Pershing Square Activist Presentation Deck
Large Universe of Public and Private Targets
Large universe of public targets for Val-gan with a market cap of
at least $10 billion
► 58 pharmaceutical and medical device companies with a
combined market cap of $3.2 trillion
Rank Company Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Johnson & Johnson
Roche Holding AG
Novartis AG
Pfizer Inc.
Merck & Co. Inc.
Sanofi
GlaxoSmithKline plc
Novo Nordisk A/S
Gilead Sciences Inc.
Bayer AG
Amgen Inc.
Bristol-Myers Squibb
AstraZeneca PLC
AbbVie Inc.
Biogen Idec Inc.
Eli Lilly and Company
Abbott Laboratories
Medtronic, Inc.
Market Cap
($bn)
$282.8
245.5
205.2
20
21
197.0 22
167.7
23
138.1
24
127.4
25
110.4
26
110.1 27
107.6
28
29
30
31
32
33
34
88.5
83.7
80.2
78.9
70.4
64.9
59.7
59.0
Rank Company Name
Celgene Corporation
Thermo Fisher Scientific
19
Note: Market caps are as of 4/21/2014 per Capital IQ. Table excludes Valeant and Allergan.
94
35
36
Teva Pharmaceutical Industries
Baxter International
Actavis plc
Takeda Pharmaceutical Company
Merck KGaA
Covidien plc
CSL Ltd.
Regeneron Pharmaceuticals
Alexion Pharmaceuticals
Stryker Corporation
Shire plc
Forest Laboratories
Astellas Pharma
Becton, Dickinson and Company
Sun Pharmaceutical Industries
Essilor International SA
Market Cap
($bn)
$58.4
47.6
43.0
39.6
35.4
34.8
34.6
31.8
30.3
30.2
30.1
30.1
29.0
24.7
24.7
22.0
21.3
21.0View entire presentation