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  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2014-04-01 00:00:00",
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  "nDataPoints": 8,
  "notes": "The slide uses a waterfall chart to contrast cost structures, framing traditional pharma spending as 'wasteful'.",
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      "kind": "callout",
      "text": "The pharmaceutical industry's high gross margins have supported wasteful SG&A and R&D spending",
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      "text": "Valeant has achieved one of the most competitive SG&A ratios in the industry, while continuing to grow organically",
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      "text": "1Traditional Pharma represents the average of Pfizer, Merck, Eli Lilly, and Bristol-Myers Squibb (2014 Est) based off Sanford Bernstein estimate. 2Valeant 2013 Q4 Earnings Press Release",
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