Bill Ackman’s presentation on Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) and Allergan, Inc. (NYSE:AGN) is reproduced below.  Pershing Square hedge fund manager Bill Ackman and Valeant Pharmaceuticals CEO Mike Pearson gave a highly-entertaining and informative talk about the acquisition of botox-maker Allergan, but the meat of the argument is contained in Pershing Square’s presentation.

Bill Ackman

Weighing in at 110 pages, the presentation doesn’t skimp on details.  Covering a wide range of subjects, the paper blasts the current pharma R&D model as “high risk, low reward,” calling it “broken,” while holding up Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) as an example of a company that breaks the mold with “focused, productive” R&D spending.

The presentation sings the praises of Valeant, noting its “culture of cost efficiency” and its “core competency in licensing and acquisitions.”

See Bill Ackman’s VRX/AGN Presentation in PDF format here.

Bill Ackman’s VRX/AGN Presentation by ValueWalk