{ "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": 37, "pageCount": 197, "prevPage": 36, "nextPage": 38, "slideType": "testimonial", "function": "cite_precedent", "density": "overcrowded", "nDataPoints": 2, "notes": "The slide uses a grid of pull-quotes to establish credibility and market sentiment.", "elementsJson": [ "headline_text", "subtitle_text", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/37", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-37", "components": [ { "bbox": null, "kind": "callout", "text": "Wall Street analysts were incredibly positive on the Bristol-Myers strategy, pipeline, and management team", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0937-7729-87a9-6811eb26e7ac", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Wall Street applauded this strategy and analysts fell in love with the Bristol-Myers story.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "18235f7a-316b-412e-8213-034f37a6358d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.52, "y": 0.28 }, "kind": "quote", "text": "We view BMY as the leader in immuno-oncology...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4a564dc8-80dc-4852-b0cb-fce8ff35eed1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.04, "y": 0.28 }, "kind": "quote", "text": "The company's 'string of pearls' acquisition and partnering strategy are part of what has gained it a more favourable valuation than most of its peers.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "85e91e4e-24a8-438d-a04a-d474081ea67f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.52, "y": 0.52 }, "kind": "quote", "text": "Overall, we continue to see Bristol as a leader in the PD-1 and broader I-O space both in terms of time-to-market and breadth of clinical program.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9cd80841-fc7c-4a2c-ae95-31002f2f2ff9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.04, "y": 0.62 }, "kind": "quote", "text": "We remain bullish on BMY ahead of these upcoming data releases as we see the overall opportunity for immuno-oncology (I-O) in general still being underappreciated by investors...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b41a5969-b0fc-4a6d-9d33-2e15a7a9263c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.45, "x": 0.04, "y": 0.42 }, "kind": "quote", "text": "Our DCF-based PO of $58 indicates BMY can trade at roughly 34x our 2015E EPS of $1.73...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f03aedb0-d15e-4758-8dcc-610587d9a918", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.52, "y": 0.38 }, "kind": "quote", "text": "We believe BMY's investments in therapeutic areas with significant unmet need position it to become a leader in these areas and to deliver strong growth.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f1180fce-3113-4e1b-ab2d-8872181a5771", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.52, "y": 0.66 }, "kind": "quote", "text": "The portfolio could give upside to another solid growth outlook for BMY and generate much news flow. A management team that has a solid track record of reshaping the business...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f9c8b7f1-852f-4872-9d24-f3a6dcbfa876", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"The company’s ‘string of pearls’ acquisition and partnering strategy are part of what has gained it a more favourable valuation than most of its peers.\" — Jefferies, January 2012; \"We view BMY as the leader in immuno-oncology...\" — Goldman Sachs, February 2014; \"We believe BMY’s investments in therapeutic areas with significant unmet need position it to become a leader in these areas and to deliver strong growth.\" — Deutsche Bank, August 2014; \"Our DCF-based PO of $58 indicates BMY can trade at roughly 34x our 2015E EPS of $1.73, higher than BMY’s current 2014 multiple and at a significant premium to the US major pharma group average on 2014E, which we believe is warranted due to the potentially higher quality of BMY’s R&D pipeline relative to its peers.\" — Bank of America, October 2014; \"Overall, we continue to see Bristol as a leader in the PD-1 and broader I-O space both in terms of time-to-market and breadth of clinical program.\" — JP Morgan, December 2014; \"We remain bullish on BMY ahead of these upcoming data releases as we see the overall opportunity for immuno-oncology (I-O) in general still being underappreciated by investors while the depth and breadth of BMY’s I-O portfolio leaves them as the clear leader in the space.\" — Credit Suisse, October 2014; \"The portfolio could give upside to another solid growth outlook for BMY and generate much news flow. A management team that has a solid track record of reshaping the business provides additional appeal to this powerful product story.\" — Cowen, December 2014", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0937-7729-87a9-6d1de5acc686", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Wall Street research.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1b396e95-b0b9-4162-b10b-f0ca7484c768", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.88 }, "kind": "title", "text": "Wall Street analysts were incredibly positive on the Bristol-Myers strategy, pipeline, and management team", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0b44d297-e28d-4983-954a-6ac75b884fe5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Overview of Bristol-Myers (cont'd)", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d6a46d1a-a153-4cd5-b8a1-ef8267803726", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "d3e5a70b-4cc8-4de2-8ae4-7d8187169fde", "evidence": "Use of analyst quotes to validate investment thesis", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }