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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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  "notes": "Includes a waterfall-style bridge diagram comparing the $62B calculated value to the $75B management claim.",
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      "kind": "callout",
      "text": "Rather than $75 billion, we believe Celgene's marketed products and associated cost synergies should be valued at $62 billion. So what's the other $13 billion?",
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      "text": "Rather than $75 billion, we believe Celgene's marketed products and associated cost synergies should be valued at $62 billion.",
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      "text": "By appropriately allocating cost synergies to Celgene's marketed products, we arrive at a maximum valuation of $62 billion for the marketed products business plus directly related synergies.",
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      "kind": "source-note",
      "text": "Source: Public company filings, Bristol-Myers investor relations, Starboard estimates.",
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      "text": "We Calculate a Maximum Valuation of $62 Billion for Celgene's Marketed Products and Associated Cost Synergies",
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