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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-03-18 00:00:00",
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  "pageNumber": 27,
  "pageCount": 197,
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  "slideType": "preempt_rebuttal",
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  "nDataPoints": 5,
  "notes": "This is a classic 'preempt_rebuttal' slide used by activist investors to undermine management's deal rationale.",
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      "text": "Management's base case implies significant risk for Bristol-Myers shareholders with minimal reward",
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      "text": "Management’s base case implies significant risk for Bristol-Myers shareholders with minimal reward",
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      "text": "For the deal to even be barely NPV accretive, shareholders must fully believe management's aggressive base case assumptions, including: $55 billion for marketed products value; $20 billion for cost synergies value; $18 billion of pipeline revenue by 2028.",
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      "text": "IRR above WACC: 3%",
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      "text": "Bristol-Myers management's base case makes several aggressive assumptions, which, even if realized, would only generate a 3% IRR above WACC.",
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      "kind": "source-note",
      "text": "Source: Public company filings, Wall Street research, Starboard estimates.",
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      "text": "Realizing Bristol-Myers' Aggressive Base Case Assumptions Only Generates a 3% IRR Above Its WACC",
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