Pershing Square Activist Presentation Deck
Limited Visibility of R&D Creates
Uncertainty - DARPin
Allergan's experience with DARPin demonstrates lack of visibility
and risk inherent in an early stage R&D model
Jami Rubin, Goldman Sachs; Q1 2013 Earnings Call:
"Scott, I don't mean to beat a dead horse, but if you could just provide
us a little bit more color on what the magnitude of the benefit you saw
over LUCENTIS. You said you did see that in some patients, maybe
not in others. And what gives you confidence that the program will be
delayed one to two years versus just a complete bust?"
Marc Goodman, UBS; Q1 2013 Earnings Call:
"But if that's the case, I guess I'm a little curious, why were you so
bullish on this product four months ago, five months ago? It made it
seem like you had enough data to be very bullish on the product and
now you're kind of saying, 'Well, maybe, we didn't have enough
information?""
AGN shares fell 13% the day of Allergan's Q1 2013 earnings call
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