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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 waterfall-style logic to bridge from base case to adjusted case, highlighting value destruction.",
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      "kind": "callout",
      "text": "Adjustment to Bristol-Myers 2028 Pipeline Revenue Assumptions",
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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 and a similar discount for earlier-stage pipeline assets",
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      "text": "NPV vs 2028 Revenue curve",
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      "text": "NPV of Celgene's Pipeline: $30bn",
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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, and apply a similar discount for the earlier-stage, yet-to-be-identified assets, Celgene’s pipeline would be significantly value destructive for Bristol-Myers shareholders.",
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      "text": "Source: Public company filings, Bristol-Myers investor relations, Starboard estimates.",
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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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