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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": "The chart uses a visual 'cliff' metaphor to represent revenue loss.",
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      "kind": "callout",
      "text": "Allergan is currently benefiting from a window of patent exclusivity, but by 2027 Allergan will lose exclusivity on products comprising ~37% of current revenue",
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      "text": "Source: Allergan management commentary, Wall Street research, Pershing Square estimates. Total 2014E sales are as per Wall Street consensus estimates. Note: Assumes 100% of revenue lost in year of patent expiration...",
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      "text": "High Exposure to Patent Cliffs",
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