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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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  "notes": "The slide uses a waterfall bridge to visualize the path from current 36% EBITDA margin to a 45% pro forma margin.",
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      "text": "We believe there are significant opportunities within SG&A, R&D and COGS to improve margins at Bristol-Myers.\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 of 48% and potentially further close the margin gap with Amgen.",
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      "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.",
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