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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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      "kind": "callout",
      "text": "Celgene's four blockbuster marketed products account for 94% of 2018 revenues – the majority of which will disappear after 2026",
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      "text": "Loss of Exclusivity / Patent Expiration for Celgene's Major Marketed Products",
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      "text": "Assuming REVLIMID does not face full genericization until 2026, 94% of Celgene's current revenues will be lost between 2025 and 2028.",
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      "text": "Given that Celgene's marketed products are essentially all small molecules, revenue from Celgene's current product portfolio is expected to eventually completely evaporate.",
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      "text": "Source: Public company filings. (1) Loss of exclusivity and patent expirations shown are for U.S., with the exception of REVLIMID. Celgene's settlement with Natco Pharma will allow Natco to manufacture and sell a genericized REVLIMID without volume restriction beginning in 2026. As a result, we have shown Celgene losing REVLIMID revenues in 2026 even though U.S. patent expiration is in 2027.",
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      "text": "Overview of Celgene (cont'd)",
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