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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": "The slide highlights the long-term cash burn associated with the Celgene acquisition pipeline.",
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      "text": "Celgene's pipeline products will require substantial upfront investment from Bristol-Myers",
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      "text": "In Bristol-Myers base case projections for Celgene’s pipeline products, Adjusted EBITDA is negative for the first SIX years of the forecasted period",
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      "text": "In Bristol-Myers base case projections for Celgene's pipeline products, Adjusted EBITDA is negative for the first SIX years of the forecasted period",
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      "text": "Based on our discussions with Bristol-Myers management, even with properly allocated cost synergies, we believe management is forecasting ~$4 - 5 billion of operating expenses for Celgene's pipeline products every year beginning in 2019.",
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