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  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2015-10-30 00:00:00",
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  "notes": "This slide is part of a series exposing the Valeant-Philidor relationship.",
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      "kind": "callout",
      "text": "Philidor represented only ~1% of Valeant sales last year, but grew to ~7% of total revenue in the most recent quarter",
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      "kind": "list",
      "text": "Today Valeant makes certain products available through the specialty pharmacy channel – Philidor Rx has been Valeant's largest specialty pharmacy",
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      "text": "Valeant's specialty pharmacy strategy originated from a program acquired with the acquisition of Medicis, a dermatology company",
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      "text": "Important facts about Valeant's specialty pharmacy strategy:",
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      "text": "Valeant's drugs are available at both retail pharmacies and through Philidor\nPhilidor offers low \"cash-pay\" prices on drugs to patients without insurance coverage\nGovernment-insured patients are not eligible for co-pay assistance\nPhilidor represented only ~1% of Valeant sales last year, but grew to ~7% of total revenue in the most recent quarter",
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      "text": "revenue contribution: ~7%",
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      "kind": "title",
      "text": "Valeant's Use of Specialty Pharmacies",
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