{
  "docId": "019dd923-622c-750b-8b9b-9646c0061f4f",
  "docSlug": "002774f67694",
  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-05-04 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 16,
  "pageCount": 47,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "key_messages",
  "function": "present_framework",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "This slide outlines the core 'roll-up' strategy that defined Valeant's business model.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-9646c0061f4f/16",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-9646c0061f4f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-9646c0061f4f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-9646c0061f4f#slide-16",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.82,
        "x": 0.09,
        "y": 0.21
      },
      "kind": "callout",
      "text": "Management expects to invest the majority of the company's free cash flow in value-creating acquisitions",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b3adf26a-ede1-4ce8-8b72-08c644311c72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.12,
        "y": 0.74
      },
      "kind": "list",
      "text": "Effective acquisition and integration process",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03dc7acf-3346-4d94-ad99-acac49962836",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.74,
        "x": 0.16,
        "y": 0.53
      },
      "kind": "list",
      "text": "In-licenses from one-product companies; Acquisitions of sub-scale companies without adequate distribution; Declining products neglected by other companies that can return to growth with promotion",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4047f398-b11a-4fd0-b0de-8b12d821bef2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.12,
        "y": 0.34
      },
      "kind": "list",
      "text": "Large acquisitions of traditional pharma / device companies with bloated cost structures and unproductive R&D spending",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4410ff9e-6256-4c30-9464-533644c6436c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.12,
        "y": 0.45
      },
      "kind": "list",
      "text": "Small, bolt-on acquisitions of products easily integrated into Valeant's efficient, international distribution infrastructure",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "abe2104d-4644-4d1b-a45a-698cb941e559",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.74,
        "x": 0.16,
        "y": 0.78
      },
      "kind": "list",
      "text": "CEO Mike Pearson is personally involved in evaluation, negotiation and execution of transactions",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db911c2a-5bd2-41e9-88ba-9e76d8db4d83",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.08,
        "y": 0.12
      },
      "kind": "title",
      "text": "Valeant's Acquisition Strategy",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d524dca-adec-4933-8674-019d00a9e9fb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 22,
      "from": 11,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "a77fe409-3012-4f62-bf20-94f87bf56e5f",
      "evidence": "Clear logic chain from platform strategy to shareholder value",
      "position": 0,
      "objective": "Understand Valeant's platform strategy and value creation",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}