{ "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b", "docSlug": "6ded4b1cfe2c", "documentTitle": "Bristol-Myers Squibb Company (BMY)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2019-03-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 95, "pageCount": 197, "prevPage": 94, "nextPage": 96, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 4, "notes": "Uses a side-by-side comparison table to highlight the gap between internal management hype and external analyst skepticism.", "elementsJson": [ "headline_text", "bullet_list", "comparison_table", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/95", "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-95", "components": [ { "bbox": null, "kind": "callout", "text": "Celgene management was extremely excited about the prospects for GED-0301", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0f19-73dd-8e9a-d2863d7c0217", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.19 }, "kind": "list", "text": "In April 2014, Celgene paid $710 million to Nogra Pharma for the exclusive right to develop and commercialize GED-0301 for the treatment of Crohn's disease and other indications – this was one of the largest upfront payments Celgene had made.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0c55dd33-6bdc-4087-adbf-877b032953a2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.26 }, "kind": "list", "text": "Celgene management was extremely excited about the drug's potential while Wall Street analysts' reactions were more mixed.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1c4729f8-52d0-4773-afc9-9959bd124e8f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Celgene management expected GED-0301 to be a blockbuster drug.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0c613368-afa8-4ce7-b602-5e1343e76865", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Deal terms, a $710mm upfront payment that we believe reflects certainly the value of this drug...So for us a very exciting opportunity, one that we believe will contribute significantly to the building of our I&I franchise...\" — COO Perry Karsen, May 2014; \"We had some thought leaders in the U.S., top-top thought leaders help us do the diligence and look at the data...We've done a tremendous diligence about it. We're very excited about it, and that's where Celgene should be.\" — Chairman & CEO Robert Hugin, June 2014; \"Relative to GED, I think again, just to reiterate, we feel very strongly about the program, GED. It's our lead program in the Crohn's portion of IBD. We feel very strong about our ability to execute on it. We're excited. We're moving forward as fast as we can with all aspects of that program.\" — Chairman & CEO Robert Hugin, July 2015; \"Key questions around the path to Ph3, the reproducibility of the data due to clinical site concentration and activity in broader set of patients remain unanswered.\" — Morgan Stanley, October 2014; \"Expect upside for CELG as data support long-term $1.5-2B revenue promise as novel oral entrant in unmet Crohn's market.\" — Wells Fargo, October 2014; \"We believe at peak GED-0301 could reach $3B++ in peak WW sales. Although Wall Street consensus includes very little for the drug, we believe investor expectations are much, much higher than zero.\" — Evercore ISI, October 2014", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0f19-73dd-8e9a-d65c1d8dba8e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.03, "y": 0.97 }, "kind": "source-note", "text": "Source: Public company filings, Wall Street research.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "564c4e6b-f819-454d-ac1c-64f7a5aea078", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.58, "w": 0.94, "x": 0.03, "y": 0.31 }, "kind": "table", "text": "Comparison of Management vs Analyst commentary", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e6893f7c-46f8-476b-8e71-15bf2fbd89a7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Most Recently, Celgene Overhyped GED-0301...We Are Skeptical of Celgene Management's Expectations", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a8deb8c0-05df-46bb-8c34-c982010d74ef", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "expose_contradiction", "slug": null, "matchId": "b3a7a525-379a-4d39-ba82-53a93c61e99b", "evidence": "Side-by-side comparison of management quotes vs analyst quotes to highlight discrepancy.", "confidence": 1 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }