Pershing Square Activist Presentation Deck
Higher Guidance Appears Driven by the Valeant Bid,
not a Fundamental Change in the Business
Management Revenue Guidance has not Materially Changed
David Pyott, Allergan Chairman and CEO; Q2 2013 Earnings Call:
"And [on] many occasions, I've talked about our midterm growth
aspirations being around about 10% sales growth..."
David Pyott, Allergan Chairman and CEO; May 12, 2014 Special Call (After Valeant's Proposal):
"Beyond 2015, we believe we'll grow revenue at the double digits..."
Allergan Consensus Revenue Estimates, Before and After Revised Plan ($B, 2014E-2017E)
$6.95
0.5%
2014E
$6.99
$7.56
1.1%
2015E
$7.64
$8.12
2.5%
2016E
$8.32
$8.78
4.7%
2017E
Prior to New Plan Current
102
Source: Bloomberg Consensus.
Note: Prior to new plan estimates from May 9, 2014 for 2014E-2015E and May 8 2014 for 2016E-2017E. Current estimates as of July 14, 2014,
$9.19View entire presentation