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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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  "pageNumber": 73,
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  "notes": "The slide uses a stacked area chart to visualize the revenue cliff for Celgene's portfolio.",
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      "text": "Management has also provided us with a detailed walk through of their base case assumptions for Celgene’s marketed products, which implies the marketed products will be in run-off by 2028, with no terminal value thereafter.",
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      "kind": "chart",
      "text": "Estimates for Celgene’s Marketed Products Revenues",
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      "text": "1. REVLIMID revenues begin to decline in 2022... 2. POMALYST revenues remain stable through 2024... 3. OTEZLA and ABRAXANE revenues are forecasted more conservatively... 4. Operating expenses will be ~$3.5 billion in 2019 and scale down...",
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      "text": "Management has also provided us with a detailed walk through of their base case assumptions for Celgene’s marketed products, which implies the marketed products will be in run-off by 2028, with no terminal value thereafter.",
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      "kind": "source-note",
      "text": "Source: Bristol-Myers investor relations, Wall Street estimates, Starboard estimates.",
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      "text": "Management Has Also Provided Us With a Detailed Walk-Through of Their Assumptions for Celgene’s Marketed Products",
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