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  "docSlug": "6ded4b1cfe2c",
  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-03-18 00:00:00",
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  "pageNumber": 184,
  "pageCount": 197,
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  "slideType": "peer_benchmark",
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  "density": "dense",
  "nDataPoints": 10,
  "notes": "The slide uses a bar chart to highlight BMY's outlier status compared to the peer average.",
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      "kind": "callout",
      "text": "We believe Bristol-Myers can improve returns on R&D through more external partnerships",
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      "kind": "chart",
      "text": "% of Pipeline Drugs Discovered Internally",
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      "text": "According to Bristol-Myers' 10-K filing, about 1 in 10,000 molecules discovered by pharmaceutical industry researchers proves to be both medically effective and safe enough to become an approved medicine.\nHowever, the Company's new product pipeline relies on internal discovery more heavily than peers, who tend to engage in more external partnerships.\nWe believe Bristol-Myers has an opportunity to decrease the cost of discovery and early-stage development by engaging in more external partnerships.",
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      "kind": "source-note",
      "text": "Source: Public company filings, Starboard estimates and analysis from leading consulting firm, industry research and interviews, Pharmaprojects.",
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