Pershing Square Activist Presentation Deck

Valeant's R&D Spending is Focused and Productive Valeant's disciplined focus on lower-risk, higher-return R&D projects has led to an R&D ratio that is lower than peers' Traditional Pharma(1) -77% -29% Gross Margin SG&A -19% R&D -28% EBIT Valeant Model (2013)² -75% -22% Gross Margin SG&A -3% R&D -50% 38 ¹Traditional Pharma represents the average of Pfizer, Merck, Eli Lilly, and Bristol-Myers Squibb (2014 Est) based on Sanford Bernstein estimate. 2 Valeant 2013 Q4 Earnings Press Release EBIT Targeted, high-return R&D is a driver of organic growth with an industry-leading number of product launches planned for 2014

View entire presentation