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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": "The chart includes a hypothetical 'PF BMY - Identified Opportunities' bar to illustrate the potential margin expansion.",
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      "text": "We believe Bristol-Myers standalone adjusted EBITDA margins could improve from 36% to 45%, with an opportunity to potentially expand margins further over time.",
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      "kind": "chart",
      "text": "2018 Adjusted EBITDA Margin for Bristol-Myers vs. Direct Peers",
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      "text": "Through our work with industry experts and a leading consulting firm, based on publicly available information, we believe Bristol-Myers has an opportunity to improve adjusted EBITDA margins to more closely align with its Direct Peers.\nOver a longer-term period, with a best-in-class management team and perfect information, we believe the opportunity exists to reach peer average margins and potentially further close the margin gap with Amgen.",
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      "text": "EBITDA margin: 45%",
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      "text": "We believe there are specific actions within Bristol-Myers’ control that may result in significant margin improvement",
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      "text": "We believe Bristol-Myers standalone adjusted EBITDA margins could improve from 36% to 45%, with an opportunity to potentially expand margins further over time.",
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      "text": "Source: Public company filings, Starboard estimates and analysis from leading consulting firm. (1) Bristol-Myers is adjusted for one-time items as disclosed by the Company. In addition, we have removed Pfizer’s portion of Eliquis revenues from Bristol-Myers’ revenue. Adjustments for other companies based on non-GAAP company disclosures. (2) Starboard selected Direct Peers include: ABBV, AMGN, BIIB, MRK, CPSE:NOVO.B, SWX:ROG.",
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      "kind": "title",
      "text": "However, We Believe Bristol-Myers Can Be Even Better and That There Is a Significant Operational Improvement Opportunity",
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