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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": "This is a classic 'preempt rebuttal' slide used by activist investors to undermine management's optimistic projections.",
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      "text": "If any of the three assumptions listed above is not successfully realized, even if the remaining assumptions are achieved, Bristol-Myers shareholders could lose substantial value from the Celgene acquisition.",
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      "text": "We believe Bristol-Myers management is making the following assumptions in its base case: REVLIMID does not fully genericize prior to 2026. Bristol-Myers successfully commercializes all five of Celgene's near-term launch pipeline products, which will generate combined revenues that are 59% above Wall Street consensus. Assuming pipeline success rates in-line with industry standards, Bristol-Myers could successfully commercialize five products from Celgene's earlier-stage pipeline, but all five products will, on average, have to generate ~$1.4 billion in revenue to meet Bristol-Myers 2028 base case assumptions.",
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      "text": "annualized return: 3%",
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      "text": "Even if Bristol-Myers realizes its aggressive base case assumptions, shareholders will only realize a 3% annualized return above the Company's WACC.",
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      "text": "Source: Public company filings, Bristol-Myers investor relations, Starboard estimates.",
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      "text": "The Celgene acquisition has little margin for error as Bristol-Myers must realize its aggressive base case assumptions",
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      "text": "Bristol-Myers Must Realize Its Base Case Projections to Realize Even a Small Amount of Value for Shareholders",
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