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  "documentTitle": "Allergan, Inc. (AGN)",
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  "authorName": "William Ackman",
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  "presentationDate": "2014-04-22 00:00:00",
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      "kind": "callout",
      "text": "Only a handful of public healthcare companies have durability similar to Val-gan’s product portfolio",
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      "text": "Zoetis Inc. >80% durable, Major business: Companion and livestock animal health pharmaceuticals, Trading multiple: 19x 2014 EPS",
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      "text": "Perrigo Co. ~78% durable, Major businesses: Private label OTC; hard-to-manufacture generics, Lower gross margin than Val-gan: 2014E Gross Margin = 42% vs. ~80%, Trading multiple: 21x 2014 EPS",
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      "text": "RBC Capital Markets Analyst Report, January 6, 2014; Valeant Public Presentation, April 22, 2014; Based on the closing share prices and Bloomberg consensus EPS estimates as of April 21, 2014; ISI Group Analyst Report, January 31, 2013",
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      "text": "Durable Portfolio: Healthcare Trading Comparables",
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