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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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  "notes": "The slide uses specific financial metrics (EBITA, Gross Margin, Forward EPS) to establish a peer benchmark for Valeant's portfolio durability.",
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      "kind": "callout",
      "text": "Only a handful of public healthcare companies have durability comparable to Valeant's durable product portfolio",
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      "text": "Perrigo Co. ~80% of EBITA is durable; Major businesses: Private label/branded OTC, Rx generics, Rx biologic royalty; Lower gross margin than Valeant (48% vs 79%); 21x Forward EPS",
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      "text": "Zoetis Inc. >80% durable; Major business: Companion and livestock animal health pharmaceuticals; 23x Forward EPS",
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      "text": "Forward EPS multiple: 23x",
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      "text": "RBC analyst report 3/23/15; Capital IQ consensus; Based on closing share prices and capital IQ consensus NTM EPS estimates as of 10/31/14 for Zoetis and 4/7/15 for Perrigo; Zoetis 2014 Investor Day 11/18/2014",
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      "kind": "title",
      "text": "Durable Portfolio: Healthcare Trading Comparables",
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