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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-03-18 00:00:00",
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  "notes": "Uses a combination of direct quotes and a bar chart to demonstrate the gap between management guidance and reality.",
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      "kind": "callout",
      "text": "Wall Street analysts generally followed management's guidance that GED-0301 would eventually be a blockbuster drug",
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      "kind": "chart",
      "text": "Select Wall Street Analyst Estimates 3-Months Leading Up to Failure",
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      "text": "Celgene abandoned Phase III studies for GED-0301 in October 2017 after failing to clear an interim futility review.\nHowever, in the 12 months leading up to the termination, management remained extremely optimistic.",
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      "text": "Management showed conviction in GED-0301 right up until its failure.",
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      "kind": "quote",
      "text": "And then you have ozanimod, GED-0301. Both of those - as I mentioned before, ozanimod is a we think $4bn to $6bn asset; -0301 for Crohn's disease could be transformational as well. In our opinion, it's probably a multi-billion dollar asset, as well.",
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      "text": "So beginning with GED-0301...we've had some great Phase II data for the products. It's in Phase III now for Crohn's disease. We think that's an enormous opportunity, and we'll wait to see what the data says and then we have high hopes for it commercially",
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      "kind": "quote",
      "text": "We aggressively advanced the development of two potential future blockbuster products, ozanimod and GED-0301. Several important data readouts will follow throughout the year.",
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      "text": "\"And then you have ozanimod, GED-0301. Both of those - as I mentioned before, ozanimod is a we think $4bn to $6bn asset; -0301 for Crohn's disease could be transformational as well. In our opinion, it's probably a multi-billion dollar asset, as well.\" — Corporate VP - Investor Relations Patrick Flanigan, March 2017; \"We aggressively advanced the development of two potential future blockbuster products, ozanimod and GED-0301. Several important data readouts will follow throughout the year.\" — President & COO Scott Smith, April 2017; \"So beginning with GED-0301...we've had some great Phase II data for the products. It's in Phase III now for Crohn's disease. We think that's an enormous opportunity, and we'll wait to see what the data says and then we have high hopes for it commercially\" — CEO Mark Alles, May 2017",
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      "kind": "source-note",
      "text": "Source: Public company filings, Wall Street research.",
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      "text": "Wall Street analysts were very surprised with the failure following the bullish management commentary",
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      "kind": "title",
      "text": "Most Recently, Celgene Overhyped GED-0301...We Are Skeptical of Celgene Management's Expectations (cont'd)",
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