Pershing Square Activist Presentation Deck
Allergan CEO/CFO Sales Compared to Peers
Since January 2013
It appears Allergan executives had a far less bullish view of
their stock prior to the Valeant offer
Market Cap
($Baj
$234mm
$63mm)
$50mm
$19mm
549,600 shares
WAP: $115.29 per share
$16mm
$12mm
$8mm
$5mm
VRX management
exhibiting confidence in
business model
$3mm $2mm $2mm $1mm $0mm $0mm $0mm $0mm!
SYK i VRX
$31.6 $40.6
GILD AGN BIIB BMY PFE ABT CELG STJ
JNJ LLY MRK FRX
$138.0 $49.7 $75.8 $81.3 $192.9 $62.8 $70.8 $19.8 $298.1 $70.5 $170,0 $27.1
ABBV AMGN
$87.2 $90.1
Source: FactSet, 2013-Q1 2014.
Note: Market cap based on basic shares outstanding
(1) Market cap as of July 14, 2014. FRX shown as of closing price of $99 00 on June 30, 2014, the final day of trading prior to the acquisition by Actavis Plc.
100
23.4x
Peer MedianView entire presentation