Pershing Square Activist Presentation Deck
Higher Guidance Appears Driven by the Valeant Bid,
not a Fundamental Change in the Business (Cont.)
What, besides the Valeant proposal, changed in the three months between Allergan's
February 5th, 2014 Q4 earnings conference call and the May 12th Special Call?
Jeff Edwards, Allergan CFO; Q4 2013 Earnings Call:
"Regarding the full year 2014, Allergan estimates... growth of
between 12% and 15%, which is consistent with our aspiration of mid-
teens EPS growth."
David Pyott, Allergan Chairman and CEO; May 12, 2014 Special Call (After Valeant's Proposal):
"... [we believe] we can achieve EPS growth of 20% on a compound
annual basis over the next five years."
If Allergan were being conservative about the fundamentals of the
business before the Valeant proposal, why then were insiders,
including Pyott, selling shares in Q1 2014?
104View entire presentation