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  "notes": "The slide uses a stacked area chart to visualize the 'cliff' effect of patent expirations.",
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      "text": "Even with large expectations for the pipeline, revenue will be declining, possibly impacting the valuation multiple",
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      "text": "Bristol-Myers estimate for Celgene marketed products genericization",
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      "text": "In fact, our conversations with Bristol-Myers management indicated that they expect all of Celgene's current marketed products to be essentially wiped out by 2028.",
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