{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9b-a077f08347fa", "slug": "4934d687cb38", "title": "Valeant Pharmaceuticals International (VRX)", "subtitle": "William Ackman · 2015-10", "author": "William Ackman", "date": "2015-10-30 00:00:00", "pageCount": 39, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Valeant Pharmaceuticals International", "targetTicker": "VRX", "document": { "id": "019dd923-622c-750b-8b9b-a077f08347fa", "slug": "4934d687cb38", "title": "Valeant Pharmaceuticals International (VRX)", "rawTitle": "Investor Call re Valeant Pharmaceuticals", "authorId": "01_Pershing_Square", "authorName": "William Ackman", "authorDisplay": "William Ackman", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2015-10-Investor-Call-re-Valeant-Pharmaceuticals.pdf", "sourceUrl": null, "sourceDate": "2015-10-30 00:00:00", "presentationDate": "2015-10-30 00:00:00", "ingestedAt": "2026-04-23 00:20:42+00", "status": "ready", "pageCount": 39, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Valeant Pharmaceuticals International", "targetTicker": "VRX", "metadata": { "local_root": "/tmp/legacy-images/4934d687cb38", "activist_firm": "Pershing Square Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 185.91836404800415 } }, "coverage": { "pageCount": 39, "pagesIndexed": 39, "pagesWithImages": 39, "pagesWithMetadata": 39, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 206, "chartCount": 3, "metricSlides": 0, "toolMatches": 9, "documentToolMatches": 1, "frameworkMatches": 24, "arcMatches": 1, "beatMatches": 5, "loopMatches": 0, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "evidence": "The document presents a clear problem (Philidor scandal), agitates it, and offers a solution (Valeant's business model)", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:02:44.054048+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 4, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Setup", "beatId": "ba62bddc-1640-4f2a-9149-d04308775419", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "Introduction to Valeant Pharmaceuticals", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 5, "name": "Complication", "beatId": "0d8ab027-41f9-4204-ab2e-76e52fbb62fb", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "Discussion of recent events and challenges", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 16, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 10, "name": "Evidence", "beatId": "8c9c2453-1cf4-4b69-b170-2662e00c1f90", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Presentation of facts and data to support Valeant's position", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 21, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 17, "name": "Preempt Rebuttal", "beatId": "f826f826-9857-48f7-81f2-57a1bd4e0426", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": null, "evidence": "Addressing potential criticisms and rebuttals", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "tools": [ { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "4040f47c-57ab-4058-94c5-3e87430b3a7a", "evidence": "Citron Research (Andrew Left); secondarily Russell Reitz / R&O Pharmacy", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "c6f9556d-30aa-449c-9264-1663c163ddf9", "evidence": "The slide is labeled as 'cover' and contains a logo and title.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:29:16.521654+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "79255d53-ce2f-4221-9eb4-c77f3a85dd96", "evidence": "The slide is labeled as 'executive_summary' and provides a brief overview of the company.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:29:16.67956+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d120559c-f4fb-440b-a30a-7e024321e778", "evidence": "The slide provides context on the company and its strategy.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:16.758435+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "727e8b4b-96e6-4a47-b5df-03bd0c0d4fb4", "evidence": "The slide contains a list of bullet points describing Valeant's context.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:29:17.455706+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "bcd703d2-f3bf-4f36-8f1f-a8d1e0db7747", "evidence": "The slide shows a timeline of events with a clear 'before' and 'after' framing, highlighting the changes in Valeant's share price performance.", "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:15:11.119665+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "b4a35853-96be-44c1-aaa9-b333ed8822c3", "evidence": "The slide contains a list/bullet of key points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:14:49.655933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Action Titles", "slug": "action-titles", "status": "active", "bestFor": "Any decision-grade deliverable — strategy recommendation, board update, investment memo, M&A review, post-mortem — where the reader is being asked to agree, decide, or act and will skim the title bar at speed.", "canonId": "019dd956-ac70-700b-a608-ba58e78f5dcc", "version": 1, "bodyDocId": "816dad3c-9983-41c1-a86e-978ebd582841", "description": "The McKinsey-bred discipline of writing every slide title as a complete declarative sentence with a verb and an insight, not a topic label. Each title is a sub-claim that ladders up to the deck's governing thought; read in sequence, the titles reconstruct the executive summary.", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "19648dca-3376-45d8-ac3f-ec6943fc5ce8", "evidence": "The slide has a title that is an action title: 'Valeant’s business has performed well in 2015'.", "pageRefs": null, "priority": "Core", "whenToUse": "Any decision-grade deliverable — strategy recommendation, board update, investment memo, M&A review, post-mortem — where the reader is being asked to agree, decide, or act and will skim the title bar at speed.", "confidence": 0.8, "extraction": { "at": "2026-07-16 23:14:48.591012+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": "Solves two failure modes at once. (1) The buried claim: action titles place the conclusion on the page before any analysis is read, so a busy reader doesn't reverse-engineer it from the chart. (2) The spineless deck: because each title is a claim, slides have to ladder up to the governing thought; logical gaps become visible as topic-shaped titles in a sequence that no longer reads as a story.", "antipattern": "Topic labels disguised as titles — Volume by quarter, Key findings, Pricing strategy, Margins have been impacted. No verb, or a passive verb with no agent, or a fact (Revenue grew 12%) without the so-what. Also: titles that overreach the chart's evidence, multi-claim X-grew-but-Y-fell welded titles, and mechanical repetition of the same X-drove-Y template across the deck.", "cardinality": null, "narrativePurpose": "Forces the deck to carry its argument in the title bar so a senior reader can extract the recommendation without opening a single slide; converts a binder of topics into a navigable pyramid where every slide is a node defending the apex." }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "40b74b91-61a7-44d9-917a-1311711eea15", "evidence": "The slide contains a list/bullet with several points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:14:48.553219+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "1bdfa056-ddf6-443e-9c2a-67f8b58f51d0", "evidence": "Explicit mention of 'Return-driven capital allocation framework'", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:12.74+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "capital-allocation-framework" }, { "matchId": "0015df9a-c759-4089-a627-5fdc24b7c2be", "evidence": "Chronological mapping of events against stock price performance.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:02:12.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "timeline" }, { "matchId": "f09de664-6df1-4c83-9e7a-1fc60db0276c", "evidence": "The slide explicitly pairs negative market events with Pershing Square's counter-arguments to neutralize the 'next Enron' narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:14.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "preempt_rebuttal" }, { "matchId": "c5c99218-93f0-4583-8846-296db786019b", "evidence": "The slide maps the flow of products and payments between entities in the supply chain.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:02:13.306+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "value-chain" }, { "matchId": "9d827d66-51e1-4606-bd3e-a1218dfb07be", "evidence": "Highlights the contradiction between accounting consolidation and the claim of non-control.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:02:16.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "3f91972b-b495-48e9-84b1-f52ebbfd5bfb", "evidence": "The slide explicitly details accusations of illegal activity and fraudulent behavior by Philidor.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:16.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "61450185-9582-4f68-a035-1c48175c79f6", "evidence": "Chronological representation of corporate events", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:02:13.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "timeline" }, { "matchId": "c412e8a7-977c-43c6-b3f6-daae7be3600c", "evidence": "Chronological representation of events", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:02:13.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "timeline" }, { "matchId": "739f84ef-56fd-47b8-88df-5fc873c58d28", "evidence": "The slide explicitly frames the narrative as exposing a contradiction and potential fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:17.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "fraud-exposure" }, { "matchId": "9f4c3a1d-8d77-4b3b-9e9d-3ab21f4702ce", "evidence": "Chronological sequence of events", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:02:13.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "timeline" }, { "matchId": "dcaac477-2087-4d30-ae7c-7e7025e747ab", "evidence": "The slide uses a structured table to present historical data as evidence for a regulatory argument.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:02:17.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "evidence-matrix" }, { "matchId": "22d140be-f0e0-4c02-84e1-287acde2ec39", "evidence": "The slide frames the industry as having a history of criminal/civil penalties, positioning the target company (Valeant) as an outlier or 'clean' actor by contrast.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:02:15.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "antagonist-introduction" }, { "matchId": "5964ce81-3f49-43fc-aafb-88dd2f27c680", "evidence": "The slide explicitly frames Novartis as the antagonist through legal allegations and a U.S. Attorney quote.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:15.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "antagonist-introduction" }, { "matchId": "e7fcb8bf-d6f0-463e-9465-22597785fbfb", "evidence": "Chronological sequence of events presented on a horizontal axis.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:02:14.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "timeline" }, { "matchId": "95111fa6-b3fd-4844-99b7-417f1b49be03", "evidence": "The slide explicitly details legal allegations of fraud and misconduct.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:14.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "fraud-exposure" }, { "matchId": "21a91a5a-6d21-471f-87cb-fa0f71b95e77", "evidence": "The slide juxtaposes the admission of serious misconduct with the company's claim of no business impact.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:14.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "expose_contradiction" }, { "matchId": "0e72a8a6-d4ba-4c79-9ab0-26f94d67e2f1", "evidence": "The slide systematically addresses potential criticisms regarding the Valeant-Philidor relationship to clear the firm of wrongdoing.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:14.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "preempt_rebuttal" }, { "matchId": "db070393-9547-4706-b77d-fed2d86a39da", "evidence": "The slide systematically lists unresolved questions to cast doubt on management's transparency regarding Philidor.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:15.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "fraud-exposure" }, { "matchId": "eb033273-201f-4cf1-a197-80f7e36e7f9e", "evidence": "The slide organizes expectations chronologically from near-term to long-term.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:14.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "timeline" }, { "matchId": "b4709003-267e-4f0e-9297-c1deecb6e95b", "evidence": "Presents a structured valuation model with sensitivity analysis on forward multiples.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:20.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "valuation-table" }, { "matchId": "5c239d11-3f72-41a3-85d5-5322d4021e99", "evidence": "The slide explicitly details the allocation of free cash flow to acquisitions and buybacks.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:15.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "capital-allocation-framework" }, { "matchId": "a316b905-2d49-44b0-8ba3-66ce0a4ca8a6", "evidence": "The slide uses a historical event to frame the current situation via analogy.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:02:15.374+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "metaphor-analogy" }, { "matchId": "095604a2-8335-4f28-ac1c-a8023d709ab6", "evidence": "Uses the 1963 scandal as a historical parallel to justify a current investment thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:21.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "argument-from-analogy" }, { "matchId": "b8c3e759-987e-4192-be2d-f2b6370be018", "evidence": "Uses a quote from a high-authority figure (Warren Buffett) to validate a contrarian investment thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:15.991+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "authority-citation" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "analytical", "notes": "Atypical activist deck: Pershing is long VRX and defending CEO Mike Pearson against Citron Research's 'next Enron' short report (Oct-21-2015) and Hillary Clinton's price-gouging tweets — not attacking management. Campaign phase coded 'follow_up' because it is a subsequent public update on an existing long position. Thesis types are 'undervaluation' and 'multiple_rerating'; no fraud_exposure despite the short-seller context (Pershing rebuts the fraud narrative). Closing rhetoric leans heavily on the AmEx / 1963 Salad Oil Scandal / Buffett analogy — a memorable contrarian-playbook pattern worth extracting. Cover page does not explicitly list Ackman as author but the call was led by him and the deck was prepared under his direction; author_name set accordingly. Stake not disclosed as a percentage in the deck (only share-lot accumulation history).", "kpisCited": [ { "detail": "~$40bn market cap, ~$68bn TEV at $111.50 stock price", "metric": "Market cap / TEV" }, { "detail": "Stock fell from ~$260 in Aug-2015 to $111.50 on Oct-29-2015 (~57% peak-to-trough)", "metric": "Share price drawdown" }, { "detail": "5.9% of YTD 2015 net revenue; ~7% of Q3 2015; only ~1% in 2014", "metric": "Philidor share of sales" }, { "detail": "15% YTD 2015; 13% Q3 (volume +8%, net realized price +4%)", "metric": "Organic revenue growth" }, { "detail": "$16.15 (Oct-2015) vs $11.47 (Jan-2015) — +41%", "metric": "2016 consensus EPS" }, { "detail": "$7.5bn EBITDA → ~$15.50 Cash EPS; excluding Philidor ~$7.0bn → ~$14", "metric": "2016 floor EBITDA / Cash EPS" }, { "detail": "~7x floor Cash EPS; ~8x excluding Philidor", "metric": "Implied 2016 P/E at $111.50" }, { "detail": "$22 conservative (no further M&A) / $32 with ongoing M&A at 7x", "metric": "2020 EPS projection" }, { "detail": "$180-$240 conservative; $262-$350 long-term — 62-214% upside", "metric": "Discounted present value @10%" }, { "detail": "16.5mm shares at $196 (Feb-Mar 2015); 3mm at $199 (Mar); 2mm additional at ~$108 (Oct-21)", "metric": "Pershing cost basis" } ], "closingAsk": "Echoing Buffett's 'be greedy when others are fearful,' investors should treat the Philidor-driven dislocation as a buying opportunity and trust Valeant's franchises to reassert value over time.", "extraction": { "at": "2026-04-23 00:20:42+00", "model": "unknown-legacy", "runId": null, "seconds": 185.91837, "promptVersion": null }, "scqaReward": "Even conservatively zeroing Philidor, VRX trades at ~8x 2016 cash EPS of ~$14; the long-term model yields $262-350 present value versus $111.50 today — 135-214% upside over four years.", "thesisTypes": [ "undervaluation", "multiple_rerating" ], "top3Reasons": [ "Philidor was only ~5.9% of YTD sales; Citron's channel-stuffing claim is verifiably false", "Even zeroing all of Philidor, VRX trades at ~8x 2016 cash EPS of ~$14", "Like AmEx after the 1963 Salad Oil Scandal, franchise resilience will prevail" ], "scqaSituation": "Valeant is a ~$40bn-market-cap multinational specialty pharmaceutical company built by CEO Mike Pearson since 2008 via disciplined M&A, leverage and decentralization, with leading franchises in Bausch & Lomb, dermatology, gastroenterology and emerging markets.", "thesisSummary": "Pershing Square defends its Valeant position after a ~50% stock drop triggered by Hillary Clinton's September price-gouging tweets and Citron Research's October-21 'next Enron' report alleging channel stuffing via specialty pharmacy Philidor. Ackman argues Philidor represented only 5.9% of YTD revenue, that Citron's channel-stuffing claim is verifiably false, and that even excluding 100% of Philidor's contribution Valeant trades at ~8x 2016 cash EPS of ~$14. A conservative long-term model assuming no further acquisitions still produces 62-116% upside; a more realistic model compounding acquisitions at 7x EBITDA yields 135-214% present-value upside by 2019. Drawing an explicit analogy to American Express after the 1963 Salad Oil Scandal — when a young Warren Buffett put 40% of his fund into AmEx — Ackman closes on the Buffett maxim to be greedy when others are fearful.", "primaryDemands": [ "Terminate the Philidor relationship and develop new specialty-pharmacy channel partners", "Complete the ad hoc board committee's review of Philidor compliance", "Dramatically increase investor, public and government relations transparency", "Stay the course on the decentralized, M&A-driven capital allocation framework" ], "scqaResolution": "Terminate Philidor, complete the board's ad hoc compliance review, invest aggressively in transparency and investor/government relations, and trust the resilient franchise portfolio to deliver floor 2016 EBITDA guidance of $7.5bn.", "thesisOneLiner": "Citron's 'next Enron' attack on Valeant overstates the risk: Philidor is only ~6% of sales, and even written off, VRX trades at ~8x 2016 cash EPS with 135%+ long-term upside.", "precedentsCited": [ "American Express / Great Salad Oil Scandal (1963) — Buffett's 40%-of-fund AmEx bet", "Novartis specialty-pharmacy kickback case (DOJ settlement Oct-2015, $390mm)", "Large pharma compliance track record (GSK, Pfizer, Merck, J&J fines) showing that even major penalties do not impair franchises" ], "scqaComplication": "Hillary Clinton's price-gouging tweets plus Citron's October-21 'next Enron' report alleging channel stuffing through Philidor — compounded by Valeant's chronic under-investment in IR, PR and government relations — crashed the stock ~50% in six weeks.", "narrativeInterest": 4, "notableSlidePages": [ 7, 14, 27, 33, 36 ], "peerCompaniesCited": [ "Allergan", "Novartis / Pharmaderm", "Galderma (Nestle)", "GlaxoSmithKline", "Pfizer", "Johnson & Johnson", "Merck", "Eli Lilly", "Abbott", "Ruane Cunniff & Goldfarb", "T Rowe Price", "ValueAct", "Lone Pine", "Brave Warrior", "Brahman Capital" ], "valuationFrameworks": [ "multiple_comparison", "dcf" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "Pershing Square Capital Management, L.P. logo and name present.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/0X1_jYXqkcPb9XEEB3HFF__hT3X4f6IZVcYapQDrz4E/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80OTM0ZDY4N2NiMzgvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 3, "textChars": 79, "nDataPoints": 0, "notes": "Pershing Square Capital Management, L.P. logo and name present.", "elementsJson": [ "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:11.763+00", "seconds": 2.057, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/1", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.105, "w": 0.535, "x": 0.055, "y": 0.85 }, "kind": "image", "text": "Pershing Square Capital Management, L.P.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:11.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "484d9352-3a5e-4c02-a80d-769c7ae2df62", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.224, "x": 0.388, "y": 0.575 }, "kind": "paragraph", "text": "October 30, 2015", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:11.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "933c26b8-2bce-4b3a-b292-a3ba309fc352", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.626, "x": 0.187, "y": 0.425 }, "kind": "title", "text": "Valeant Pharmaceuticals", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:11.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e71df9b-c48b-4f6e-af56-4ddc5f08eead", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "c6f9556d-30aa-449c-9264-1663c163ddf9", "evidence": "The slide is labeled as 'cover' and contains a logo and title.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:29:16.521654+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Setup", "beatId": "ba62bddc-1640-4f2a-9149-d04308775419", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "Introduction to Valeant Pharmaceuticals", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/pRP8YvYPEpJw9gB1FzHALccBCdQK1z8E1njV1lIuE7k/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80OTM0ZDY4N2NiMzgvcDAwMS5qcGc", "imagePathAlt": "https://imgproxy.kitesheet.com/pVfpDMMQpAGWnPPR3psykrJDu9RQpTMVRe-mA6UPbsQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80OTM0ZDY4N2NiMzgvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/XldDQbFnm2mdsk5CLhK2ipubfaYSlffxBH-x1jHavT8/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80OTM0ZDY4N2NiMzgvcDAwMS5wbmc" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 2, "textChars": 180, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:11.759+00", "seconds": 1.991, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/2", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.91, "x": 0.043, "y": 0.17 }, "kind": "disclaimer", "text": "The analyses and conclusions of Pershing Square Capital Management, L.P. (\"Pershing Square\") contained in this presentation are based on publicly available information...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:11.759+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019c2748-f139-4ea0-b597-56473310db5a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.15, "x": 0.043, "y": 0.085 }, "kind": "title", "text": "Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:11.759+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ea8c03a-81b5-441e-8fcf-4c41335bec66", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Setup", "beatId": "ba62bddc-1640-4f2a-9149-d04308775419", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "Introduction to Valeant Pharmaceuticals", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "setup", "function": "summarize", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 2, "textChars": 530, "nDataPoints": 0, "notes": null, "elementsJson": [ "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:11.593+00", "seconds": 1.779, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/3", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.32, "w": 0.8, "x": 0.1, "y": 0.34 }, "kind": "callout", "text": "Our approach to transparency is to provide you with the information we would want if our positions were reversed, (i.e., if you were the portfolio manager and we were the investor)\n\nWe won’t, however, disclose information that would put us at a competitive disadvantage (generally what we are buying or selling) unless we are required to do so by law", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:11.593+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5561a88e-2293-441c-9bbc-b935fdeeaa2a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Our approach to transparency is to provide you with the information we would want if our positions were reversed, (i.e., if you were the portfolio manager and we were the investor)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b226-fe86bd045dcd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Setup", "beatId": "ba62bddc-1640-4f2a-9149-d04308775419", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "Introduction to Valeant Pharmaceuticals", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "This slide serves as a company profile/introductory slide for an activist investor deck.", "function": "establish_context", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 36, "componentCount": 6, "textChars": 412, "nDataPoints": 4, "notes": "This slide serves as a company profile/introductory slide for an activist investor deck.", "elementsJson": [ "headline_text", "bullet_list", "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:12.206+00", "seconds": 2.304, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/4", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.19, "x": 0.04, "y": 0.2 }, "kind": "image", "text": "Valeant logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bdab1c01-982b-43a4-b38c-a99db41c6d55", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.73, "x": 0.23, "y": 0.19 }, "kind": "list", "text": "Multinational specialty pharmaceutical company\nLeader in dermatology, ophthalmology, branded generics, and gastroenterology\nSignificant presence in both developed and emerging markets\nMarket cap of ~$40bn and TEV of ~$68bn\nApproximately 40 manufacturing plants worldwide\n~18,000 employees(1)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0398cb1f-faba-4d5b-b68f-92736b68cc94", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Market cap: $40bn", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b227-734e33d73aef", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.15, "x": 0.04, "y": 0.29 }, "kind": "paragraph", "text": "Stock price: $111.50", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfe19b69-9eac-4375-9ad5-3331a9e296b5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "(1): Valeant company website.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60a0ef4b-bbbc-4cad-bef5-8994508845d5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Valeant Pharmaceuticals International (VRX)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12639b2c-8d17-4617-99de-344cf419e34f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "79255d53-ce2f-4221-9eb4-c77f3a85dd96", "evidence": "The slide is labeled as 'executive_summary' and provides a brief overview of the company.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:29:16.67956+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Setup", "beatId": "ba62bddc-1640-4f2a-9149-d04308775419", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "Introduction to Valeant Pharmaceuticals", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "The slide outlines the core pillars of the Valeant business model, including M&A, leverage, and decentralized structure.", "function": "establish_context", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "sparse", "densityScore": 21, "componentCount": 3, "textChars": 637, "nDataPoints": 0, "notes": "The slide outlines the core pillars of the Valeant business model, including M&A, leverage, and decentralized structure.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:12.74+00", "seconds": 2.755, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/5", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.04, "y": 0.16 }, "kind": "list", "text": "In February 2008, when Mike Pearson was named CEO, Valeant was a small, struggling company", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.74+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b1a50ea-f3b0-4180-bde1-4266639674f3", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.04, "y": 0.25 }, "kind": "list", "text": "Pearson changed Valeant's strategy to incorporate: A durable, diverse portfolio of products in specialties where doctors are decision makers, with limited government reimbursement; Decentralized, efficient, nimble organizational structure; Return-driven capital allocation framework (M&A, high ROI R&D, buybacks); Rapid growth; Diverse portfolio of products; Numerous drivers of value creation; Numerous acquisitions (Purchased distressed assets, inherited multiple Corporate Integrity Agreements); Utilized leverage", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.74+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc09e9bb-6311-482e-88e9-a1432c16e749", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Valeant: Context on the Company", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.74+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef16b26d-f2df-4132-a37c-615693b32b0b", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d120559c-f4fb-440b-a30a-7e024321e778", "evidence": "The slide provides context on the company and its strategy.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:29:16.758435+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "1bdfa056-ddf6-443e-9c2a-67f8b58f51d0", "evidence": "Explicit mention of 'Return-driven capital allocation framework'", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:12.74+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "capital-allocation-framework" } ], "arcBeats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 5, "name": "Complication", "beatId": "0d8ab027-41f9-4204-ab2e-76e52fbb62fb", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "Discussion of recent events and challenges", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 6, "type": "setup", "function": "establish_context", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 8, "textChars": 862, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:16.514+00", "seconds": 6.392, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/6", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Anything less than complete transparency leaves Valeant susceptible to attack", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b227-325ac491496c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.04, "y": 0.83 }, "kind": "list", "text": "Valeant has underinvested in public relations, government relations, and investor relations. This has been a very costly mistake", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42e7eecf-50de-4749-93a6-451772c2f376", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.04, "y": 0.41 }, "kind": "list", "text": "Valeant's complexity necessitates: Strong, high-integrity management; High level of transparency", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6e099f4-9bca-4c55-8511-cef30e5ea054", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.04, "y": 0.72 }, "kind": "list", "text": "Valeant's implicit compact with shareholders: in exchange for high returns, investors accept complexity so long as there is transparency", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd845498-270e-4fa9-8775-283df9908083", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.1, "y": 0.25 }, "kind": "list", "text": "Investor base has historically consisted of sophisticated, long-term investors (Ruane Cunniff & Goldfarb, T Rowe Price, ValueAct, Lone Pine, Brave Warrior, Brahman Capital, etc.)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be0e133f-2d73-472c-8bb2-6588c3831c7c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.04, "y": 0.61 }, "kind": "list", "text": "Anything less than complete transparency leaves Valeant susceptible to attack", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7058af1-7d33-49e1-b451-fc6a6f918ca4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.04, "y": 0.16 }, "kind": "list", "text": "Valeant's business and strategy are complicated to understand; GAAP accounting is an inadequate measure of an acquisitive company", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6e9d886-1e3d-48ea-a25c-6e6e0fa75f5c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Valeant: Context on the Company (cont'd.)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe2a7dfa-a980-48d5-b501-d4a5f7e11f4b", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "727e8b4b-96e6-4a47-b5df-03bd0c0d4fb4", "evidence": "The slide contains a list of bullet points describing Valeant's context.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:29:17.455706+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 5, "name": "Complication", "beatId": "0d8ab027-41f9-4204-ab2e-76e52fbb62fb", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "Discussion of recent events and challenges", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 7, "type": "evidence", "title": "The chart uses callout boxes to link specific dates and events to the share price trajectory.", "function": "illustrate_case", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 10, "textChars": 977, "nDataPoints": 10, "notes": "The chart uses callout boxes to link specific dates and events to the share price trajectory.", "elementsJson": [ "headline_text", "line_chart", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:17.864+00", "seconds": 7.664, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/7", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.2, "x": 0.53, "y": 0.23 }, "kind": "callout", "text": "7/23/15: Valeant announces strong Q2 earnings and raises FY2015 guidance", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03b51467-b625-42f7-a506-6bab3d4b918a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.2, "x": 0.31, "y": 0.23 }, "kind": "callout", "text": "4/29/15: Valeant announces strong Q1 earnings; CFO Howard Schiller announces retirement, but remains on Board and maintains stock ownership", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "129c8da5-1126-46a8-948d-8594d6699dae", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.2, "x": 0.31, "y": 0.575 }, "kind": "callout", "text": "3/16/15: Valeant announces revised agreement to acquire Salix for $15.8bn; Pershing Square acquires 3mm additional shares from Valeant at $199 to help finance revised transaction", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b754d6c-ed17-468d-ba65-65a4754815ad", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.2, "x": 0.07, "y": 0.65 }, "kind": "callout", "text": "2/9/15: Pershing Square begins to accumulate Valeant shares; 16.5mm shares purchased at average cost of $196 per share through March 17th", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6598ed3f-3867-49da-861a-f1749fce68d1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.09, "y": 0.32 }, "kind": "callout", "text": "2/22/15: Valeant announces initial agreement to acquire Salix for $14.5bn", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da877aa8-74ec-4572-a4f7-c5ae6f78fbdd", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.53, "y": 0.46 }, "kind": "callout", "text": "7/30/15: Former Valeant CFO and current Board Director Howard Schiller testifies in Congress on corporate tax rate", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de609f52-0d68-44d5-b846-3e9e07c10961", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.85, "x": 0.06, "y": 0.2 }, "kind": "chart", "text": "Valeant Share Price – 1/1/15 to 10/29/15", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e51b4360-2e94-4073-a718-2f4a89c6292e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.04, "y": 0.95 }, "kind": "disclaimer", "text": "Note: The performance of Valeant's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. Source: Bloomberg.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6dc47651-7b0e-4fc7-97ed-4846c87ffb35", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b227-8bacc5a923d2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Valeant: Share Price Performance", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e87fa93e-5baf-4ae9-861f-aea7e8fb1eed", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "bcd703d2-f3bf-4f36-8f1f-a8d1e0db7747", "evidence": "The slide shows a timeline of events with a clear 'before' and 'after' framing, highlighting the changes in Valeant's share price performance.", "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:15:11.119665+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 5, "name": "Complication", "beatId": "0d8ab027-41f9-4204-ab2e-76e52fbb62fb", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "Discussion of recent events and challenges", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "setup", "title": "The slide uses a line chart with callout boxes to correlate specific news events with stock price volatility.", "function": "frame_situation", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "frame_situation", "functionCanon": { "name": "Frame situation", "slug": "frame_situation", "status": "active", "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 6, "textChars": 360, "nDataPoints": 5, "notes": "The slide uses a line chart with callout boxes to correlate specific news events with stock price volatility.", "elementsJson": [ "headline_text", "line_chart", "callout_box", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:12.733+00", "seconds": 2.465, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/8", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Volume is primary growth driver for ~90% of Valeant’s business", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b227-40b8ff097647", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.45, "x": 0.04, "y": 0.18 }, "kind": "chart", "text": "Valeant Share Price – 9/1/15 to 10/29/15", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c13b5955-168c-48e7-8255-1e77be78565a", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.4, "x": 0.55, "y": 0.16 }, "kind": "list", "text": "Pershing Square's Perspectives on Key Topics", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa416197-be25-48ff-b75d-3b2d7c4719ec", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b227-468875e27b59", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Note: The performance of Valeant's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. Source: Bloomberg.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "876bbef7-10f9-4801-aa6d-28bcdb39824f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Valeant: Recent Events", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66038348-ce92-42c0-99d0-bc1e05cba417", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0015df9a-c759-4089-a627-5fdc24b7c2be", "evidence": "Chronological mapping of events against stock price performance.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:02:12.733+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 5, "name": "Complication", "beatId": "0d8ab027-41f9-4204-ab2e-76e52fbb62fb", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "Discussion of recent events and challenges", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "setup", "title": "Uses a timeline-annotated line chart to frame market volatility as a series of events to be addressed.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 10, "textChars": 790, "nDataPoints": 1, "notes": "Uses a timeline-annotated line chart to frame market volatility as a series of events to be addressed.", "elementsJson": [ "headline_text", "line_chart", "bullet_list", "callout_box", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:14.318+00", "seconds": 4.038, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/9", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.35, "x": 0.13, "y": 0.0073 }, "kind": "callout", "text": "10/26/15: Valeant hosts call, discloses details, confirms appropriateness of accounting, appoints ad hoc committee of Board to review Philidor", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a2d154f-6969-401f-a399-ea4fa575428e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.27, "y": 0.0025 }, "kind": "callout", "text": "10/21/15: Citron releases report claiming VRX is \"next Enron\" using specialty pharmacies to \"stuff the channel\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3cf0d552-d4d9-45c6-a408-5a6c077a2ef8", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.25, "x": 0.16, "y": 0.0063 }, "kind": "callout", "text": "10/21/15: Pershing Square purchases 2mm additional shares at ~$108", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5244c3ca-2efb-4dd4-ae73-2607d63d9629", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.25, "x": 0.48, "y": 0.0081 }, "kind": "callout", "text": "10/29/15: Three large PBMs announce termination of relationship with Philidor", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da383062-6bd5-4a61-93a4-da45975ba6a9", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Claim that VRX “stuffed the channel” and falsely recognized revenue is verifiably false", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b227-16a08c9e42d0", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.45, "x": 0.04, "y": 0.0018 }, "kind": "chart", "text": "Valeant Share Price – 9/1/15 to 10/29/15", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27946651-c4c4-4834-9e29-b9107cf0f65f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.55, "y": 0.17 }, "kind": "list", "text": "Pershing Square's Perspectives on Key Topics", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "058eff2e-dd5e-487b-92d5-87687d8d1758", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b227-193301385762", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Note: The performance of Valeant's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. Source: Bloomberg.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba60ba34-4259-4d35-a2bd-aef50b16b20a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Valeant: Recent Events (cont'd)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc7d7474-9a62-493f-9265-fe3f318bbe63", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f09de664-6df1-4c83-9e7a-1fc60db0276c", "evidence": "The slide explicitly pairs negative market events with Pershing Square's counter-arguments to neutralize the 'next Enron' narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:14.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 5, "name": "Complication", "beatId": "0d8ab027-41f9-4204-ab2e-76e52fbb62fb", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "evidence": "Discussion of recent events and challenges", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "The slide uses a simple list format to explain the value proposition of specialty pharmacies followed by a logo grid of industry participants.", "function": "establish_context", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 7, "textChars": 700, "nDataPoints": 0, "notes": "The slide uses a simple list format to explain the value proposition of specialty pharmacies followed by a logo grid of industry participants.", "elementsJson": [ "headline_text", "bullet_list", "logo_grid", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:24:55.849+00", "seconds": 3.296, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/10", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Benefits to doctors and patients have made specialty pharmacies an increasingly popular drug distribution channel", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b227-db0207868375", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.04, "y": 0.68 }, "kind": "image", "text": "Allergan, Novartis, Pharmaderm, Nestle, Galderma logos", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:24:55.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c12c56ab-9830-4b97-a698-40f0f76524be", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.04, "y": 0.18 }, "kind": "list", "text": "Why patients and doctors like specialty pharmacies: Specialty pharmacies help patients get the drug their doctor prescribed and reduce administrative burden. Patients receive their medication quickly by mail, sometimes before claim has been adjudicated.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:24:55.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a2d36d8-6d65-4f18-8c18-7b2bb31ce105", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.04, "y": 0.42 }, "kind": "paragraph", "text": "Benefits to doctors and patients have made specialty pharmacies an increasingly popular drug distribution channel", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:24:55.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c1efe8b-49cd-4ace-b39d-b6ac728288a7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "(1): Valeant investor presentation. October 26, 2015.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:24:55.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71cb95c3-840d-4b47-8850-283b428b5b87", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.6, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "Benefits of Specialty Pharmacies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:24:55.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81447689-9ec5-40c0-87dd-f6f947c787c5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.04, "y": 0.6 }, "kind": "title", "text": "Examples of Dermatology Rx manufacturers with specialty pharmacy relationships(1):", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:24:55.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfa1f971-55eb-4da5-816d-84c85f32d556", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 10, "name": "Evidence", "beatId": "8c9c2453-1cf4-4b69-b170-2662e00c1f90", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Presentation of facts and data to support Valeant's position", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 11, "type": "setup", "title": "This slide is part of a series exposing the Valeant-Philidor relationship.", "function": "frame_situation", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "frame_situation", "functionCanon": { "name": "Frame situation", "slug": "frame_situation", "status": "active", "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 7, "textChars": 858, "nDataPoints": 2, "notes": "This slide is part of a series exposing the Valeant-Philidor relationship.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:12.872+00", "seconds": 2.467, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/11", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Philidor represented only ~1% of Valeant sales last year, but grew to ~7% of total revenue in the most recent quarter", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b227-5ccdcc481e3a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.04, "y": 0.28 }, "kind": "list", "text": "Today Valeant makes certain products available through the specialty pharmacy channel – Philidor Rx has been Valeant's largest specialty pharmacy", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "453bd29b-1046-4707-91c4-93e0c3b10e42", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.04, "y": 0.18 }, "kind": "list", "text": "Valeant's specialty pharmacy strategy originated from a program acquired with the acquisition of Medicis, a dermatology company", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8396c943-ab55-4f92-8b38-bb59eede1bd5", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.04, "y": 0.4 }, "kind": "list", "text": "Important facts about Valeant's specialty pharmacy strategy:", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae9fe8a0-1d3b-47f4-82f6-de777943d568", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.85, "x": 0.08, "y": 0.45 }, "kind": "list", "text": "Valeant's drugs are available at both retail pharmacies and through Philidor\nPhilidor offers low \"cash-pay\" prices on drugs to patients without insurance coverage\nGovernment-insured patients are not eligible for co-pay assistance\nPhilidor represented only ~1% of Valeant sales last year, but grew to ~7% of total revenue in the most recent quarter", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c418dc81-053a-4dd2-9fb8-943e43aa99dc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue contribution: ~7%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b227-6279a1ee3933", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Valeant's Use of Specialty Pharmacies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:12.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81e59ddb-4de6-4384-a930-313395a552dd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 16, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 10, "name": "Evidence", "beatId": "8c9c2453-1cf4-4b69-b170-2662e00c1f90", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Presentation of facts and data to support Valeant's position", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 12, "type": "setup", "title": "The slide uses a value-chain diagram to illustrate the structural change in the supply chain.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 7, "textChars": 792, "nDataPoints": 0, "notes": "The slide uses a value-chain diagram to illustrate the structural change in the supply chain.", "elementsJson": [ "headline_text", "bullet_list", "process_diagram", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:13.306+00", "seconds": 2.857, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/12", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Specialty pharmacies bring the manufacturer closer to the patient:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b227-c097ee81f309", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.92, "x": 0.04, "y": 0.44 }, "kind": "diagram", "text": "Standard US Drug Supply Chain vs VRX's Specialty Pharmacy Supply Chain", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Value chain", "slug": "value-chain", "status": "active", "canonId": "019de52d-048a-769c-aad6-4abdde7ef317", "version": 1, "description": null }, "framework": null }, "subkind": "value-chain", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.306+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d68241a-a25f-4f83-bf73-ae85a0f2d3e6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.25 }, "kind": "list", "text": "Drug companies attempt to maintain patient access to physician-prescribed branded drugs", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.306+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6de36220-bc89-47b7-a5a6-02b90f0d613d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.3 }, "kind": "list", "text": "Specialty pharmacies offer services to improve patient access, including drug dispensing, claims adjudication, coverage status determination, therapy monitoring/adherence, co-pay assistance, etc...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.306+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a908f205-1dc9-4ea3-a4f0-bacb06af1a00", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "list", "text": "Payors/PBMs attempt to influence drug utilization to their benefit (tiered formulary co-pays, prior-authorizations, exclusion lists, etc.)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.306+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cea8c024-527f-49cc-825d-6f6d6813e660", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: Wall Street research. (1): This is explicitly prohibited for patients seeking reimbursement from any federal or state health care programs.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.306+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a3b1a5b-81fb-4a71-bdb4-e2b97f2c2537", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Valeant's Specialty Pharmacy Strategy Cuts Out the Wholesaler & Improves Patient Access", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.306+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "574f1c61-2c1d-4472-b20b-2a6435994088", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c5c99218-93f0-4583-8846-296db786019b", "evidence": "The slide maps the flow of products and payments between entities in the supply chain.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:02:13.306+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "value-chain" } ], "arcBeats": [ { "to": 16, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 10, "name": "Evidence", "beatId": "8c9c2453-1cf4-4b69-b170-2662e00c1f90", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Presentation of facts and data to support Valeant's position", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 13, "type": "tension", "title": "The slide highlights the contradiction between Valeant's accounting consolidation of Philidor and their public claim of non-control.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 5, "textChars": 990, "nDataPoints": 0, "notes": "The slide highlights the contradiction between Valeant's accounting consolidation of Philidor and their public claim of non-control.", "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:16.55+00", "seconds": 6.073, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/13", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "callout", "text": "Regulatory Risk:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "715262c7-c364-4a3c-b0d6-656c25f2ae8e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Effective October 29th, 2015, CVS Caremark, Express Scripts and UnitedHealth/Optum announced the termination of their relationship with Philidor, comprising the vast majority of the PBM market", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b227-f2aeb7ffbcba", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.92, "x": 0.04, "y": 0.26 }, "kind": "list", "text": "Valeant and Philidor operate in a highly regulated industry\nIt is legal for a manufacturer to own a pharmacy and several have/do\nWhile Valeant consolidates Philidor for accounting purposes, Valeant has stated that they do not control Philidor\nPhilidor has been accused by a former contractor and debtor of illegal activity\nRecent media reports indicate that Philidor may have engaged in fraudulent activity\nGovernment inquiries into potential legal and regulatory violations in the pharmaceutical industry are pervasive and highly fact specific", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f6b2c47-b4f4-4232-8f38-f40af7652cc1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.08, "y": 0.65 }, "kind": "list", "text": "Effective October 29th, 2015, CVS Caremark, Express Scripts and UnitedHealth/Optum announced the termination of their relationship with Philidor, comprising the vast majority of the PBM market", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc8641bb-9c17-460a-95b8-b35afc0577eb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Valeant's Use of Specialty Pharmacies (cont'd)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da8bab0e-9634-4355-b02e-9909280651f4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9d827d66-51e1-4606-bd3e-a1218dfb07be", "evidence": "Highlights the contradiction between accounting consolidation and the claim of non-control.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:02:16.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "3f91972b-b495-48e9-84b1-f52ebbfd5bfb", "evidence": "The slide explicitly details accusations of illegal activity and fraudulent behavior by Philidor.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:16.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 16, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 10, "name": "Evidence", "beatId": "8c9c2453-1cf4-4b69-b170-2662e00c1f90", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Presentation of facts and data to support Valeant's position", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 14, "type": "tension", "title": "The slide uses color-coding to distinguish between Valeant-related events and Philidor-related events, illustrating the opaque nature of their business relation", "function": "expose_contradiction", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 24, "componentCount": 5, "textChars": 270, "nDataPoints": 4, "notes": "The slide uses color-coding to distinguish between Valeant-related events and Philidor-related events, illustrating the opaque nature of their business relationship.", "elementsJson": [ "timeline_visual", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:13.275+00", "seconds": 2.739, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/14", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.95, "x": 0.04, "y": 0.45 }, "kind": "diagram", "text": "Timeline of events from 2012 to 2015", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c3954c1-f532-466f-98b8-40a7a3f21b8c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.95, "x": 0.04, "y": 0.9 }, "kind": "disclaimer", "text": "Source: Valeant public disclosure, Medicis public disclosure, various California state court proceedings...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1057a37-bf91-4219-ac31-3cc2b4ae77bc", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.01, "y": 0.75 }, "kind": "legend", "text": "Legend for color-coded entities", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93a0ac16-e02c-4e6f-93c1-f7d95802a77e", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.95, "x": 0.04, "y": 0.24 }, "kind": "list", "text": "Events boxes placed above and below the timeline axis", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2447d34b-e1a0-4d55-bd4e-58c2e9a864ff", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Valeant and Philidor Rx: Corporate Timeline", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4994452-fe2b-4104-8f6d-686fa7b33b3e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "61450185-9582-4f68-a035-1c48175c79f6", "evidence": "Chronological representation of corporate events", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:02:13.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 16, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 10, "name": "Evidence", "beatId": "8c9c2453-1cf4-4b69-b170-2662e00c1f90", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Presentation of facts and data to support Valeant's position", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 15, "type": "tension", "title": "The timeline uses color-coding to distinguish between entities involved in the dispute.", "function": "expose_contradiction", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 5, "textChars": 415, "nDataPoints": 3, "notes": "The timeline uses color-coding to distinguish between entities involved in the dispute.", "elementsJson": [ "headline_text", "timeline_visual", "footnote", "legend" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:13.392+00", "seconds": 2.723, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/15", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "diagram", "text": "Chronological sequence of events from 2012 to late 2015.", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b0e3269-7e08-40f7-bdb5-a874cbf63ab7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.92 }, "kind": "disclaimer", "text": "Source: CA licensing documents and court filings in Isolani/R&O litigations. (1) Valeant company presentation. October 26, 2015.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4166d086-4b84-4710-9609-8fb297635d41", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.35, "x": 0.05, "y": 0.78 }, "kind": "legend", "text": "Legend: Valeant, Philidor Rx Services, R&O / Russell Reitz, Isolani LLC, Other", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a05c730-1623-4bac-adad-0eb4719c6cd2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Reit's counsel notes his clients intention to \"retain any and all funds in R&O's possession\" — Reitz's lawyers", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b228-3d0b42ce13b8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Philidor, R&O and Reitz: Timeline of Events", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd74c5b9-f5ad-40bf-8d16-cd986b9e77ba", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c412e8a7-977c-43c6-b3f6-daae7be3600c", "evidence": "Chronological representation of events", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:02:13.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 16, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 10, "name": "Evidence", "beatId": "8c9c2453-1cf4-4b69-b170-2662e00c1f90", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Presentation of facts and data to support Valeant's position", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 16, "type": "tension", "title": "The slide uses a direct quote from a legal complaint to undermine the credibility of the subject.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 6, "textChars": 2214, "nDataPoints": 1, "notes": "The slide uses a direct quote from a legal complaint to undermine the credibility of the subject.", "elementsJson": [ "headline_text", "bullet_list", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:17.667+00", "seconds": 6.732, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/16", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "R&O / Russell Reitz’s lawsuit against Valeant creates the impression that R&O was not aware of Valeant’s relationship with Philidor / Isolani", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b228-be2297a9e535", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "list", "text": "R&O / Russell Reitz's lawsuit against Valeant creates the impression that R&O was not aware of Valeant's relationship with Philidor / Isolani", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "999bd08d-07f5-48cc-b1af-e0ca2672296f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.18, "y": 0.29 }, "kind": "paragraph", "text": "R&O Pharmacy LLC Complaint for Declaratory Judgment:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "834f9a80-ca9e-4817-8526-df7702355480", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.75, "x": 0.21, "y": 0.33 }, "kind": "paragraph", "text": "On September 4, 2015, R&O received a letter from Robert Chai-Onn, Valeant's Executive Vice President, Chief Legal Officer and General Counsel. In the letter, which was the first correspondence that R&O had ever received directly from Valeant, Mr. Chai-Onn claimed that R&O, a small licensed California pharmacy, owed Valeant over $69,000,000. However, R&O has never received a single invoice from Valeant in any amount and until September 4 had never received a single demand for payment from Valeant. R&O has requested copies of the invoices, but to no avail. Indeed, it seems that Valeant has no evidence whatsoever to back up its claims. Therefore, R&O believes that one of two things must be true: 1. Valeant and R&O are victims of a massive fraud perpetuated by third parties; or 2. Valeant is conspiring with other persons or entities to perpetuate a massive fraud against R&O and others.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8bcb1e44-f2e6-46e0-a64e-9605bafe33b0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "On September 4, 2015, R&O received a letter from Robert Chai-Onn, Valeant’s Executive Vice President, Chief Legal Officer and General Counsel. In the letter, which was the first correspondence that R&O had ever received directly from Valeant, Mr. Chai-Onn claimed that R&O, a small licensed California pharmacy, owed Valeant over $69,000,000. However, R&O has never received a single invoice from Valeant in any amount and until September 4 had never received a single demand for payment from Valeant. R&O has requested copies of the invoices, but to no avail. Indeed, it seems that Valeant has no evidence whatsoever to back up its claims. Therefore, R&O believes that one of two things must be true: 1. Valeant and R&O are victims of a massive fraud perpetuated by third parties; or 2. Valeant is conspiring with other persons or entities to perpetuate a massive fraud against R&O and others. — R&O Pharmacy LLC Complaint for Declaratory Judgment", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b228-c0762e7f58f0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Recent Facts Discredit R&O's Narrative", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f070ad6-6802-4b8c-9008-8080cd57ae13", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "739f84ef-56fd-47b8-88df-5fc873c58d28", "evidence": "The slide explicitly frames the narrative as exposing a contradiction and potential fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:17.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 16, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 10, "name": "Evidence", "beatId": "8c9c2453-1cf4-4b69-b170-2662e00c1f90", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Presentation of facts and data to support Valeant's position", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 17, "type": "setup", "title": "Image file at /tmp/legacy-images/4934d687cb38/slides/017.jpg does not exist on disk; unable to inspect contents.", "block": null, "metadata": { "slideType": null, "slideTypeCanon": null, "function": null, "functionCanon": null, "density": "sparse", "densityScore": 0, "componentCount": null, "textChars": null, "nDataPoints": 0, "notes": "Image file at /tmp/legacy-images/4934d687cb38/slides/017.jpg does not exist on disk; unable to inspect contents.", "elementsJson": null, "confidence": 0, "extraction": { "model": "claude-cli", "runId": null, "at": "2026-05-03 03:04:52.073+00", "seconds": null, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/17", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 21, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 17, "name": "Preempt Rebuttal", "beatId": "f826f826-9857-48f7-81f2-57a1bd4e0426", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": null, "evidence": "Addressing potential criticisms and rebuttals", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 18, "type": "tension", "title": "The slide uses color-coded boxes to distinguish between entities involved in the timeline events.", "function": "expose_contradiction", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 5, "textChars": 244, "nDataPoints": 1, "notes": "The slide uses color-coded boxes to distinguish between entities involved in the timeline events.", "elementsJson": [ "headline_text", "timeline_visual", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:13.296+00", "seconds": 2.212, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/18", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "diagram", "text": null, "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "164e337f-4507-4f37-a493-a8b1518f1dff", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Oct 14, 2015: A blogger tweets: \"Does the word Philidor mean anything?\" — Anonymous Blogger", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b228-a6fdc5396591", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Valeant SEC filings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "feadca9f-3ea2-4f4f-b736-c5b2e710d2aa", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.35, "x": 0.05, "y": 0.795 }, "kind": "table", "text": "Legend: Valeant, Philidor Rx Services, R&O / Russell Reitz, Isolani LLC, Other", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f1e1cf8-e2fe-4995-9d96-a166a4acfaa6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.84, "x": 0.08, "y": 0.08 }, "kind": "title", "text": "Timeline of Disclosure Regarding Philidor / R&O", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e58ea80-42b7-4e36-81f0-2de23b525409", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9f4c3a1d-8d77-4b3b-9e9d-3ab21f4702ce", "evidence": "Chronological sequence of events", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:02:13.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 21, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 17, "name": "Preempt Rebuttal", "beatId": "f826f826-9857-48f7-81f2-57a1bd4e0426", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": null, "evidence": "Addressing potential criticisms and rebuttals", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 19, "type": "setup", "function": "establish_context", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 598, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:13.612+00", "seconds": 2.499, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/19", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-19", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.85 }, "kind": "callout", "text": "Determination of compliance with the complex regulatory requirements is very fact specific", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efaa6961-64b5-49d5-b19e-2db0f39f8dbd", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.8, "x": 0.12, "y": 0.43 }, "kind": "list", "text": "Marketing practices (off-label marketing, unsubstantiated claims)\nManufacturing / product safety issues\nInsurance fraud\nMedicare fraud\nKickbacks\nFalse claims\nMisreporting of price information to CMS (Best Price requirements)\nHIPAA/Patient privacy", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98e4dbbe-d4ed-4c64-84b5-39443d1b44e3", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.04, "y": 0.18 }, "kind": "list", "text": "The healthcare industry is highly regulated. All participants are subject to extensive federal and state legal and regulatory requirements. These regulatory regimes are not always intuitive. Areas of inquiry have included:", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bda07f22-ca03-4818-b1bc-e5dce9bc7198", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Healthcare Regulatory and Legal Overview", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:13.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c19146b3-16d2-4c51-85ad-e11c7afce860", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "b4a35853-96be-44c1-aaa9-b333ed8822c3", "evidence": "The slide contains a list/bullet of key points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:14:49.655933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 21, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 17, "name": "Preempt Rebuttal", "beatId": "f826f826-9857-48f7-81f2-57a1bd4e0426", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": null, "evidence": "Addressing potential criticisms and rebuttals", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 20, "type": "evidence", "title": "The table serves as a precedent for regulatory risk and financial impact in the pharmaceutical industry.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 8, "textChars": 503, "nDataPoints": 10, "notes": "The table serves as a precedent for regulatory risk and financial impact in the pharmaceutical industry.", "elementsJson": [ "headline_text", "data_table", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:17.372+00", "seconds": 6.143, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/20", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-20", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Largest health care fraud settlement in history is $3bn", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b229-0cb0aebdb6c8", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.05, "y": 0.88 }, "kind": "list", "text": "Many large fines involve unlawful promotion of drugs and safety concerns", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31dcb91c-fef8-4c9d-b316-a94d3ea43ebd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.05, "y": 0.82 }, "kind": "list", "text": "Largest health care fraud settlement in history is $3bn", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a462c49f-292c-4080-a3c9-42ac2943f8bc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Penalty: $3.0 billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b229-13847e0730a1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.04, "y": 0.97 }, "kind": "source-note", "text": "Source: Public Citizen, Pharmaceutical Industry Criminal and Civil Penalties: An Update.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd138245-f002-47fb-8107-d9a5b87f1ca8", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.58, "x": 0.21, "y": 0.22 }, "kind": "table", "text": "Table showing Company, Total Penalty, Year, Violation(s), Laws Violated, and Qui tam status for 10 major settlements.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77dd7b38-a155-4d3a-b5fe-dbf4315746aa", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Healthcare Regulatory Impact (cont'd.)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08b08a0c-65e1-42ff-95b4-b047832aa6e7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.58, "x": 0.21, "y": 0.18 }, "kind": "title", "text": "10 Largest Settlements and Judgments ('91-July '12)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7bd24e0-e0b4-4e9f-bfd7-0b9d2c5d80a7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "dcaac477-2087-4d30-ae7c-7e7025e747ab", "evidence": "The slide uses a structured table to present historical data as evidence for a regulatory argument.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:02:17.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "evidence-matrix" } ], "arcBeats": [ { "to": 21, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 17, "name": "Preempt Rebuttal", "beatId": "f826f826-9857-48f7-81f2-57a1bd4e0426", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": null, "evidence": "Addressing potential criticisms and rebuttals", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 21, "type": "setup", "title": "The slide uses a 'villain' framing by contrasting the high penalties of established peers against the absence of the target company (Valeant).", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 7, "textChars": 548, "nDataPoints": 60, "notes": "The slide uses a 'villain' framing by contrasting the high penalties of established peers against the absence of the target company (Valeant).", "elementsJson": [ "headline_text", "data_table", "bullet_list" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:15.166+00", "seconds": 3.541, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/21", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Valeant is notably absent from this list", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b228-16e354c897d3", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.3, "x": 0.65, "y": 0.19 }, "kind": "list", "text": "Many large pharmaceutical companies have received numerous fines over the decades, with total penalties in the billions. Valeant is notably absent from this list.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c96eef0-b0cf-4b24-b3a1-d56e6881a5ea", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Financial Penalties: $29.35 billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b228-1badf431f4a8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.04, "y": 0.97 }, "kind": "source-note", "text": "Source: Public Citizen, Pharmaceutical Industry Criminal and Civil Penalties: An Update.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b96cbc1-c197-45cb-b520-705a3bcb107b", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.6, "x": 0.04, "y": 0.19 }, "kind": "table", "text": "Table of pharmaceutical companies and their respective financial penalties, percentage of total, and number of settlements.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "875bde4d-0a92-4096-a13d-34d797fe48d8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.04, "y": 0.16 }, "kind": "title", "text": "Pharmaceutical Cos. – Aggregate Penalties ('91-July '12)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23b147e5-8c71-4a94-93ab-7bc6bb86c226", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Healthcare Regulatory Impact (cont'd.)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c554b6a1-5c88-46ff-95a9-c75f0816d8ba", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "22d140be-f0e0-4c02-84e1-287acde2ec39", "evidence": "The slide frames the industry as having a history of criminal/civil penalties, positioning the target company (Valeant) as an outlier or 'clean' actor by contrast.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:02:15.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 21, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 17, "name": "Preempt Rebuttal", "beatId": "f826f826-9857-48f7-81f2-57a1bd4e0426", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": null, "evidence": "Addressing potential criticisms and rebuttals", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 22, "type": "tension", "title": "Uses a direct quote from a U.S. Attorney to establish credibility and frame the villain.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 7, "textChars": 1159, "nDataPoints": 0, "notes": "Uses a direct quote from a U.S. Attorney to establish credibility and frame the villain.", "elementsJson": [ "headline_text", "quote_block", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:15.247+00", "seconds": 3.556, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/22", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-22", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.37 }, "kind": "list", "text": "Novartis paid kickbacks to specialty pharmacies to induce them to recommend Novartis medications and increase sales of Novartis drugs", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b82e45d-7888-4083-8f47-dc058e3485c8", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.92, "x": 0.04, "y": 0.71 }, "kind": "list", "text": "One of the pharmacies gave biased advice to encourage the use of Novartis drugs, and simultaneously understated serious, potentially life-threatening, side effects, using talking points that were approved by Novartis", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "304515d9-6f60-42f9-8ba9-2838e679dfb3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.57 }, "kind": "list", "text": "The pharmacies actively tried to switch patients from competitor drugs to Novartis drugs, and the payments they received from Novartis depended on the success of these “conversion” efforts", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ffbfe3f-08cf-4176-9ab8-63847e7d2376", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.47 }, "kind": "list", "text": "Novartis only contracted with pharmacies that represented that they would be able to convert patients to Novartis drugs", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aea801e1-6440-4ffd-b184-3c10e9116836", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "quote", "text": "As alleged, using the lure of kickbacks disguised as rebates, Novartis co-opted the independence of certain pharmacists and turned them into salespeople for one of its drugs. - Manhattan U.S. Attorney Preet Bharara, April 23, 2013", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85fbde2b-acce-4a9e-adf5-165458b85927", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"As alleged, using the lure of kickbacks disguised as rebates, Novartis co-opted the independence of certain pharmacists and turned them into salespeople for one of its drugs.\" — Manhattan U.S. Attorney Preet Bharara, April 23, 2013", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b228-2e019b0ac13c", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.58, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Novartis: A Recent Case Study Allegations", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a47920d5-6791-4e39-a060-7c53c68a7a71", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5964ce81-3f49-43fc-aafb-88dd2f27c680", "evidence": "The slide explicitly frames Novartis as the antagonist through legal allegations and a U.S. Attorney quote.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:15.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 23, "type": "evidence", "function": "illustrate_case", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "sparse", "densityScore": 14, "componentCount": 3, "textChars": 143, "nDataPoints": 8, "notes": null, "elementsJson": [ "headline_text", "timeline_visual", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:14.455+00", "seconds": 2.719, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/23", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.92, "x": 0.04, "y": 0.225 }, "kind": "diagram", "text": "Timeline of legal events from 2011 to 2015", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e12a2d6d-7662-4463-81e2-d1451544dd48", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.28, "x": 0.04, "y": 0.97 }, "kind": "source-note", "text": "Source: Company filings, legal filings, news reports.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca85d38d-cc58-474d-8968-72788044223c", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.58, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Novartis: A Recent Case Study Timeline of Events", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a98dcc0-e4e3-4a2b-831a-d1248366d4a6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e7fcb8bf-d6f0-463e-9465-22597785fbfb", "evidence": "Chronological sequence of events presented on a horizontal axis.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:02:14.455+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "timeline" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 24, "type": "tension", "title": "The slide uses a bulleted list to structure the case study details, focusing on legal and ethical misconduct.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 9, "textChars": 971, "nDataPoints": 3, "notes": "The slide uses a bulleted list to structure the case study details, focusing on legal and ethical misconduct.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:14.925+00", "seconds": 3.119, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/24", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.84, "x": 0.12, "y": 0.44 }, "kind": "list", "text": "161k+ false claims alleged which covered $507.5mm of reimbursements by government healthcare programs", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1aab05c2-e0ea-48e7-a6d6-eb5d5fd1cdb4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.84, "x": 0.12, "y": 0.52 }, "kind": "list", "text": "Volume of claims resulted in $3.35bn in damages and civil fines sought", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58037dba-403b-4af7-b4c5-c6362b7c525a", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "list", "text": "Manhattan U.S. Attorney Preet Bharara alleged that Novartis was a \"repeat offender\" as the Company was already under a 2010 CIA over kickback allegations", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7428c013-fe23-40a0-b05b-ed5790b0686f", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.84, "x": 0.12, "y": 0.77 }, "kind": "list", "text": "Pharmacists masquerading as objective medical advisors assured patients that their side-effects would improve with no consideration for their actual medical circumstances", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "769c1845-77e5-4032-9352-d6a78b87b2c5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.84, "x": 0.12, "y": 0.68 }, "kind": "list", "text": "At least one of the products in question was alleged to cause \"serious, potentially life-threatening\" side-effects and had a \"black-box\" warning", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b34688a6-14d2-4f80-8d58-8887737c61e6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.53, "x": 0.04, "y": 0.62 }, "kind": "list", "text": "Fraud created safety risk for patients", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5250b9e-80ec-49c1-a066-ad4879880d62", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.87, "x": 0.04, "y": 0.34 }, "kind": "list", "text": "Alleged misconduct took place over nearly a decade and involved dozens of specialty pharmacies", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1462520-1737-4070-912c-bcfc0379719c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Manhattan U.S. Attorney Preet Bharara alleged that Novartis was a \"repeat offender\" as the Company was already under a 2010 CIA over kickback allegations", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b228-57a2624812b3", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.58, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Novartis: A Recent Case Study Key Considerations", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89d6c013-4d3a-43d3-bb5d-e2336360d7a9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "95111fa6-b3fd-4844-99b7-417f1b49be03", "evidence": "The slide explicitly details legal allegations of fraud and misconduct.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:14.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 25, "type": "tension", "title": "The slide uses a quote to contrast the company's public admission of wrongdoing with their internal dismissal of business risk.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 974, "nDataPoints": 1, "notes": "The slide uses a quote to contrast the company's public admission of wrongdoing with their internal dismissal of business risk.", "elementsJson": [ "headline_text", "bullet_list", "quote_block" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:14.425+00", "seconds": 2.47, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/25", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Novartis does not believe the settlement will impact their business", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b228-ea5dd33b7d54", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "list", "text": "On Oct. 27, 2015, Novartis announced it has reached a settlement in principle with the DOJ in the amount of $390 million\nNovartis acknowledges the seriousness of the alleged conduct\nNovartis states that they intend to continue to use the Specialty Pharmacy channel\nIt is unclear if any new Corporate Integrity Agreement will be put in place, but Novartis does not believe the settlement will impact their business", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e62ec076-7207-42a3-b970-c68d4be06fdb", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.12, "y": 0.64 }, "kind": "quote", "text": "Novartis said it cannot say much, but it does not expect any problems that would relate to Entresto [newly launching product], nor does it expect any significant impact on other businesses.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "daff28a8-34c9-42d8-a4a6-fdfafd635cba", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Novartis said it cannot say much, but it does not expect any problems that would relate to Entresto [newly launching product], nor does it expect any significant impact on other businesses.\" — Bernstein, October 28, 2015", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b228-ee553f846e30", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.45, "y": 0.79 }, "kind": "source-note", "text": "- Bernstein, October 28, 2015", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f671e7b-4ec8-4880-9730-c11fae7e5b8b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.55, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Novartis: A Recent Case Study Implications for Novartis", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca316b97-342a-4a0e-9aa6-4468d80730bb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "21a91a5a-6d21-471f-87cb-fa0f71b95e77", "evidence": "The slide juxtaposes the admission of serious misconduct with the company's claim of no business impact.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:14.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 26, "type": "setup", "title": "This slide serves to preemptively address potential accusations of complicity or prior knowledge regarding Valeant's controversial specialty pharmacy practices.", "function": "frame_situation", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "frame_situation", "functionCanon": { "name": "Frame situation", "slug": "frame_situation", "status": "active", "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 3, "textChars": 1028, "nDataPoints": 0, "notes": "This slide serves to preemptively address potential accusations of complicity or prior knowledge regarding Valeant's controversial specialty pharmacy practices.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:14.567+00", "seconds": 2.611, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/26", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-26", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Until last week, Pershing Square did not know that Valeant had acquired an undisclosed purchase option in December 2014", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b228-95ec5d763095", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "list", "text": "At the time of Pershing Square's investment in Valeant, Pershing Square was aware that Valeant had a Specialty Pharmacy strategy\nWe believed this strategy was a small component of Valeant's business\nBy mid-2015, we became aware that Philidor was becoming a more significant part of Valeant's business and in July we conducted due diligence on Philidor and the specialty pharmacy channel\nOur due diligence confirmed that specialty pharmacies offer many benefits to doctors, patients, and manufacturers and were playing an increasingly important role in the distribution of prescription drugs\nWe believed Philidor's business practices were similar to other specialty pharmacies\nWe contacted Philidor and asked if the company was owned by Valeant; we were told “No.”\nUntil last week, Pershing Square did not know that Valeant had acquired an undisclosed purchase option in December 2014", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6eb1912-e22e-487e-ae87-ac79219b62ed", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.5, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Pershing Square's Research", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f469a6d6-2f68-40ae-9485-a17e5690a5d1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0e72a8a6-d4ba-4c79-9ab0-26f94d67e2f1", "evidence": "The slide systematically addresses potential criticisms regarding the Valeant-Philidor relationship to clear the firm of wrongdoing.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:14.567+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 27, "type": "tension", "title": "The slide uses a structured list format to contrast Valeant's stated answers against the underlying unresolved questions.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 5, "textChars": 1514, "nDataPoints": 0, "notes": "The slide uses a structured list format to contrast Valeant's stated answers against the underlying unresolved questions.", "elementsJson": [ "headline_text", "callout_box", "numbered_list", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:15.479+00", "seconds": 3.477, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/27", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-27", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "callout", "text": "On its October 26th conference call, Valeant management answered many important questions and disproved alleged accounting fraud, but did not adequately answer three important questions", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "108ebe57-5500-4d56-92d6-909f7e323316", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.31 }, "kind": "list", "text": "1. Why did Valeant not provide more disclosure about Philidor? 2. Why did Valeant structure the Philidor option with a $100mm premium and $0 strike price? 3. Did Philidor violate laws and regulations in the operation of its specialty pharmacy?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b9824af-d150-4fa6-b986-6d993ba785d2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We have viewed our relationship with Philidor and our other specialty pharmacies as proprietary and as one of our competitive advantages” — Valeant Q3 2015 earnings presentation. “Philidor was not specifically mentioned in our disclosures because it had not been material to the consolidated financial statements.” — Valeant investor conference call. “Ultimately we determined that the structured option acquisition with the oversight rights we negotiated provided the security we were looking for and preserved the flexibility to acquire in the future a new growth platform.” — Valeant investor conference call. “The rationale to acquire the option was to keep Philidor focused on Valeant's business and to ensure continued strong customer service. The option also gave Valeant a level of contractual influence to benefit our business while providing an option on long-term ownership.” — Valeant investor conference call.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b229-45e371164760", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "(1): Valeant Q3 2015 earnings presentation. October 19, 2015. (2): Valeant investor conference call. October 26, 2015.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1903152-fc91-4698-92e5-bf3a7c5d15bd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Despite Improved Disclosure, Questions Remain", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d630604a-573b-4fa7-80b5-fed85342ece8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "db070393-9547-4706-b77d-fed2d86a39da", "evidence": "The slide systematically lists unresolved questions to cast doubt on management's transparency regarding Philidor.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:15.479+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 28, "type": "resolution", "title": "The slide uses a chronological list to frame expectations for the company's future.", "function": "plan_implementation", "rawType": "roadmap", "block": null, "metadata": { "slideType": "roadmap", "slideTypeCanon": { "name": "Roadmap", "slug": "roadmap", "status": "active", "canonId": "019de52d-0a55-72bc-9b7b-a47ef109839c", "version": 1, "description": null }, "function": "plan_implementation", "functionCanon": { "name": "Plan implementation", "slug": "plan_implementation", "status": "active", "canonId": "019de52d-14a2-77ea-b210-d6a95eed4823", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 599, "nDataPoints": 0, "notes": "The slide uses a chronological list to frame expectations for the company's future.", "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:14.629+00", "seconds": 2.306, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/28", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-28", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.79 }, "kind": "callout", "text": "We believe that with the passage of time Valeant’s share price will reflect the value of its franchises, its low-cost operating model, and its efficient capital allocation strategy", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ba18ffb-1cac-4461-aa83-1e32e76a6364", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.2 }, "kind": "callout", "text": "We expect:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "642fd9a4-ee1c-4289-9822-8b4d5b1b1c62", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.85, "x": 0.08, "y": 0.28 }, "kind": "list", "text": "In the very near term, a decision to terminate the Philidor relationship and develop new channel partners\nOver the next several months, more negative press reports, scrutiny from regulators and politicians\nCompletion of the ad hoc committee's work\nOver the next year, resilient operating performance from Valeant\nIn the next two to four years, completion of recently announced investigations", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d0c47ca-8bb0-4b69-ad65-85cc3856cb66", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "The Path From Here", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "474ff9f9-e470-415d-9c40-38630c6303b4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "eb033273-201f-4cf1-a197-80f7e36e7f9e", "evidence": "The slide organizes expectations chronologically from near-term to long-term.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:14.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 29, "type": "setup", "function": "transition", "rawType": "transition", "block": null, "metadata": { "slideType": "transition", "slideTypeCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-0693-7766-9f05-887f41f8e41e", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 30, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:14.293+00", "seconds": 1.945, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/29", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-29", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.164, "w": 0.384, "x": 0.308, "y": 0.418 }, "kind": "title", "text": "What have investors forgotten?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:14.293+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "172ced93-8830-48b4-8014-6ee28ca3ad80", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 30, "type": "setup", "function": "summarize", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 5, "textChars": 401, "nDataPoints": 8, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:15.324+00", "seconds": 2.864, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/30", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.00175 }, "kind": "callout", "text": "Valeant has built a diversified collection of platforms, including:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.324+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26b429e6-3b56-4b79-83f2-c2d07e532970", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.92, "x": 0.04, "y": 0.0025 }, "kind": "list", "text": "Bausch & Lomb: 21% of sales; Gastrointestinal: 19% of sales; Emerging Markets: 18% of sales; US Dermatology Rx: 16% of sales; Neurology /Other: 15% of sales", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.324+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4063af4d-cccd-4482-8430-ba6983843996", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "sales percentage: 21%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b228-d79a92094451", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.9 }, "kind": "source-note", "text": "(1): Sales percentage from last reported public disclosure in Q2 2015... (2): Sales percentages calculated from reported Q3 2015 sales...", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.324+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73e9586e-92dd-4e95-a2c2-93a0dced9adc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.42, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Valeant's Franchises", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.324+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "565a05bf-e04e-42f2-8223-875920574d2b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 31, "type": "resolution", "function": "summarize", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 8, "textChars": 659, "nDataPoints": 6, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:15.425+00", "seconds": 2.956, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/31", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Valeant’s business has performed well in 2015", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b229-2aa62f041815", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.06, "y": 0.26 }, "kind": "list", "text": "Strong organic revenue growth: 15% organic revenue growth YTD; 13% in Q3", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cfdff62-138c-4e3d-924d-1086e194a159", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.06, "y": 0.4 }, "kind": "list", "text": "Growth has been driven by a mix of volume and price: In Q3 2015, volume increased ~8% and net realized price increased ~4%", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8377433a-5019-4299-aac8-33d8cf78a011", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.06, "y": 0.54 }, "kind": "list", "text": "Strong revenue growth, cost management, and capital allocation have contributed to a significant increase in earnings expectations: Consensus 2016 EPS expectations as of January 2015: $11.47; Consensus 2016 EPS expectations as of October 2015: $16.15 (+~41%)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "faac8e2e-d8dd-4abb-963a-8bb1f82eece4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS expectations: +41%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b229-2fb9e1a05d7d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "(1): Bloomberg January 5th, 2015. (2): Bloomberg October 29th, 2015.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71069f0f-c1f0-4d53-9792-400ef1f2d41e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "title", "text": "Valeant’s business has performed well in 2015", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb2110b1-3fd5-4e11-88da-2c6ab508dbaa", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Recent Business Performance", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a46f8f4-b183-46b7-b437-9def79a1a566", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Action Titles", "slug": "action-titles", "status": "active", "bestFor": "Any decision-grade deliverable — strategy recommendation, board update, investment memo, M&A review, post-mortem — where the reader is being asked to agree, decide, or act and will skim the title bar at speed.", "canonId": "019dd956-ac70-700b-a608-ba58e78f5dcc", "version": 1, "bodyDocId": "816dad3c-9983-41c1-a86e-978ebd582841", "description": "The McKinsey-bred discipline of writing every slide title as a complete declarative sentence with a verb and an insight, not a topic label. Each title is a sub-claim that ladders up to the deck's governing thought; read in sequence, the titles reconstruct the executive summary.", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "19648dca-3376-45d8-ac3f-ec6943fc5ce8", "evidence": "The slide has a title that is an action title: 'Valeant’s business has performed well in 2015'.", "pageRefs": null, "priority": "Core", "whenToUse": "Any decision-grade deliverable — strategy recommendation, board update, investment memo, M&A review, post-mortem — where the reader is being asked to agree, decide, or act and will skim the title bar at speed.", "confidence": 0.8, "extraction": { "at": "2026-07-16 23:14:48.591012+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": "Solves two failure modes at once. (1) The buried claim: action titles place the conclusion on the page before any analysis is read, so a busy reader doesn't reverse-engineer it from the chart. (2) The spineless deck: because each title is a claim, slides have to ladder up to the governing thought; logical gaps become visible as topic-shaped titles in a sequence that no longer reads as a story.", "antipattern": "Topic labels disguised as titles — Volume by quarter, Key findings, Pricing strategy, Margins have been impacted. No verb, or a passive verb with no agent, or a fact (Revenue grew 12%) without the so-what. Also: titles that overreach the chart's evidence, multi-claim X-grew-but-Y-fell welded titles, and mechanical repetition of the same X-drove-Y template across the deck.", "cardinality": null, "narrativePurpose": "Forces the deck to carry its argument in the title bar so a senior reader can extract the recommendation without opening a single slide; converts a binder of topics into a navigable pyramid where every slide is a node defending the apex." }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "40b74b91-61a7-44d9-917a-1311711eea15", "evidence": "The slide contains a list/bullet with several points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:14:48.553219+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 32, "type": "setup", "title": "The slide uses a 'floor' valuation approach to argue for the stock's undervaluation.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 7, "textChars": 914, "nDataPoints": 8, "notes": "The slide uses a 'floor' valuation approach to argue for the stock's undervaluation.", "elementsJson": [ "headline_text", "callout_box", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:16.162+00", "seconds": 3.672, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/32", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-32", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.2 }, "kind": "callout", "text": "Assuming Valeant achieves “Floor” 2016 EBITDA guidance of $7.5bn, the stock is inexpensive as a multiple of 2016 EPS", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "516d6e9d-17ef-40d2-89f9-237d8b6b0591", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.52 }, "kind": "callout", "text": "Conservatively assuming all of Philidor’s sales were lost and not replaced through another channel, the stock is still inexpensive", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8af5e8fd-3034-4fc7-8429-a91f8fc00e6d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.62 }, "kind": "list", "text": "Eliminating Philidor’s earnings contribution would result in a reduction of Valeant’s “floor” 2016 EBITDA to ~$7.0bn, or ~$14 of Cash EPS(2)\nAt the Oct. 29 closing share price of $111.50, Valeant trades at ~8x this alternate estimate of 2016 Cash EPS", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35f82f7d-c655-4675-9d74-a7176062bd27", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.3 }, "kind": "list", "text": "$7.5bn of EBITDA translates into ~$15.50 of Cash EPS(1)\nAt the Oct. 29 closing share price of $111.50, Valeant trades at ~7x this estimate of 2016 Cash EPS", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "587e7c13-f5b3-4be7-8d2f-3049943d6f2b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "2016 Cash EPS: ~8x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b229-6e0a4adabbef", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "(1): Assumes $300mm depreciation and stock based compensation, 5% tax rate, 351mm shares, ~$1.5bn of interest expense.\n(2): Philidor EBITA contribution assumed to be 7%, equal to EBITA contributed in Q3 2015 per management presentation.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27808d81-ee37-4d37-ae84-eac64395b795", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.21, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Valuation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22bb2342-ea23-4937-b523-f54b55973286", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 33, "type": "setup", "title": "The slide uses a DCF-style valuation bridge to demonstrate upside potential from the current share price of $111.50.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 536, "nDataPoints": 24, "notes": "The slide uses a DCF-style valuation bridge to demonstrate upside potential from the current share price of $111.50.", "elementsJson": [ "headline_text", "callout_box", "bullet_list", "valuation_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:20.203+00", "seconds": 7.206, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/33", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-33", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "callout", "text": "Conservatively assuming Valeant never makes another acquisition, has modest organic growth and reduces leverage significantly, the stock is inexpensive", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:20.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88a59d07-b56b-4674-9c93-17b46d2bb870", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.04, "y": 0.55 }, "kind": "list", "text": "Results: Valeant de-levers to ~3.5x LTM EBITDA by year end 2016; 2020 EPS of ~$22", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:20.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93f98f6b-7525-45bd-af0f-4ce1c171654e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.04, "y": 0.27 }, "kind": "list", "text": "Assumptions: $7.25bn of 2016 EBITDA; 5% organic EBITDA CAGR; De-levers to 3x LTM EBITDA; 10% 2020 tax rate; Buyback at 15x LTM EPS", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:20.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4ec5d39-985e-41b9-88b3-2b3ca2f3f9f3", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Discounted Present Value: $240", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b229-8403308da89d", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.82, "x": 0.09, "y": 0.73 }, "kind": "table", "text": "2020 EPS, Forward Multiple, 2019 Value, Discounted Present Value (@10%), Return From Current Share Price", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:20.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe5dc6cf-0c12-40c9-a46b-0bcf4d95f4bd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Valuation – Conservative Long-Term Model", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:20.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41cb660c-10e8-403b-953a-ae23542455ba", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b4709003-267e-4f0e-9297-c1deecb6e95b", "evidence": "Presents a structured valuation model with sensitivity analysis on forward multiples.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:20.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "valuation-table" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 34, "type": "setup", "title": "The slide uses a DCF-style valuation bridge to calculate potential returns based on 2020 EPS projections.", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "balanced", "densityScore": 36, "componentCount": 5, "textChars": 590, "nDataPoints": 18, "notes": "The slide uses a DCF-style valuation bridge to calculate potential returns based on 2020 EPS projections.", "elementsJson": [ "headline_text", "callout_box", "bullet_list", "valuation_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:15.76+00", "seconds": 2.717, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/34", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-34", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "callout", "text": "Assuming Valeant de-levers and maintains 3.5 turns of leverage, allocates free cash flow to acquisitions, and grows at a rate reflective of the strength of its franchises, the stock is tremendously undervalued", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d06c509-784a-4dda-aeaa-eace557a8e10", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.92, "x": 0.04, "y": 0.28 }, "kind": "list", "text": "Assumptions: $7.25bn of 2016 EBITDA; 7.5% organic EBITDA CAGR; De-levers to 3.5x LTM EBITDA; 10% 2020 tax rate; Acquisitions at 7x Pro-Forma EBITDA; Buybacks at 15x LTM EPS", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46e3a377-11f9-481e-b32b-89ddf7501bfb", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Discounted Present Value: 135%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b229-9dd44f2facf8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.1, "y": 0.68 }, "kind": "table", "text": "2020 EPS: $32; Forward Multiple: 12.0x, 14.0x, 16.0x; 2019 Value: $384, $448, $512; Discounted Present Value: $262, $306, $350; Return: 135%, 174%, 214%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd3fd58c-7b5d-4b35-bcbc-7275bcda8c9a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Valuation – Long-Term Model", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48f91efa-157e-41d2-9b25-c4390f10dbd3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5c239d11-3f72-41a3-85d5-5322d4021e99", "evidence": "The slide explicitly details the allocation of free cash flow to acquisitions and buybacks.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:15.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "capital-allocation-framework" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 35, "type": "setup", "function": "transition", "rawType": "transition", "block": null, "metadata": { "slideType": "transition", "slideTypeCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-0693-7766-9f05-887f41f8e41e", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 4, "componentCount": 2, "textChars": 90, "nDataPoints": 0, "notes": null, "elementsJson": [ "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:15.374+00", "seconds": 2.192, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/35", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-35", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The Philidor Scandal of 2015 Reminds Us of...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b229-5e9437e8ddb9", "parentComponentId": null }, { "bbox": { "h": 0.162, "w": 0.384, "x": 0.308, "y": 0.419 }, "kind": "title", "text": "The Philidor Scandal of 2015 Reminds Us of...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.374+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c82d56b-4b23-4732-a845-ccd81713276e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a316b905-2d49-44b0-8ba3-66ce0a4ca8a6", "evidence": "The slide uses a historical event to frame the current situation via analogy.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:02:15.374+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "metaphor-analogy" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 36, "type": "evidence", "title": "This slide serves as a historical precedent for corporate fraud and due diligence failure.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 6, "textChars": 970, "nDataPoints": 4, "notes": "This slide serves as a historical precedent for corporate fraud and due diligence failure.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:17.141+00", "seconds": 3.528, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/36", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-36", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.39 }, "kind": "list", "text": "AmEx’s Warehousing Division, a relatively new business line, made loans to a company called Allied Crude Vegetable Oil Refining Corp. run by con-man Anthony “Tino” De Angelis", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.141+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d3dea46-8077-43d7-9502-55c813c4b80f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.52 }, "kind": "list", "text": "De Angelis had previously swindled the government under the National School Lunch program, and went bankrupt", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.141+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a62f40b1-f546-42e2-9e17-061917084ca5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.61 }, "kind": "list", "text": "AmEx’s security was Allied’s inventory of soybean oil stored in large tanks, valued at more than $150 million (~$1.2 billion in 2015 dollars). De Angelis’ claimed inventory exceeded the entire U.S. inventory of soybean oil as reported by the Department of Agriculture", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.141+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd43d535-f2aa-4075-b659-722cf9e2ae9c", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.92, "x": 0.04, "y": 0.0017 }, "kind": "list", "text": "AmEx was known for its highly profitable, growing businesses in credit cards and travelers checks. AmEx had a healthy franchise which was growing robustly, with revenues and operating income growing over the prior decade at 12% and 11% CAGR.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.141+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eaef31cc-9c38-4ee8-aa2b-76edda5b743c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.78 }, "kind": "list", "text": "The tanks were filled with water topped off with a thin layer of oil. When plumbed with a dip stick, the tanks appeared to be full of soybean oil", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.141+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6f25ce0-2e8e-46e2-b47e-8a494fe551d5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "The Great Salad Oil Scandal of 1963", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:17.141+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8eb48db0-67d5-45fc-b2bf-cb2fc2f4dd0e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 37, "type": "evidence", "title": "Uses historical precedent to frame current investment thesis.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 7, "textChars": 1476, "nDataPoints": 2, "notes": "Uses historical precedent to frame current investment thesis.", "elementsJson": [ "headline_text", "bullet_list", "quote_block" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:21.467+00", "seconds": 7.804, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/37", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-37", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Although it wasn’t obvious to many at the time, the dislocation in the stock price due to the scandal provided a great buying opportunity.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b229-bcd880a9fea3", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.04, "y": 0.16 }, "kind": "list", "text": "Had AmEx done better due diligence, it would have never dealt with De Angelis\nAmEx’s share price fell over 40%, eliminating ~$110 million in AmEx’s market capitalization due to the perception that AmEx’s franchise was at risk\nA 35-year-old hedge fund manager put 40% of his fund into AmEx . . .", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:21.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99b33b3b-f9ec-4ffc-aa61-aecf8112bdea", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.04, "y": 0.53 }, "kind": "list", "text": "Although it wasn’t obvious to many at the time, the dislocation in the stock price due to the scandal provided a great buying opportunity. With the passage of time, the strength of AmEx’s business proved resilient", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:21.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8b2140e-4d4d-478f-8b58-2a5c6522c888", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.08, "y": 0.38 }, "kind": "quote", "text": "“Every trust department in the United States panicked,” explained this 35-year-old hedge fund manager, “the stock just poured out”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:21.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7f508b0-6b15-49fe-8b5e-48b828cc37a4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.68 }, "kind": "quote", "text": "“As described in other sections of this report, the extremely complex warehousing situation has not interfered with the continued growth and attainment of record highs in our main lines of business” - American Express, 1964 Annual Report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:21.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31c9847c-9a43-47e1-9ed7-cd264a59e4c3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Every trust department in the United States panicked,\" explained this 35-year-old hedge fund manager, \"the stock just poured out\" — 35-year-old hedge fund manager (Warren Buffett); \"As described in other sections of this report, the extremely complex warehousing situation has not interfered with the continued growth and attainment of record highs in our main lines of business\" — American Express, 1964 Annual Report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b229-c27ddebce980", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "The Great Salad Oil Scandal of 1963 (cont'd.)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:21.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "beb10fbe-1ea2-4336-8b56-60d74b610eec", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "095604a2-8335-4f28-ac1c-a8023d709ab6", "evidence": "Uses the 1963 scandal as a historical parallel to justify a current investment thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:21.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "argument-from-analogy" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 38, "type": "tension", "function": "establish_context", "rawType": "ceo_quote", "block": null, "metadata": { "slideType": "ceo_quote", "slideTypeCanon": { "name": "CEO quote", "slug": "ceo_quote", "status": "active", "canonId": "019de52d-09b6-71c8-93a5-f90a9772a8fa", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 4, "textChars": 700, "nDataPoints": 0, "notes": null, "elementsJson": [ "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:15.991+00", "seconds": 2.299, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/38", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-38", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b22a-60fe8cedc033", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.8, "x": 0.1, "y": 0.34 }, "kind": "quote", "text": "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors.”(1) - Warren E. Buffett", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.991+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2b3135c-367d-4df0-bf55-bab6117c5dec", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors.” — Warren E. Buffett", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b22a-67ab983e37a8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.04, "y": 0.97 }, "kind": "source-note", "text": "(1): Buffett, Warren. Buy American. I Am. The New York Times. Op-ed contribution. October 16, 2008.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:15.991+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2c9fa90-cc46-4a5f-93d5-0a3eae9b98fd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b8c3e759-987e-4192-be2d-f2b6370be018", "evidence": "Uses a quote from a high-authority figure (Warren Buffett) to validate a contrarian investment thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:02:15.991+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 39, "type": "setup", "function": "closing_ask", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "closing_ask", "functionCanon": { "name": "Closing ask (contrarian)", "slug": "closing_ask", "status": "active", "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 2, "textChars": 43, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:02:16.323+00", "seconds": 2.541, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-a077f08347fa/39", "deck": "/decks/019dd923-622c-750b-8b9b-a077f08347fa", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-a077f08347fa#slide-39", "deckJson": "/decks/019dd923-622c-750b-8b9b-a077f08347fa.json" }, "components": [ { "bbox": { "h": 0.104, "w": 0.337, "x": 0.056, "y": 0.854 }, "kind": "image", "text": "Pershing Square Capital Management, L.P.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.323+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9b8b82a-63a0-466a-9af0-1317fbeb4f43", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.124, "x": 0.438, "y": 0.438 }, "kind": "title", "text": "Q&A", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:02:16.323+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00d4c801-b7fd-4a5a-b9db-b964e89145c5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 39, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 28, "name": "Resolution", "beatId": "43f4c599-cad8-4b32-a83c-dc5fbf84126f", "matchId": "5d10ddd1-5885-4b51-b9f0-21cf2bc4b2fc", "beatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "evidence": "Conclusion and call to action", "position": 4, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 4, "label": "Setup", "description": "Introduction to Valeant Pharmaceuticals" }, { "from": 5, "to": 9, "label": "Complication", "description": "Discussion of recent events and challenges" }, { "from": 10, "to": 16, "label": "Evidence", "description": "Presentation of facts and data to support Valeant's position" }, { "from": 17, "to": 21, "label": "Preempt Rebuttal", "description": "Addressing potential criticisms and rebuttals" }, { "from": 28, "to": 39, "label": "Resolution", "description": "Conclusion and call to action" } ], "loops": [] }