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  "documentTitle": "Allergan, Inc. (AGN)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2014-04-22 00:00:00",
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      "kind": "callout",
      "text": "Valeant's superior R&D productivity is indicative of its investment discipline and cost-focused culture",
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      "text": "19 planned launches in 2014\nPeak sales potential: $1.3 - 2.3 billion\n7 late-stage pipeline projects\nPeak sales potential: $1.4 - 3.4 billion\nValeant standalone estimated 2015 R&D spend: ~$200 million\n~2% of revenue\nIndustry-leading productivity",
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      "text": "Source: Company public presentation April 22, 2014. Pershing Square estimate of 2015 R&D spending is based off of Valeant's ~$200mm run-rate end of 2014 spending rate",
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      "text": "Track Record of R&D Productivity",
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