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  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2014-07-01 00:00:00",
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  "notes": "Uses a 'before and after' comparison of analyst estimates to undermine management's claim of a fundamental business shift.",
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      "text": "Management Revenue Guidance has not Materially Changed",
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      "text": "Allergan Consensus Revenue Estimates, Before and After Revised Plan ($B, 2014E –2017E)",
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      "text": "And [on] many occasions, I've talked about our midterm growth aspirations being around about 10% sales growth...",
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      "text": "Beyond 2015, we believe we'll grow revenue at the double digits...",
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      "text": "Source: Bloomberg Consensus. Note: Prior to new plan estimates from May 9th, 2014 for 2014E-2015E and May 8th, 2014 for 2016E-2017E. Current estimates as of July 14th, 2014.",
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      "text": "Higher Guidance Appears Driven by the Valeant Bid, not a Fundamental Change in the Business",
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