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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "notes": "The slide uses color-coding (red, yellow, green) to categorize drug status, effectively acting as a visual 'stoplight' framework for management credibility.",
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      "text": "~30% of total drugs highlighted and greater than $5.5 billion of peak sales has been terminated or de-prioritized",
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      "text": "~55% of total drugs highlighted have been delayed, and peak sales potential has declined by greater than $4 billion (~40% discount)",
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      "text": "Only 15% of total drugs highlighted in early 2017 by Celgene have been approved or remain on-track",
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      "text": "pipeline success rate: 15%",
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      "text": "In addition, recent history suggests that Celgene management is inaccurate at predicting pipeline product success. Celgene management highlighted fourteen significant products to their shareholders in early 2017, but only two of those products have launched or remain on track to launch.",
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      "text": "Source: Public company filings, Wall Street research, Starboard estimates. (1) We use Wall Street consensus estimates for CC-486, CC-220, and IDHIFA. For ozanimod, JCAR017, luspatercept, and bb2121, we take the median of Bank of America Merrill Lynch, Barclays, Morgan Stanley, Goldman Sachs, and Cantor Fitzgerald.",
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      "text": "Some, or all, of the Five Near-Term Product Launches In Celgene’s Pipeline Portfolio May Ultimately Fail to Commercialize (cont’d)",
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