{
  "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": 45,
  "pageCount": 197,
  "prevPage": 44,
  "nextPage": 46,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a direct quote to undermine management credibility.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/45",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-45",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.37
      },
      "kind": "callout",
      "text": "Credit Suisse Healthcare Conference – November 2016",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c9673d43-6b5e-4320-9b8c-5595ca9a90f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Bristol-Myers subsequently admitted that the reason for the CHECKMATE-026 failure was due to trial design",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab2e-a2bae10a279e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Members of Bristol-Myers' management team admitted that the Company did not focus on tumors exhibiting a strong expression of PD-L1, a surprising acknowledgment of trial design error.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27a8affb-ac8f-4877-8c17-9b435542f2af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.52,
        "x": 0.41,
        "y": 0.63
      },
      "kind": "paragraph",
      "text": "Fouad Namouni, Oncology Development Head at Bristol-Myers",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3bd71cf-d900-49b7-b691-6db655fdf684",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.86,
        "x": 0.07,
        "y": 0.45
      },
      "kind": "quote",
      "text": "Obviously, the study was not designed to look at the smaller subgroup of highly inflamed tumor or high expression of PD-L1. Basically, that's the reason we are having a study that did not meet its primary endpoint.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "118a4a3e-4c01-47d9-8ec1-4a11ea5d355b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Obviously, the study was not designed to look at the smaller subgroup of highly inflamed tumor or high expression of PD-L1. Basically, that's the reason we are having a study that did not meet its primary endpoint.” — Fouad Namouni, Oncology Development Head at Bristol-Myers",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab2e-a5af69af7a5f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Public company filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "07cda5be-6a25-47ef-a5f3-86797c4b45a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.89
      },
      "kind": "title",
      "text": "Bristol-Myers subsequently admitted that the reason for the CHECKMATE-026 failure was due to trial design",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ffc05bc-77c6-47b5-a064-ff99b874a6b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "The Company Even Admitted as Much",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ecdae97-292d-4619-8328-065be88c2b2d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "7f13f1b5-27c3-48b8-bfcb-05893c1ed05a",
      "evidence": "Uses a direct quote from an executive to contradict the company's narrative or performance.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}