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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 waterfall bridge to show how a 36% margin can reach 45% through operational efficiencies.",
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      "text": "Over a longer term period, with a best-in-class management team and perfect information, we believe the opportunity exists to reach peer average margins of 48% and potentially further close the margin gap with Amgen.",
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      "text": "We believe that there is an opportunity to significantly improve profitability at Bristol-Myers. We believe there are significant opportunities within SG&A, R&D and COGS to improve margins at Bristol-Myers. Over a longer term period, with a best-in-class management team and perfect information, we believe the opportunity exists to reach peer average margins of 48% and potentially further close the margin gap with Amgen.",
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