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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "Uses a bar chart to compare revenue concentration of historical patent cliffs and a stacked area chart to visualize the revenue decline of Celgene's portfolio.",
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      "text": "A single drug represents 63% of Celgene revenue and is facing an impending patent cliff",
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      "text": "Wall Street Estimates for Celgene's Marketed Products Revenues",
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      "text": "Select Blockbuster Drugs – % Revenue Contribution Prior to Loss-of-Exclusivity",
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      "text": "Revenue concentration: 63%",
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      "text": "Bristol-Myers is knowingly acquiring a massive small molecule patent cliff, which is, to our knowledge, unprecedented.",
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      "text": "Source: Public company filings, CapitalIQ, Wall Street research. (1) % of total revenues for SINGULAIR, LIPITOR, CRESTOR, CYMBALTA, PLAVIX, and REVLIMID as of 2011, 2010, 2015, 2013, 2011, and 2018, respectively.",
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      "text": "Bristol-Myers Is Buying One of the Largest Patent Cliffs in History",
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