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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": "Uses a combination of quarterly revenue charts and a qualitative quote to explain the market shift.",
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      "kind": "callout",
      "text": "OPDIVO ceded its market share lead to KEYTRUDA in early 2018, and sales now seem to be plateauing",
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      "text": "2024 Consensus Revenue Est. Over Time - OPDIVO vs. KEYTRUDA",
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      "text": "Revenue by Quarter for OPDIVO vs. KEYTRUDA",
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      "text": "In 2016, Wall Street analysts projected OPDIVO to be a significantly larger drug than KEYTRUDA, but unfortunately that prospect has now reversed.",
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      "text": "Opdivo had been considered the leader... The view of the rival drugs began to change in August, with the surprise announcement by Bristol-Myers that Opdivo had failed to best older chemotherapies in the Phase III [CHECKMATE-026] trial....",
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      "text": "“Opdivo had been considered the leader among the new class of medicines... The view of the rival drugs began to change in August, with the surprise announcement by Bristol-Myers that Opdivo had failed to best older chemotherapies in the Phase III [CHECKMATE-026] trial.... ‘Merck will completely ‘own’ the segment of first-line lung cancer patients who have high PD-L1 expression levels, and Bristol-Myers will capture nothing really,’ [Sanford Bernstein’s Tim] Anderson said.” — Reuters, October 2016",
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      "text": "Source: Public company filings, Bloomberg, Wall Street research.",
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      "text": "Bristol-Myers has ceded significant market share to rival Merck",
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      "text": "Multiple Setbacks Have Resulted in OPDIVO Ceding Its Market Leadership Position to KEYTRUDA",
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