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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "Uses a table to decompose the implied assumptions of Bristol-Myers' pipeline valuation.",
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      "kind": "callout",
      "text": "On average, every product commercialized from Celgene’s non-near-term launch pipeline products would need to be a blockbuster!",
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      "text": "Average Expected Revenue Per Product: $1.4",
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      "text": "We believe it is unreasonable to assume that, on average, all of Celgene’s successfully commercialized earlier stage assets will be blockbusters",
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      "text": "Yet that still assumes Bristol-Myers will generate, on average, five additional blockbusters in its early-stage pipeline from yet to be identified products.",
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      "text": "Source: Public company filings. (1) Probability of commercialization based on Bristol-Myers' 2018 10-K filing, and assumes the midpoint between historical small molecule and biologics success rates.",
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      "text": "Implied Bristol-Myers Assumption For Celgene’s Earlier-Stage Pipeline Assets",
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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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