart and qualitative quotes to build a bearish case on CAR-T commercial viability.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "line_chart", "callout_box", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/118", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-118", "components": [ { "bbox": { "h": 0.08, "w": 0.43, "x": 0.53, "y": 0.78 }, "kind": "callout", "text": "Even Novartis' CEO has shied away from proclaiming KYMRIAH, one of two CAR-Ts on the market, as a blockbuster", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7f7e038c-b640-44a3-b481-5f749106d88e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "The revenue trajectory for existing CAR-T therapies suggests it will be very challenging to achieve blockbuster status", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0f19-73dd-8e9c-6ae5a3686012", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.52, "w": 0.48, "x": 0.04, "y": 0.31 }, "kind": "chart", "text": "Annual Run-Rate Revenues for Approved CAR-T Therapies", "attrs": null, "subkind": "line", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5b092ec4-85f3-4ffa-af76-1508578fb257", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "Annual Run-Rate Revenues: $1,000", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-0f19-73dd-8e9c-7010f6b73abb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "Despite the interest in CAR-T therapies, the launches have severely disappointed, and Wall Street analysts' estimates continue to decline.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "201ea8de-f3fe-4cff-90a9-83b949aa5a2c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.43, "x": 0.53, "y": 0.58 }, "kind": "quote", "text": "Now both KISQALI and KYMRIAH have had slower starts, but we remain confident that with KISQALI, over time, we can build this into a blockbuster medicine...", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9af3370a-2598-42c5-b9c8-ba9133d3502a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.43, "x": 0.53, "y": 0.31 }, "kind": "quote", "text": "Because CAR-T is a personalized therapy, the launch of the product is likely to be limited... we would expect initial revenues in the hundreds of millions, not the billions.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bdb05560-ea28-42a8-b1cf-cd57fd11af7c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Because CAR-T is a personalized therapy, the launch of the product is likely to be limited by (a) the medical centers which can administer the therapy and (b) the complex manufacturing process...we would expect initial revenues in the hundreds of millions, not the billions.\" — Morgan Stanley, August 2017. \"Now both KISQALI and KYMRIAH have had slower starts, but we remain confident that with KISQALI, over time, we can build this into a blockbuster medicine...and with KYMRIAH...we feel confident...we can drive KYMRIAH's growth well into the future.\" — Vasant Narasimhan, CEO of Novartis, Q4 2018 Earnings Call.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0f19-73dd-8e9c-6db54e843d64", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.87 }, "kind": "title", "text": "Neither YESCARTA nor KYMRIAH may become blockbuster drugs despite being first to market; 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