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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "The slide uses a red dashed line to visually emphasize the decline of Bristol-Myers' P/E ratio relative to its historical peak.",
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      "text": "Bristol-Myers' P/E ratio is now at its lowest level in years and below its peer group",
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      "text": "Historical NTM Price / Earnings – Bristol-Myers vs. Peers",
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      "text": "P/E multiple: (3.1x)",
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      "text": "Bristol-Myers' P/E ratio was near its 5-year peak when Caforio took over as CEO. Since then, the Company's P/E ratio has collapsed, and now, for the first time in recent memory, Bristol-Myers trades at a discount to its peers.",
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      "text": "Source: CapitalIQ. Peers based on Bristol-Myers S-4 selected publicly traded companies. Current as of 3/15/2019.",
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      "text": "Bristol-Myers' Poor Execution Has Resulted in The Company Trading at Its Lowest P/E Multiple in Years",
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