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  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
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  "notes": "The slide uses a conceptual growth curve to argue that Valeant's underlying business is stronger than reported figures suggest due to temporary generic competition.",
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      "text": "Investors who do not adjust for the impact of new generic competition will underestimate the growth rate of the durable portfolio",
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      "text": "As the portfolio subject to new generic competition winds down, reported corporate growth will approach the growth rate of the durable portfolio",
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      "text": "Only ~7% of Valeant's revenue (~1/2 of the total patent cliff revenue) will face new generic competition by 2016, and thereafter a relatively small percentage of the business is at risk in any year",
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      "text": "(1) Valeant Public Presentation January 14, 2014 at JPMorgan Conference",
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      "text": "Organic Growth: Measuring Underlying Growth at Valeant",
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