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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 slide uses a comparison frame to highlight BMY's inefficiency relative to PFE.",
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      "kind": "callout",
      "text": "We believe Bristol-Myers may have an opportunity to consolidate its R&D facilities",
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      "text": "2018 Revenue per R&D Facility",
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      "text": "Total R&D Facilities",
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      "text": "Through various restructurings and reorganizations, Pfizer has consolidated and reduced its R&D footprint. We believe that Bristol-Myers should consider similar consolidation options.",
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      "text": "Revenue per R&D Facility: $5,961",
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      "text": "Despite generating less than half of Pfizer's revenue, Bristol-Myers operates more R&D facilities than Pfizer.",
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      "text": "Source: Public company filings, Starboard estimates and analysis from leading consulting firm. (1) We have removed Pfizer's portion of Eliquis revenues from Bristol-Myers' revenue. Adjustments for other companies based on non-GAAP company disclosures.",
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      "text": "Bristol-Myers May Possess Excess R&D Facility Capacity",
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