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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": "Uses a bar chart to compare revenue concentration of blockbuster drugs and a stacked area chart to visualize the revenue decline of Celgene's portfolio.",
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      "text": "Bristol-Myers is knowingly acquiring a massive small molecule patent cliff, which is, to our knowledge, unprecedented.",
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      "text": "Wall Street Estimates for Celgene's Marketed Products Revenues",
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      "text": "Select Blockbuster Drugs – % Revenue Contribution Prior to Loss-of-Exclusivity",
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      "text": "REVLIMID is among the largest patent cliffs in pharmaceutical industry history, which alone will require Celgene to replace over 60% of its total revenue in the next 7 years.\nWhen including Celgene's other marketed products, Bristol-Myers will be forced to rebuild Celgene's entire current revenue base from its pipeline over the next decade, as essentially all of Celgene's marketed products lose patent protection over this timeframe.",
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      "text": "revenue contribution: 63%",
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      "text": "Source: Public company filings, CapitalIQ, Wall Street research. (1) % revenues for SINGULAIR, LIPITOR, CRESTOR, CYMBALTA, PLAVIX, and REVLIMID as of 2011, 2010, 2015, 2013, 2011, and 2018, respectively.",
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      "text": "Bristol-Myers is Buying One of the Largest Patent Cliffs in History",
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