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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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  "pageNumber": 98,
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  "slideType": "problem_statement",
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  "density": "dense",
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  "notes": "The slide uses a table to systematically dismantle the credibility of management's revenue projections for the Celgene acquisition.",
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      "text": "On average, Bristol-Myers is assuming each Celgene pipeline product launched will be a blockbuster",
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      "text": "Earlier-Stage Pipeline Products: 5 question marks representing unidentified products.",
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      "text": "Below, we provide an overview of the key risks related to the five near-term product launch opportunities in Celgene's pipeline that Bristol-Myers has highlighted to shareholders, and is expecting to generate $10 billion in revenue by 2028.",
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      "text": "Source: Public company filings, news reports, press releases, industry research and interviews, Starboard estimates.",
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      "text": "We Believe Celgene's Pipeline Has Massive Risk",
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