{
  "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": 180,
  "pageCount": 197,
  "prevPage": 179,
  "nextPage": 181,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Includes a quote from a former executive to support the argument for organizational streamlining.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/180",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-180",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe there are specific initiatives that Bristol-Myers can undertake to bring R&D spending more in-line with peers",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8ea1-ee2eaabe00a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.92,
        "x": 0.04,
        "y": 0.36
      },
      "kind": "chart",
      "text": "Research & Development Expense as % of Total Revenue",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de50f69c-a662-4a6c-841c-b68cace9a618",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "list",
      "text": "We believe Bristol-Myers currently spends a significantly higher percentage of revenue on research and development than its peers due to a high number of R&D facilities and multiple layers of management. This not only increases costs, but results in missed opportunities.\nWe believe Bristol-Myers needs to be more productive and efficient in its R&D organization.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d9a1e7b-bdf4-4281-9ac6-d7d07d55cf75",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "R&D as % of Revenue: 26%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8ea1-f5ce4deeb218",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.92,
        "x": 0.04,
        "y": 0.88
      },
      "kind": "paragraph",
      "text": "We believe there are specific initiatives that Bristol-Myers can undertake to bring R&D spending more in-line with peers",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e895eca-0055-4291-b929-24b5f13c914e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "We believe that there is an opportunity to lower Bristol-Myers' research and development (R&D) expense closer to peer levels through numerous cost reduction initiatives.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e8bd464-4514-4ae0-b7a4-abaab0b6949b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.78
      },
      "kind": "quote",
      "text": "Instead of four people managing four people, it should have been one person managing four people.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc3671d3-4079-4c02-a84f-b2fe32e64a0c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Instead of four people managing four people, it should have been one person managing four people.” — Former Bristol-Myers Executive",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f19-73dd-8ea1-f1ca796ef8d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.04,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Public company filings, Starboard estimates and analysis from leading consulting firm, industry research and interviews. (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.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6239ad8-9b6d-4c4a-83e3-0d03f291ee8c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe There Is an Opportunity to Improve Research & Development Efficiency",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6bf0ca0d-6396-4217-8819-ab8b1b8a8745",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "371e115b-1803-4ff2-9709-740a07d58fe5",
      "evidence": "Comparison of BMY R&D spend vs peers",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}