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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": "Uses a combination of a 10-K excerpt and a pie chart to highlight the discrepancy between industry reality and management's valuation assumptions.",
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      "kind": "chart",
      "text": "Revenue Contribution from Earlier-Stage Pipeline Products ($7.2) vs Five Near-Term Launch Products ($10.8)",
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      "text": "Breakdown of Earlier-Stage Pipeline Products by Development Phase",
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      "text": "Relevant Excerpt from Bristol-Myers 10-K",
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      "text": "According to Bristol-Myers, not only does a typical research & development process take 14 years, with >80% of the time spent on early-stage development, but Phase I studies also have a 90 - 92% failure rate.",
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      "text": "Source: Public company filings, Bristol-Myers investor relations, Starboard estimates. (1) Different indications for the same products are tallied separately. Failure rates shown are midpoint of small molecule and biologic as stated in Bristol-Myers 2018 10-K.",
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      "kind": "title",
      "text": "On a per drug basis, Celgene’s earlier-stage assets may have to be just as productive as its later-stage assets!",
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      "text": "We Believe the Math Surrounding Bristol-Myers Early Stage Pipeline Expectations Is Also Highly Aggressive",
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