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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "notes": "The chart uses a waterfall-like logic to show value destruction based on the number of product failures.",
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      "text": "If Celgene’s pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed.",
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      "text": "If Celgene’s pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed.",
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      "text": "We estimate Bristol-Myers is paying ~$30 billion for Celgene’s pipeline products with an extremely thin margin for error – even if just one or two products fail to commercialize, Celgene’s pipeline could destroy significant value for Bristol-Myers shareholders.",
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      "text": "Source: Public company filings, Starboard estimates.",
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