{
  "docId": "019dd923-622c-750b-8b9c-f6c472e7615d",
  "docSlug": "b2c1d9cb58c0",
  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
  "authorId": "01_Pershing_Square",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-10-30 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 7,
  "pageCount": 39,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "other",
  "function": "establish_context",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "Right-hand portion of the chart (Sep-Oct 2015, showing sharp price decline) is grayed out with a 'See next page' label, deferring that period to a follow-up slide.",
  "elementsJson": null,
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-f6c472e7615d/7",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-f6c472e7615d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-f6c472e7615d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-f6c472e7615d#slide-7",
  "components": [
    {
      "bbox": {
        "h": 0.13,
        "w": 0.27,
        "x": 0.32,
        "y": 0.23
      },
      "kind": "callout",
      "text": "4/29/15: Valeant announces strong Q1 earnings; CFO Howard Schiller announces retirement, but remains on Board and maintains stock ownership",
      "attrs": {
        "event_date": "2015-04-29"
      },
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15c11fa5-30ea-40ec-abbf-df389039937d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.25,
        "x": 0.08,
        "y": 0.7
      },
      "kind": "callout",
      "text": "2/9/15: Pershing Square begins to accumulate Valeant shares; 16.5mm shares purchased at average cost of $196 per share through March 17th",
      "attrs": {
        "event_date": "2015-02-09"
      },
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50f595f4-2800-4f5e-9969-1338c27c5d15",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.2,
        "x": 0.13,
        "y": 0.34
      },
      "kind": "callout",
      "text": "2/22/15: Valeant announces initial agreement to acquire Salix for $14.5bn",
      "attrs": {
        "event_date": "2015-02-22"
      },
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56f21e07-9edd-4487-8443-2e41f1413379",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.27,
        "x": 0.5,
        "y": 0.45
      },
      "kind": "callout",
      "text": "7/30/15: Former Valeant CFO and current Board Director Howard Schiller testifies in Congress on corporate tax rate",
      "attrs": {
        "event_date": "2015-07-30"
      },
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e425054-7121-41b1-b8e1-1c24a6863f54",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.22,
        "x": 0.55,
        "y": 0.23
      },
      "kind": "callout",
      "text": "7/23/15: Valeant announces strong Q2 earnings and raises FY2015 guidance",
      "attrs": {
        "event_date": "2015-07-23"
      },
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f253ce1-4cd3-4056-86f9-e9498f863776",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.27,
        "x": 0.27,
        "y": 0.6
      },
      "kind": "callout",
      "text": "3/16/15: Valeant announces revised agreement to acquire Salix for $15.8bn; Pershing Square acquires 3mm additional shares from Valeant at $199 to help finance revised transaction",
      "attrs": {
        "event_date": "2015-03-16"
      },
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b6bc620-75b8-42a8-b1ee-27e73dd9073d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.72,
        "w": 0.88,
        "x": 0.06,
        "y": 0.18
      },
      "kind": "chart",
      "text": "Valeant share price line, Jan 2015 to Oct 2015, y-axis $50-$300",
      "attrs": {
        "y_max": 300,
        "y_min": 50,
        "x_axis": "month (Jan 2015 – Oct 2015)",
        "y_axis": "share price (USD)"
      },
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d3ba0c6-452a-45c8-8b15-709e3e3fbb7b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.15,
        "x": 0.78,
        "y": 0.28
      },
      "kind": "legend",
      "text": "See next page",
      "attrs": {
        "role": "shaded region label, Sep-Oct 2015"
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e0e86d3c-4e20-4733-831a-97f923632158",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Note: The performance of Valeant's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. Source: Bloomberg",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4fea9ad-7baa-4284-9e46-575ef803af07",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.04,
        "y": 0.05
      },
      "kind": "title",
      "text": "Valeant: Share Price Performance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fc9f6036-560a-4f73-b929-cd806faff2b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.3,
        "y": 0.15
      },
      "kind": "title",
      "text": "Valeant Share Price – 1/1/15 to 10/29/15",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf16a080-3f17-4f34-aa5e-ed7643cc80f3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "Annotation",
      "slug": null,
      "matchId": "a4c7b3b6-41a1-4785-9101-3ecdeff30546",
      "evidence": "Yellow callout boxes on a price chart linking dated corporate events to price action.",
      "confidence": 0.8
    },
    {
      "name": "Before/after framing",
      "slug": null,
      "matchId": "3ccbbd46-4a55-4716-8ca1-b3c94737f421",
      "evidence": "Grayed-out 'See next page' region visually separates pre-collapse performance from the subsequent decline shown later.",
      "confidence": 0.55
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}