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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": "Uses a waterfall-style bridge to illustrate the delta between management's case and analyst consensus.",
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      "kind": "callout",
      "text": "Relative to the significant uncertainty regarding future revenue potential for Celgene’s five near-term product launches, we believe Bristol-Myers’ revenue expectations seem aggressive",
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      "text": "2028 Wall Street Analysts’ Revenue Estimates for Celgene Near-Term Pipeline Product Launches",
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      "text": "2028 Bristol-Myers Management vs. Wall Street Analysts’ Median Revenue Estimates",
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      "text": "2028 Revenue Estimates: ~40%",
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      "text": "With the exception of fedratinib, there is not only significant variance in Wall Street analysts’ revenue projections for Celgene’s five near-term product launches, but the median of Wall Street analysts’ projections is also ~40% below Bristol-Myers management expectations.",
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      "text": "Source: Public company filings, Wall Street research, Bristol-Myers investor relations, Starboard estimates.",
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