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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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      "text": "We believe Bristol-Myers has the opportunity to significantly improve its manufacturing operations",
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      "text": "Depending on the process implemented, these regulatory requirements can range from: Provided in Annual Report: notification of a change after implementation; CBE-0 Supplement: submitting a supplement at the time of distribution; CBE-30 Supplement: submitting a supplement at least 30 days before the product is distributed; Prior Approval Supplement (PAS): submitting and receiving FDA approval before the product made with the change is distributed",
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      "text": "The Company must perform a diligent cost/benefit analysis to determine each opportunity’s regulatory requirements upon implementation, as well as calculating the associated risk/reward of each program’s capital requirements vs. cost savings.",
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      "text": "While each strategy described in the following pages (1) has the opportunity to generate substantial savings for Bristol-Myers and (2) are actions that have been taken by the Company’s peers, they are programs that require prudent and rigorous examination.",
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      "text": "We have had the opportunity to work with some of the leading pharmaceutical development and manufacturing experts, who have been able to implement these processes in peer companies to produce substantial improvements in cost of goods sold.",
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      "text": "We believe there are significant opportunities within the Company to substantially improve cycle times and enhance cell yields within the manufacturing process to drive future margin improvement.",
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      "text": "Source: Starboard estimates and analysis from leading consulting firm, industry research and interviews.",
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      "text": "There Are Opportunities to Improve the Manufacturing Process That Could Result in Substantial Margin Improvement",
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