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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 target margin.",
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      "text": "We believe Bristol-Myers has a potential opportunity to improve its gross margins.",
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      "text": "2018 Adjusted Gross Margin for Bristol-Myers vs. Direct Biopharmaceutical Peers",
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      "text": "We believe Bristol-Myers has opportunities to improve gross margins through improvements in capacity utilization, streamlining of high-cost geographies, and improvements in manufacturing process.\nLonger term, we believe Bristol-Myers could reach gross margins of 86%, roughly in-line with best-in class-peers, through process improvements to decrease cycle times and enhance cell yields, similar to the initiatives executed by best-in-class biologics peers.",
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      "text": "Gross Margin: 83%",
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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.",
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      "text": "Bristol-Myers' Gross Margins Are Below Peer Levels",
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