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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "The chart uses a line graph to show NPV crossing the zero threshold at $15B revenue.",
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      "kind": "callout",
      "text": "Assuming an implied purchase price of ~$30 billion, we estimate pipeline products will need to generate ~$15 billion of revenue to be NPV neutral!",
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      "text": "Estimated NPV Value of Celgene's Pipeline Products Including Synergies",
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      "text": "In order to just be NPV-neutral, we believe that Celgene's pipeline would have to generate $15 billion of revenue in 2028.",
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      "text": "While Bristol-Myers' base case assumes Celgene's pipeline products will generate ~$18 billion revenue by 2028, we believe there is substantial risk to Bristol-Myers' forecast.",
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      "text": "In subsequent pages, we detail the substantial risk in Bristol-Myers' revenue forecast for Celgene's pipeline products",
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      "text": "Source: Public company filings, Bristol-Myers investor relations, Starboard estimates. (1) NPV is based on $30 billion purchase price...",
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      "text": "We Believe Celgene's Pipeline Could Destroy Substantial Value for Bristol-Myers Shareholders",
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