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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "Uses a bar chart to visualize the margin gap between BMY and its peers, highlighting a 'PF BMY - Identified Opportunities' bar to show potential improvement.",
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      "kind": "callout",
      "text": "The proposed acquisition of Celgene is not in the best interests of shareholders",
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      "text": "We have identified opportunities that we would improve margins by approximately 900bps.",
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      "text": "2018 Adjusted EBITDA Margin for Bristol-Myers vs. Direct Biopharmaceutical Peers",
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      "text": "A standalone Bristol-Myers will also be better positioned to continue the historically successful “String of Pearls” strategy.\nWe do not believe this deal is in the best interests of shareholders and in what we believe are more likely scenarios, this deal will destroy value for Bristol-Myers shareholders.",
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      "text": "We believe a standalone Bristol-Myers would have a stable and growing revenue base, with room for significant operational improvements.\nOur research has identified opportunities to significantly improve standalone Bristol-Myers' profitability by reducing Cost of Goods Sold, Research & Development, and Selling, General, & Administrative expenses.",
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      "text": "We have identified opportunities that we believe would improve margins by approximately 900bps.\nOver a longer-term period, with a best-in-class management team and perfect information, we believe the opportunity exists to reach peer average margins and potentially further close the margin gap with Amgen.",
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      "text": "Adjusted EBITDA Margin: 900bps",
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      "kind": "paragraph",
      "text": "Based on our research, we believe that there is an opportunity to significantly improve the operations of a standalone Bristol-Myers.",
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      "kind": "source-note",
      "text": "Source: Public company filings, Starboard estimates and analysis from national consulting firm. (1) Bristol-Myers is adjusted for one-time items as disclosed by the Company. In addition, 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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      "kind": "title",
      "text": "There Is a Better Path Forward for Bristol-Myers as a Standalone Company",
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      "evidence": "Comparing BMY margins against peer group to justify standalone strategy",
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