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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2019-02-28 00:00:00",
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      "kind": "chart",
      "text": "Historical revenue concentration of blockbuster drugs",
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      "text": "Analyst revenue projections range for pipeline products",
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      "text": "Based on our analysis of the Celgene pipeline, we believe that Bristol-Myers' projections are extremely optimistic, especially given the most recent developments. Based on our conversations with Bristol-Myers management, we believe that the Company is attributing 60% of 2028 pipeline revenues to five near-term product launch opportunities (i.e. luspatercept, JCAR017, bb2121, fedratinib, and ozanimod), with the remainder of revenues generated by ~20 earlier-stage assets, of which greater than 60% of indications are still in Phase I development. Not surprisingly, sell-side analyst revenue projections for each of the five near-term products reveal wildly differing outlooks. In fact, as shown below, there is a $7.3 billion difference between the minimum and maximum cumulative 2028 revenue estimates for these five products.",
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      "kind": "source-note",
      "text": "Source: Company Filings. (1) % revenues for SINGULAIR, LIPITOR, CRESTOR, CYMBALTA, PLAVIX, and REVLIMID as of 2011, 2010, 2015, 2013, 2011, and 2018, respectively.",
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      "text": "Source: Wall Street Estimates.",
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      "kind": "title",
      "text": "Select Blockbuster Drugs - % Revenue Contribution Prior to Loss-of-Exclusivity(1)",
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