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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 Gordon Growth Method for terminal value calculation.",
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      "text": "This still assumes ~$7 billion of revenue from five unidentified blockbusters in the earlier-stage pipeline",
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      "text": "Estimated NPV Value of Pipeline Products Including Synergies",
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      "text": "NPV of Celgene's Pipeline: $30 billion",
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      "text": "Source: Public company filings, Bristol-Myers investor relations, Starboard estimates. (1) NPV is based on $30 billion purchase price for Celgene's pipeline products. Assumes discount rate of 9.0% and terminal unlevered free cash flow multiple of 13.1x derived using Gordon Growth Method assuming 1.25% terminal growth – where terminal unlevered free cash flow is negative, we assume no terminal multiple. Financial projections derived based on S-4 filing.",
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      "text": "If we adjust Bristol-Myers 2028 near-term pipeline products revenue down to the median of Wall Street analysts' estimates, Celgene's pipeline would be value destructive for Bristol-Myers shareholders.",
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      "text": "With a ~$30 billion purchase price, Celgene's pipeline destroys shareholder value when using the median of Wall Street analysts' estimates for 2028 Celgene pipeline revenue",
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      "text": "Sales for Celgene's Five Near-Term Product Launches May Fall Below Bristol-Myers Expectations (cont'd)",
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