{ "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 162, "pageCount": 197, "prevPage": 161, "nextPage": 163, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 6, "notes": "Uses CEO/CFO quotes to frame management's narrative against the actual performance data.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "bar_chart_vertical", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/162", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-162", "components": [ { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "callout", "text": "We believe that numerous initiatives exist for Bristol-Myers to further improve its margins", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "41f09363-42bc-4b97-8be2-7dc0d1769055", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.51, "y": 0.56 }, "kind": "chart", "text": "Bristol-Myers Operating Expense as % of Sales", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "88961a99-5837-4bcd-866c-7e705366ccd4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.51, "y": 0.24 }, "kind": "chart", "text": "Bristol-Myers Gross Margin", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a65bcafa-eb0b-4e83-9053-3197c14b8178", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "operating margin: 50%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-0f19-73dd-8e9f-e7a957f8e43a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "Bristol-Myers management believes that gross margins have troughed and that operating margins will continue to improve.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "90d3bef0-8499-463a-b178-c4aa4fc36f11", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.45, "x": 0.04, "y": 0.31 }, "kind": "quote", "text": "\"...as I mentioned in the last quarter, we're predicting now that our gross margin going forward, we're sort of at the trough now of gross margin... we feel that we're now bottoming out on that gross margin.\"", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b8355354-4192-4ebd-96ee-a3eec9572a21", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.45, "x": 0.04, "y": 0.62 }, "kind": "quote", "text": "\"And if you look back last year and again this year, we've continued to up-invest in R&D, while we have reductions in MS&A. So, we've continued to leverage our operating margin and we continue to see operating margin favorability going forward.\"", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bae7aa1b-0fbb-41b2-b00d-c22866cc195d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“...as I mentioned in the last quarter, we're predicting now that our gross margin going forward, we're sort of at the trough now of gross margin. So as you've seen over the last several years, we've had, primarily because of mix, the strong growth of Eliquis, we've had margin degradation, but we feel that we're now bottoming out on that gross margin.” — Charles Bancroft, CFO, Q2 2018 Earnings Call, July 26, 2018; “And if you look back last year and again this year, we've continued to up-invest in R&D, while we have reductions in MS&A. So, we've continued to leverage our operating margin and we continue to see operating margin favorability going forward.” — Charles Bancroft, CFO, UBS Global Healthcare and Life Sciences Conference, May 22, 2018", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0f19-73dd-8e9f-e3f3bfecd615", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: Public company filings and transcripts.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7dc3141b-1baa-4a37-b550-7b97a9394e97", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Bristol-Myers Management Continues to Be Confident in Further Margin Expansion", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "00409806-367f-4cf9-b362-bfc0810a2554", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "29bc45ef-11ee-4a6e-b49e-a36bab91768f", "evidence": "Contrasting management quotes with historical performance data to imply skepticism.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }