Pershing Square Activist Presentation Deck
Valeant's Franchises
Valeant has built a diversified collection of platforms, including:
Bausch & Lomb: 21% of sales(1)
Global portfolio of consumer, prescription and surgical products
■ Organic growth 11% 2014, 7% YTD 2015
Gastrointestinal: 19% of sales(2)
■ Acquired in April 2015; prescriptions for largest product grew 25% last quarter
Emerging Markets: 18% of sales(2)
■ Durable portfolio of branded generic products
US Dermatology Rx: 16% of sales(²)
■ One of the largest Dermatology Rx businesses in the United States
■ Benefitting from recent product launches - Jublia, Onexton, RAM .08%, Luzu
Neurology /Other: 15% of sales(2)
■ Older products, declining to ~10% of revenue in 2016
(1): Sales percentage from last reported public disclosure in Q2 2015, adjusted for estimated Salix inventory wholesaler reduction and Amoun acquisition. Excludes B&L emerging
markets sales.
(2): Sales percentages calculated from reported Q3 2015 sales and pro-forma estimated Salix inventory wholesaler reduction and Amoun acquisition.
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