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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": "The slide uses a line chart to contrast the revenue decay curves of small molecules vs biologics to argue that Celgene's portfolio is structurally vulnerable.",
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      "text": "Essentially all of Celgene’s marketed products portfolio is small molecule drugs, and therefore they are likely to experience significant revenue deterioration as they lose patent protection",
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      "text": "Post-Patent Expiration Revenue Slope - Selected Small Molecules vs. Biologics",
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      "text": "Small molecule drugs have less complex chemical structures relative to large molecule biologics (large molecules), which make them easier to manufacture, and as a result, small molecule drugs are generally more adversely impacted by generic competition.",
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      "text": "Unlike Bristol-Myers, which possesses a portfolio of biologic (i.e. large molecule) drugs, Celgene is focused on small molecules.",
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      "text": "Source: Public company filings. (1) Q0 represents the quarter prior to a product coming off-patent / losing exclusivity.",
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      "text": "Overview of Celgene (cont'd)",
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