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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "The chart includes a specific 'PF BMY - Identified Opportunities' bar to illustrate the potential target.",
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      "kind": "callout",
      "text": "If properly managed, we believe that Bristol-Myers can reduce its SG&A expense",
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      "text": "SG&A Expense as % of Total Revenue",
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      "text": "SG&A expense ratio: 22%",
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      "text": "We believe that there is an opportunity to lower Bristol-Myers' SG&A to peer levels through numerous cost reduction initiatives.",
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      "kind": "source-note",
      "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.",
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      "text": "We Also Believe There Is an Opportunity to Improve SG&A Expense to Peer Levels",
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