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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": "The slide uses a bar chart to compare the peer average P/E multiple against the BMY acquisition price for Celgene, followed by a callout box highlighting the patent cliff risk.",
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      "kind": "callout",
      "text": "It is not surprising that Celgene's multiple looks attractive, given the massive impending patent cliff",
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      "text": "2019E P/E Multiple – Wall Street Consensus Estimates",
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      "text": "Bristol-Myers is claiming that the Company is paying a cheap price to acquire Celgene...on Celgene's current earnings base.",
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      "text": "Source: Public company filings, CapitalIQ, Bloomberg. (1) Share price as of January 2, 2019... (2) Peers based on Bristol-Myers S-4...",
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      "text": "Examining the transaction based on 2019 earnings does not tell the whole story",
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