Pershing Square Activist Presentation Deck
Allergan Management has Admitted that SG&A is
"Very High" but has not Made Meaningful Progress
Solving the Problem (Cont.)
David Buck, Buckingham; Question on Q3 2010 Earnings Call:
"And one more big-picture question, I guess, for David. You talked a
little bit about going to SG&A levels of sort of 35% over time, anything
structurally that you're planning for next year?"
David Pyott, Allergan Chairman and CEO; Response on Q3 2010 Earnings Call:
"I think this will be more a case of evolution versus revolution."
David Pyott, Allergan Chairman and CEO; Q2 2013 Earnings Call:
"You're quite right that we've had very high SG&A ratios relative to the
rest of the industry... So the good news is that we have a lot more room
for maneuver than most companies, and that will be helpful as we start
doing that form of scenario planning."
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