{
  "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b",
  "docSlug": "6ded4b1cfe2c",
  "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",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 28,
  "pageCount": 197,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "scenario_table",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The chart uses a scatter-plot style with a trend line to show the relationship between 2028 revenue and NPV.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/28",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-28",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "If Celgene's pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab2d-6f258afd3a42",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.7,
        "x": 0.15,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Estimated NPV Value of Pipeline Products Including Synergies",
      "attrs": null,
      "subkind": "scatter",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "603c48fe-7ee1-45e4-8b0a-c1270bc72ba1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "list",
      "text": "If Celgene’s pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad5d3dfb-60c9-4caa-b2e0-48a9e2a7a5d7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "NPV of Celgene's Pipeline: $46 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab2d-72a6755023f1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "We estimate Bristol-Myers is paying ~$30 billion for Celgene’s pipeline products with an extremely thin margin for error – even if just one or two products fail to commercialize, Celgene’s pipeline could destroy significant value for Bristol-Myers shareholders.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e1530aa-166f-4033-b1c3-c6bae8513ae4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Public company filings, Starboard estimates.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7fe45ace-16c0-4efb-8023-2a2ef7fce733",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "title",
      "text": "A single Celgene pipeline product failure could result in value destruction for Bristol-Myers shareholders",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "048817e9-2b87-4a3d-8f73-40f17cdb326d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "In What We Believe Are More Likely Scenarios, This Deal Would Destroy Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02520d7a-f300-4236-a761-ed6fa84f034a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "loss-aversion",
      "slug": null,
      "matchId": "ab52f10e-7b52-45e0-8fd0-ba88fe1d696f",
      "evidence": "Framing the deal as 'destroying value' and highlighting the 'thin margin for error' to emphasize potential losses.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}