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  "docSlug": "9b4a362a0151",
  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "shareholder-letter",
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  "presentationDate": "2019-02-28 00:00:00",
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  "notes": "Uses a stacked area chart to show revenue projections and pull-quotes to highlight past management over-promising.",
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      "kind": "chart",
      "text": "Stacked area chart showing revenue projections for five products from 2019 to 2028.",
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      "kind": "paragraph",
      "text": "Based on Celgene’s most recent track record of overpromising and under-delivering on highly-touted pipeline products – specifically, the termination of GED-0301 and the refusal-to-file (“RTF”) for ozanimod – we question whether management’s projections are sufficiently conservative.",
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      "kind": "quote",
      "text": "1-month before receiving refusal-to-file notice from FDA on ozanimod: 'Focusing on execution, the NDA for ozanimod in RMS was submitted... We are currently building out a strong neuro-inflammation team to execute a launch...'",
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      "kind": "quote",
      "text": "7-months before termination of GED-0301: 'And then you have ozanimod, GED-0301... GED-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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      "kind": "title",
      "text": "Select Celgene Management Commentary on GED-0301 and ozanimod",
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      "kind": "title",
      "text": "'19 – '28 Wall Street Maximum Est. for Celgene Near-Term Launch Pipeline Products",
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