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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": "Uses a table to show product failures/delays and a timeline to visualize the unrealistic launch cadence required.",
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      "text": "Bristol-Myers Highlighted 5 Near-Term Products: Of the highlighted products, in just the last two years alone, 3 have been delayed... AND Bristol-Myers also wants shareholders to underwrite, on average, 5 additional, yet-to-be-identified blockbusters.",
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      "text": "Bristol-Myers is assuming an unprecedented rate of pipeline success in its base case",
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      "text": "Source: Public company filings, Bristol-Myers investor relations, Starboard estimates.",
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      "text": "blockbuster product launches: 10",
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      "text": "In order to reach just its base case assumptions, Bristol-Myers needs the Celgene pipeline to produce, on average, 10 blockbuster products in 8 years, which would represent an unprecedented rate of success.",
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