With Valeant in free-fall this morning, collapsing well over 20% after surprising Wall Street with the magnitude of its guidance cut and its simply atrocious results now that the rollup strategy has well and truly blown up, we thought it worth revisiting just what else Bill Ackman will have left to liquidate to meet margin calls on his core biotech holding as it collapses to its lowest since 2012.

As Bloomberg reports, Valeant Pharmaceuticals International Inc., dropped 16 25 29 percent in early U.S. trading after giving a new sales and profit forecast for 2016.

The guidance is lower than predictions Valeant provided in December, then pulled last month after the return of Chief Executive Officer Michael Pearson from a two-month medical leave. Sales for the year will be $11 billion to $11.2 billion, and adjusted earnings per share will be $9.50 to $10.50, the company said Tuesday in a statement.

“The challenges of the past few months are not yet behind us,” Pearson said in the statement.

And the result is an absolute sluaghter for longs

… none of whom are bigger than Perhisng Square’s Bill Ackman, who after today will have a YTD performance of worse than -25%.  Furthermore, given his cost basis aroun $170, means the margin calls will slowly but surely start coming in.

So what will he have to liquidate to come up with the cash? Here is a list of his top holdings.

And it appears he already is…

Trade accordingly.

If you have any questions, ask Marc Goodman at UBS…

Of course Ackman is not alone…

And it’s not just stockholders – as Valeant Bonds are crashing to record lows…