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  "docSlug": "42b17c6fff3e2006bf9fc5d84bd6edcc",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management, L.P.",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-07-01 00:00:00",
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  "pageNumber": 65,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Uses CEO quote and analyst question to frame the lack of disclosure as a problem.",
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  "components": [
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      "kind": "callout",
      "text": "Despite a major forecasted increase in R&D spending, Allergan has not provided guidance on major areas of increased expenditure and the expected return on investment",
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      "kind": "quote",
      "text": "And then as a second question, just wondering if -- one of the criticisms that we've heard of Allergan, at least as it relates to pipeline and the revelation of Phase II data, just wondering if there will be more disclosure around that going forward...",
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      "kind": "quote",
      "text": "Also, as a quick reminder, I have explained on several occasions that in the coming five or so years, there will be a major step-up in R&D from roughly $1 billion-plus this year to roughly $1.5 billion some five years from now.",
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      "kind": "title",
      "text": "Limited Project Level R&D Guidance",
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  "loops": [
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      "name": "Cost Of Inaction",
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      "evidence": "The document highlights the risks of Allergan's business model and the benefits of the deal",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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