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  "documentTitle": "Pershing Square | Activist Presentation Deck | 39 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2014-09-01 00:00:00",
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  "pageNumber": 13,
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  "notes": "The slide highlights the contradiction between Valeant's accounting consolidation of Philidor and their public claims of non-control.",
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      "text": "Valeant and Philidor operate in a highly regulated industry\nIt is legal for a manufacturer to own a pharmacy and several have/do\nWhile Valeant consolidates Philidor for accounting purposes, Valeant has stated that they do not control Philidor\nPhilidor has been accused by a former contractor and debtor of illegal activity\nRecent media reports indicate that Philidor may have engaged in fraudulent activity\nEffective October 29th, 2015, CVS Caremark, Express Scripts and UnitedHealth/Optum announced the termination of their relationship with Philidor, comprising the vast majority of the PBM market\nGovernment inquiries into potential legal and regulatory violations in the pharmaceutical industry are pervasive and highly fact specific",
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      "text": "Valeant's Use of Specialty Pharmacies (cont'd)",
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      "text": "Regulatory Risk:",
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