Pershing Square Activist Presentation Deck
Durable Portfolio:
Participation in Fast Growing Categories
Based on management estimates and our independent research and
analysis, we estimate 6% to 8% long-term revenue growth. Our
estimate is a slight discount to Valeant management estimates
Legacy Allergan Durable
Botox
Facial Aesthetics
Breast Aesthetics
Other
Sub-Total
Legacy Valeant Durable
US
Emerging Markets
Non-US Developed Markets
Sub-Total
2014E % of
Total Sales
19.7%
4.9%
3.7%
5.2%
33.4%
29.8%
22.0%
14.8%
66.6%
Est. Long-Term Growth
Base
High
8%
10%
3%
2%
7%
4%
8%
2%
5%
10%
12%
5%
3%
9%
6%
12%
4%
8%
Total
100.0%
6%
8%
The estimated long-term growth rates set forth above are derived from, among other sources, Company management statements regarding estimated future revenue
growth. Those statements are subject to numerous assumptions, risks and uncertainties that may change over time and could cause actual results to differ materially. Valeant
Public Presentation April 22, 2014: Valeant believes Val-gan can achieve "[hligh single-digit organic revenue growth for the foreseeable future across the entire business,
including both the cliff and durable portfolio.View entire presentation