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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "Uses a table to derive implied pipeline revenue and a callout box to highlight the specific 2028 assumption.",
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      "kind": "callout",
      "text": "Based on our many conversations with Bristol-Myers management, we believe management is assuming ~$18 billion revenue contribution from Celgene’s pipeline products in 2028",
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      "kind": "callout",
      "text": "Based on our many conversations with Bristol-Myers management, we believe management is assuming ~$18 billion revenue contribution from Celgene's pipeline products in 2028",
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      "text": "pipeline revenue: $18 billion",
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      "text": "Bristol-Myers’ base case for the acquisition assumes that Celgene’s pipeline will generate ~$18 billion of revenue in 2028 to replace the company’s patent cliff.",
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      "text": "However, the reality is that Celgene has not brought a significant product to market in the last five years, and its pipeline has continuously failed to live up to expectations",
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      "text": "Source: Public company filings, Bristol-Myers investor relations, Starboard estimates.",
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      "text": "Celgene Will Need to Effectively Reinvent Itself by 2028 in Order to Reach Bristol-Myers’ Base Case Assumptions",
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