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  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2015-05-04 00:00:00",
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      "text": "Valued at 8x its estimated peak earnings contribution, Valeant's late-stage pipeline, excluding Salix, may be worth as much as ~$40 per share",
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      "text": "Valued at 8x its estimated peak earnings contribution, Valeant’s late-stage pipeline, excluding Salix, may be worth as much as ~$40 per share",
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      "text": "Valuation assumes contribution margin of 80%, 10% tax rate and no time or risk discount factor. Valeant program peak sales estimates from management's 4/22/14 presentation except Lotemax Gel Next Gen., which is a Pershing Square forecast. Salix program peak sales from 7/9/2014 investor day",
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      "text": "Valeant management intends to continue the majority of Salix's R&D programs. Salix management had estimated ~$5bn of potential peak sales from the company's Phase II and Phase III programs, not including Xifaxin for IBS-D",
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      "text": "Product, Description, 2015 Development Milestones, Expected Launch Year, Management Peak Sales Est. (Low/High)",
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