Pershing Square Activist Presentation Deck

Allergan has Historically Not Been Able to Identify Attractive Acquisition Targets Between 2011 and 2013, Allergan generated $4.4bn of cash from operations but invested only $1.3bn of cash in acquisitions Ken Cacciatore, Cowen & Company; Q3 2013 Earnings Call: "It would seem obvious to many of us that you should be hoping or seeking to leverage your balance sheet more aggressively. But when we talked to investors, some argue that there aren't actually many assets available in your therapeutic categories or in aesthetic and derm. So it's an issue that you'd like to be more aggressive, but can't find the assets?" 83

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