{
  "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": 174,
  "pageCount": 197,
  "prevPage": 173,
  "nextPage": 175,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The slide uses a specific manufacturing process flow (bioprocessing) to argue for operational efficiency gains.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "process_diagram",
    "line_chart",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/174",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-174",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.93,
        "x": 0.04,
        "y": 0.9
      },
      "kind": "callout",
      "text": "Peers have seen improvements of greater than 20% in cost of goods sold with minimal supplementation",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5347d013-1b31-44c3-97e7-40b04bda4631",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.42,
        "x": 0.55,
        "y": 0.5
      },
      "kind": "chart",
      "text": "Typical Fed-Batch Time Course Graph showing Viability, VCD, and Rel. product conc. over 18 days.",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b70f5453-1128-4ef1-8385-6a9e5baf2f36",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.42,
        "x": 0.55,
        "y": 0.2
      },
      "kind": "image",
      "text": "Manufacturing process flow diagram showing stages 1-5.",
      "attrs": null,
      "subkind": "infographic",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "79314933-a758-47d0-a5c5-a4fd459fca94",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.5,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "list",
      "text": "The Production Bioreactor (Stage 2) has the longest Unit Operation Cycle Time (3 days); the N-1 (“Seed” – Stage 1) Bioreactor Unit Operation Cycle Time is much lower (1 Day). There is an opportunity to rebalance the Overall Cycle Time between these two different steps without massively changing the manufacturing process. With over-capacity in the Seed Bioreactor and under-capacity in the Production Bioreactor, the Company can implement a strategy of running the Seed Bioreactor for a longer period of time and achieve a higher cell density to inoculate the Production Bioreactor which could, in theory, result in a lower Cycle Time. The goal would be to eliminate the first 4-6 days from the Production Bioreactor, thus reducing Cycle Time (see Fed-Batch Time Course Graph). If the Company can inoculate the Production Bioreactor at a much higher cell density (e.g. 5-10x10^6 cell/mL) the Production Bioreactor time could be reduced to just 12 days per Bioreactor. With 6 Bioreactors, the Process Cycle Time: 12 days per Prod. Bioreactor / 6 Production Bioreactors = 2 Days. Total number of batches per year can grow to 150 (50% increase). The Cycle Time in the Seed Bioreactor will increase to accommodate the need for increased cell density before transferring to the Production Bioreactor. However, even if the time in the Seed Bioreactor doubles to 8 days (below), the unit operation Cycle Time would still match that of the Production Bioreactor. 8 days per Seed Bioreactor / 4 Seed Bioreactors = 2 Days.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "256f5b47-41cf-48c9-9951-639b0ca07c9d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Cycle Time: 50%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8ea1-b91929ac69cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "We believe there are opportunities to significantly improve Cycle Time without drastically changing the manufacturing process.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86a191f3-9156-4847-8efc-5d8508f87a9f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.04,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Starboard estimates and analysis from leading consulting firm, industry research and interviews.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "20a9150e-bdbb-4a30-810c-e08103a69962",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Strategies to Improve Cycle Time (cont'd)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "33c44b9a-9783-4049-b9a1-94bb86474ca1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}