Pershing Square Activist Presentation Deck
Valeant TSR Under Mike Pearson's Leadership
An investment in Valeant shares on the day Mike Pearson became CEO
has appreciated 25x in six years including dividend reinvestment
Valeant total shareholder return from 2/1/2008 to 4/21/2014
Valeant Total Shareholder Return
3,500%
3,000%
2,500%
2,000%
1,500%
1,000%
500%
2/1/08: Mike
Pearson
appointed CEO;
Valeant share
6/20/10:
Announced
merger with
Biovail
5/27/13:
Announced
acquisition of
Bausch & Lomb
for $8.7bn
11
9/3/12: Announced
acquisition of
Medicis for $2.6bn
2,544%
0%
Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11
Feb-12 Aug-12 Feb-13 Aug-13 Feb-14
Note: Chart shows the total shareholder return for an investment in Valeant Pharmaceuticals International, the entity that merged into Biovail Corporation on September 28, 2010.
Subsequent to this transaction, Biovail Corporation changed its name to Valeant Pharmaceuticals International, Inc. Chart assumes that the special dividend of $16.77 paid to
legacy Valeant shareholders at closing of the merger and the special dividend of $1.00 paid to new Valeant shareholders on December 22, 2010 were both immediately reinvested
in new Valeant (fka Biovail) common stock.View entire presentation