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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 the 'ceo-quote-contradiction' pattern to undermine management credibility.",
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      "kind": "callout",
      "text": "Allergan's experience with DARPin demonstrates lack of visibility and risk inherent in an early stage R&D model",
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      "text": "AGN shares fell 13% the day of Allergan's Q1 2013 earnings call",
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      "text": "Scott, I don't mean to beat a dead horse, but if you could just provide us a little bit more color on what the magnitude of the benefit you saw over LUCENTIS. You said you did see that in some patients, maybe not in others. And what gives you confidence that the program will be delayed one to two years versus just a complete bust?",
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      "text": "But if that's the case, I guess I'm a little curious, why were you so bullish on this product four months ago, five months ago? It made it seem like you had enough data to be very bullish on the product and now you're kind of saying, 'Well, maybe, we didn't have enough information?'",
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      "kind": "title",
      "text": "Limited Visibility of R&D Creates Uncertainty - DARPin",
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