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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 peer benchmark chart to highlight the margin gap between BMY and its peers.",
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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 believe 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": "We believe a standalone Bristol-Myers would have a stable and growing revenue base, with room for significant operational improvements. Our research has identified opportunities to significantly improve standalone Bristol-Myers' profitability.",
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      "text": "A standalone Bristol-Myers will also be better positioned to continue the historically successful “String of Pearls” strategy. We do not believe this deal is in the best interests of shareholders.",
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      "text": "Adjusted EBITDA Margin: 900bps",
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      "text": "Source: Public company filings, Starboard estimates.",
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      "text": "There Is a Better Path Forward for Bristol-Myers as a Standalone Company",
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