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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "presentationDate": "2019-03-18 00:00:00",
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      "kind": "callout",
      "text": "On average, every product commercialized from Celgene's non-near-term launch pipeline products would need to be a blockbuster!",
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      "text": "Based on Bristol-Myers' own failure rate expectations, in order to hit Bristol-Myers base case assumptions for Celgene's early-stage pipeline, on average, every successfully commercialized product launch would have to be a blockbuster.",
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      "text": "Source: Public company filings. (1) Probability of commercialization based on Bristol-Myers' 2018 10-K filing, and assumes the midpoint between historical small molecule and biologics success rates.",
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      "text": "Bristol-Myers' Base Case Assumes, on Average, Every Successful Earlier-Stage Pipeline Product Would Have to Be a Blockbuster",
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