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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
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  "presentationDate": "2019-03-01 00:00:00",
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  "notes": "Uses a waterfall-style bridge to reallocate synergies from marketed products to the pipeline.",
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      "kind": "callout",
      "text": "This is critically important because it means the deal is far riskier than management has implied!",
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      "text": "Comparison of Management vs Starboard valuation of Celgene deal components",
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      "text": "Since it is not possible for EBITDA to be greater than revenue, synergies must be reallocated between marketed products and the pipeline, leading to a significantly higher implied value for the pipeline.",
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      "kind": "source-note",
      "text": "Source: Public company filings, Starboard estimates. (1) $91 billion calculated assuming Bristol-Myers issues 701mm shares to Celgene shareholders per the Company's S-4 filing and includes fair value of CVR per the S-4 filing.",
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      "text": "Bristol-Myers is paying ~$30 billion for Celgene's product pipeline, not ~$15 billion",
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      "kind": "title",
      "text": "We Believe Bristol-Myers Is Actually Paying ~$30 Billion for the Pipeline, Not ~$15 Billion (cont'd)",
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