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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "The slide uses a 'Total Nearer-Term Expected Product Launches' calculation to highlight the lack of pipeline depth.",
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      "text": "We believe that Bristol-Myers' elevated R&D spending has not resulted in sufficient pipeline depth",
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      "text": "Despite spending a significantly higher percentage of revenue on research and development than its peers, Bristol-Myers only possesses several late-stage new molecular entities (\"NME\") in its pipeline.",
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      "text": "Source: Public company filings. (1) Nearer-term defined as 1 – 3 years. Assumes Phase II and Phase III assets can be launched in the next 1 – 3 years. Excludes Phase I assets as we believe it is unrealistic to assume those products could launch in the defined timeframe.",
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      "text": "Bristol-Myers Estimated Nearer-Term Product Launches(1) table showing NMEs by therapeutic area and phase, with calculated success rates.",
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      "text": "Bristol-Myers' Elevated Research & Development Spending Has Not Translated Into Pipeline Success",
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