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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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      "text": "We believe Bristol-Myers can reduce expenses in its Sales & Marketing organization",
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      "text": "We believe Bristol-Myers has an inefficient Sales & Marketing organization due to excess layers of management. By streamlining the organization similar to best-in-class peers, we believe Bristol-Myers’s Sales & Marketing organization could become more productive and generate better returns on its spending. Based on conversations with former employees, it appears as if excess sales and marketing spend may be going towards secondary products. In addition, in 2018, advertising and promotional spend was $672 million, or 15% of SG&A expense. Best-in-class peers, such as Amgen, have implemented a similar strategy with significant success.",
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      "text": "\"We have implemented a zero-based budgeting process by brand with a sophisticated ROI analysis looking at every single piece of our marketing mix to ensure we are spending money only where we are getting the best returns.\" — Tony Hooper, EVP of Global Commercial Operations at Amgen, Amgen 2014 Business Review Meeting, October 28, 2014",
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      "text": "Source: Public company filings, Starboard estimates and analysis from leading consulting firm, industry research and interviews.",
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