Pershing Square Activist Presentation Deck
Limited Project Level R&D Guidance
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
David Pyott, Allergan Chairman and CEO; Q2 2013 Earnings Call:
"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."
Seamus Fernandez, Leerink Swann; May 12, 2014 Special Call:
"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, or are we going to
stick to sort of the same process of disclosure you simply -
- primarily providing information for Phase III products at medical
meetings?"View entire presentation