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  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
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  "authorName": "William Ackman",
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      "text": "The below assumptions imply a patent cliff portfolio value in 2020 equal to eight times forward earnings",
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      "text": "10 years of remaining cash flow, from 2020; 5% annual cash flow growth until cliff; 10% discount rate; Ineffective Life-Cycle Management; Revenues after patent cliff are zero; Costs are variable",
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