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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "presentationDate": "2019-03-18 00:00:00",
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      "text": "We believe that Bristol-Myers spending on R&D per employee needs to be reduced through organizational changes",
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      "text": "Despite reductions in its R&D employee base, Bristol-Myers still spends significantly more on research and development per employee than its peers.\nWe believe that this is due to an overly cumbersome and inefficient decision-making process.",
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      "text": "Source: Public company transcripts, Starboard estimates and analysis from leading consulting firm. (1) Research and development expense adjusted for one-time payments, accelerated amortization, and other extraordinary expenses.",
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