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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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      "kind": "callout",
      "text": "If Bristol-Myers hits Wall Street analysts' estimates, rather than the Company's aggressive base case assumptions, the deal will be value destructive. This adds incredible risk for shareholders given the inherent riskiness of pipeline drugs. The risk is amplified given Celgene's disappointing track record with its pipeline",
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      "text": "2028 Bristol-Myers Management vs. Wall Street Median Estimate for Celgene Near-Term Product Launches",
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      "text": "Bristol-Myers' 2028 base case assumptions for Celgene's pipeline products' revenues are significantly higher than Wall Street analysts' estimates.",
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      "text": "Source: Public company filings, Wall Street research, Bristol-Myers investor relations, Starboard estimates. Wall Street research include Bank of America Merrill Lynch, Barclays Capital, Morgan Stanley, Goldman Sachs, and Cantor Fitzgerald. (1) Assumes Bristol-Myers is paying $30 billion for Celgene's pipeline products. Also assumes median Wall Street estimates for 2028 near-term pipeline revenues and Bristol-Myers 2028 revenue estimates for earlier-stage pipeline products.",
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      "text": "Bristol-Myers' 2028 Base Case for Celgene's Pipeline Assumes Revenue Well Above Analyst Estimates",
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