Pershing Square Activist Presentation Deck
Analysts have Repeatedly Questioned Allergan's
Capital Allocation Strategy
Frank Pinkerton, SunTrust Robinson; Q1 2011 Earnings Call:
"Can management better serve investors by maybe being more
aggressive with cash deployment and maybe even taking advantage
of some of these lower rates near term?"
Gregg Gilbert, BofA Merrill Lynch; Q1 2012 Earnings Call:
"For David and for Jeff, what's your philosophy on having a net cash
position and whether you think that's ideal?"
Louise Chen, Guggenheim Securities; Q3 2012 Earnings Call:
"My question is with respect to your capital allocation strategies.
Wondering if you could provide an update now especially given your
large cash balance and also your decision to potentially divest your
obesity franchise."
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