{
  "docId": "019dd923-622c-750b-8b9b-7e7228555e88",
  "docSlug": "36c903ba19aa",
  "documentTitle": "Allergan, Inc. (AGN)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-22 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.70665085,
  "pageNumber": 74,
  "pageCount": 110,
  "prevPage": 73,
  "nextPage": 75,
  "slideType": "competitive_analysis",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses red 'X' icons to emphasize the lack of comparability across four industry segments.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list",
    "icon_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-7e7228555e88/74",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88#slide-74",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.1,
        "y": 0.13
      },
      "kind": "callout",
      "text": "Val-gan's durable business would have few peers among publicly traded pharmaceutical companies",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c88a5d02-0476-406d-b4cd-dd08cb324778",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Val-gan’s durable business would have few peers among publicly traded pharmaceutical companies",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d4-752d-aad1-68c59bda433b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.54,
        "y": 0.24
      },
      "kind": "list",
      "text": "Specialty Pharmaceuticals: High product concentration, Few durable assets",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4644dae4-2f21-4392-b7c5-00c2b2402ce7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.13,
        "y": 0.39
      },
      "kind": "list",
      "text": "Biotech: High product concentration, Large R&D investment",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de9142b0-6c21-4cdb-af96-a87f8c02e141",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.35,
        "x": 0.13,
        "y": 0.24
      },
      "kind": "list",
      "text": "Big Pharma: Few durable assets, High exposure to competitive, low-growth categories",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ebd18b72-84f8-431f-be87-e55a5006bbe5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.54,
        "y": 0.36
      },
      "kind": "list",
      "text": "Generic Pharmaceuticals: Focused on commodity categories, Low secular growth",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef257a33-abe2-4c2e-a0f6-fd439c944d73",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.1,
        "y": 0.07
      },
      "kind": "title",
      "text": "Durable Portfolio: Few Healthcare Trading Comparables",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ff14cf4-9107-4aa1-ba77-9b37971d627f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "8a8e9014-f645-4c0a-996e-04b7da71c0b1",
      "evidence": "list/bullet: Big Pharma: Few durable assets, High exposure to competitive, low-growth categories",
      "confidence": 0.5
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "37365060-691b-46e3-8156-6ca419537836",
      "evidence": "Categorical comparison of industry segments to establish lack of peer comparability.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}