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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "The slide uses external quotes to build a narrative of management hubris and poor strategic decision-making.",
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      "text": "Wall Street analysts and investors were highly disappointed by the trial results presented by Bristol-Myers in CHECKMATE-026",
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      "text": "As Wall Street analysts and investors searched for answers, they began to severely question the clinical trial's design.",
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      "text": "\"Checkmate-026 failure highly surprising represents setback in largest segment of the I/O market...We are disappointed and highly surprised by the outcome and see the failure as largely driven by the study's broad design...\" — JP Morgan, August 2016; \"This is a MAJOR SURPRISE - possibly the biggest clinical surprise of my career...our only lead is the much-broader patient population in BMY's trial: their high-expresser cutoff was 5% PD-L1 expression, a much lower bar than MRK's 50%.\" — Evercore ISI, August 2016; \"Not surprised CM-026 failed given the 5% PD-L1 threshold...unlikely that other factors played a role. PD-L1 expression level I was the key difference. Opdivo and Keytruda are therapeutically equivalent.\" — Cowen, August 2016; \"...completely puzzled by Bristol's decision to evaluate...at a threshold this low, particularly given that the trial description indicated patients would be strongly expressing PD-L1...and probably most of the market, thought the threshold was at least 10%, and therefore expected that the trial had a reasonably high probability of success...suspect that the reason the trial failed is that the PD-1 threshold of at least 5% was too low.\" — BMO Capital Markets, August 2016; \"Bristol-Myers Squibb has suffered a $21 billion self-inflicted wound.\" — New York Times, August 2016; \"Bristol-Myers went for a broader patient population, potentially winning a bigger market but increasing its risk of failure.\" — Investor's Business Daily, August 2016",
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      "text": "Source: Wall Street research, Jennifer Tung, et al. v. Bristol-Myers Squibb Company, et al. lawsuit, Bloomberg, news reports.",
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      "text": "Wall Street Analyst Commentary vs Media Commentary",
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      "text": "We Believe This Failure Was a Direct Result of Poor Trial Design",
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