Pershing Square Activist Presentation Deck
High Exposure to Patent Cliffs
Allergan is currently benefiting from a window of patent
exclusivity, but by 2027 Allergan will lose exclusivity on
products comprising -37% of current revenue
Products maintaining exclusivity or durability
(currently marketed products only, shown as a % of 2014E revenue)
100%
80%
60%
40%
20%
End of
Management
Five-Year Plan
Impact of Patent
Expirations
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Source: Allergan management commentary, Wall Street research, Pershing Square estimates. Total 2014E sales are as per Wall Street consensus estimates.
Note. Assumes 100% of revenue lost in year of patent expiration. Uses year of patent expiration in the U.S. as a proxy for global patent expirations, except for Ganfort which uses the year of patent
expiration in the EU since the drug is not marketed in the U.S. Assumptions for year of patent expiry by drug are Restasis 2024, Alphagan 2022, Lumigan 2027, Aczone 2016, Ganfort 2022,
Ozurdex 2024, Latisse 2024, Lastacaft 2029. Patent data per-Allergan 10-K and FDA orange book
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