Pershing Square Activist Presentation Deck

Valeant has a Culture of Cost Efficiency "We will operate a low-cost operating model in all that we do. In essence, we will continue to apply a low-margin operating mindset to a high-margin business. We will take pride in our frugality, our ability to make quick decisions based on internal resources, our willingness to all wear different hats at different times." - Mike Pearson, 2010 Chairman's Letter 44

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