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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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  "notes": "The slide uses color-coding (red, orange, green) to categorize drug status, effectively visualizing the failure of management's previous projections.",
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      "kind": "callout",
      "text": "~55% of total drugs highlighted have been delayed, and peak sales potential has declined by greater than $4 billion (~40% discount)",
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      "text": "~30% of total drugs highlighted and greater than $5.5 billion of peak sales has been terminated or de-prioritized",
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      "text": "Only 15% of total drugs highlighted in early 2017 by Celgene have been approved or remain on-track",
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      "text": "peak revenue potential: $5.5 billion",
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      "text": "Since Celgene management first highlighted fourteen significant products to their shareholders only two years ago, nearly one third of those products have already been terminated or de-prioritized, which represents greater than $5.5 billion of previously stated peak revenues.",
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      "text": "Source: Public company filings, Wall Street research, Starboard estimates. (1) We use Wall Street consensus estimates for CC-486, CC-220, and IDHIFA. For ozanimod, JCAR017, luspatercept, and bb2121, we take the median of Bank of America Merrill Lynch, Barclays, Morgan Stanley, Goldman Sachs, and Cantor Fitzgerald.",
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      "text": "Only 15% of total drugs highlighted in early 2017 by Celgene have been approved or remain on-track",
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