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  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
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  "authorName": "William Ackman",
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      "text": "Strong collection of products; Xifaxan has nearly $1bn of annualized sales and 25%+ volume growth; October Y/Y volume growth: Apriso +8%, Uceris +30%, Relistor +33%; Pipeline: Likely approval of Relistor Oral in 2016",
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      "text": "Durable product portfolio; 11% organic growth in 2014, ~6% growth through Q3 2015; Growth drivers include favorable secular trends; ~25% of sales in emerging markets; Late stage pipeline includes Vesneo; Traded at 20x Forward EPS",
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      "text": "Bausch & Lomb: ~30% of sales",
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      "text": "1Q2 2015 B&L as a % of total sales. 21/1/2003 to 1/1/2006. Source = Capital IQ. 3 Estimated from Valeant presentation. 4Page 45 Dec. 16th, 2015 presentation.",
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