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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "The slide uses a red-pill visual motif for the trial names to emphasize failure.",
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      "text": "Management has not provided adequate responses for its failures, leaving Wall Street analysts and investors confused",
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      "text": "“A Perplexing Disappointment” — Morgan Stanley; “We think investors will likely be disappointed...management had pointed to this study as something to look forward to...” — UBS; “If you’re looking for certainty in immuno-oncology, Bristol-Myers Squibb’s latest trial data won’t help.” — FiercePharma; “There is no denying that this is a disappointing outcome.” — Evercore ISI; “BMY: another lung trial fails – SCLC indication can get pulled” — Evercore ISI; “Bristol-Myers cancer efforts aren’t in good shape.” — Bloomberg Intelligence; “This marks the second Phase III failure in 2L SCLC in 2 months. BMY SCLC market share is at risk…The failure of CM-451 is a significant miss for BMY.” — Cowen",
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      "text": "Source: Public company filings, Bloomberg.",
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      "text": "CHECKMATE-026 was the beginning of a string of successive clinical trial failures that damaged management’s credibility and destroyed significant shareholder value.",
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      "text": "CHECKMATE-026 Was Followed by Several Other High-Profile Failures and Delays",
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