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  "documentTitle": "Multiple holdings (Pershing Square portfolio)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "presentationDate": "2016-04-26 00:00:00",
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  "notes": "The slide outlines specific levers for cost reduction and provides early evidence of success in Q4 2015.",
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      "text": "Early success reducing expenses: In Q4 2015, FX adjusted revenue growth was 6%, while FX adjusted SG&A and R&D fell 7% and 9%, respectively",
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      "text": "In Q4 2015, FX adjusted revenue growth was 6%, while FX adjusted SG&A and R&D fell 7% and 9%, respectively",
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      "text": "Eliminate ~5,000 lower-revenue, lower-margin SKUs; Shift from direct sales representation to distribution in ~30 smaller markets; Consolidate from a four-region structure to a two-region structure; Significant reductions in corporate G&A; Smaller reductions in R&D to enhance focus; Program is incremental to previously announced Supply Network efficiency effort",
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      "text": "annual cost savings: $300 million",
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      "kind": "title",
      "text": "Zoetis Engagement – Cost Structure Initiative",
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