Pershing Square Activist Presentation Deck
Research Analysts Are Confident in Valeant's Operating
Model and the Strategic Combination (Cont.)
Stephanie Price, CIBC; "Growth on Steroids: Initiating Coverage at Sector Outperformer", May
20, 2014:
"Valeant has a strong track record of creating value by acquiring firms with
solid product portfolios and investing only in late-stage/low-risk R&D.
Management has proven that M&A can lead to better returns than early-stage
R&D given Valeant's ability to strip out costs."
Irina Rivkind Koffler, Cantor Fitzgerald; "We Like Standalone Business, with AGN Upside;
Maintain BUY, Increase PT to $209", June 2, 2014:
"We don't think that Valeant promotionally starves its brands, but rather
makes selective investments in highest value programs like Luzu and local
DTC...the roll-up strategy is difficult, and Valeant's execution know-how and
experience is an intangible asset that will continue to drive value, in our view."
Raghuram Selvaraju, Aegis Capital; “Valeant Ups the Ante in Allergan Acquisition Bid”, May
28, 2014:
"Whether the acquisition happens or not, however, we believe that the
Valeant business model remains valid and we do not believe that Allergan
management's allegations regarding Valeant's strategy are valid."
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