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Pfizer CEO Albert Bourla expressed openness to ideas from activist investor Starboard Value, acknowledging the company's poor shareholder returns due to a significant drop last year. Despite pressure from Starboard, which holds a $1 billion stake, Bourla highlighted Pfizer's recent earnings beat and positive changes, including cost cuts and new board members. He also denied claims of discouraging former executives from joining Starboard's efforts.
Pfizer reported a strong third quarter, exceeding earnings expectations and raising its 2024 revenue guidance to between $61 and $64 billion, driven by high demand for its COVID antiviral Paxlovid and other treatments. Despite facing pressure from activist investor Starboard Value, the company highlighted its cost-cutting measures and improved margins, while CEO Albert Bourla emphasized ongoing engagement with shareholders. However, concerns remain about the performance of recently launched drugs and the overall market for COVID products.
Starboard Value is urging Pfizer's board to hold management accountable for a pattern of underperformance, citing missteps in acquisitions and a lack of innovation. Despite a significant revenue boost from COVID-19 products, Pfizer has struggled to maintain growth and recently withdrew a $5.4 billion sickle cell drug acquisition. The company's stock has halved since pandemic highs, and Starboard's push for change has faced challenges, including a high-profile withdrawal of support from former Pfizer executives.
Two former Pfizer executives, Ian Read and Frank D’Amelio, have distanced themselves from activist investor Starboard Value's plans to overhaul the company, citing support for current management. Starboard alleges they were coerced into this stance, claiming threats of litigation and compensation clawbacks. The investor, which holds a $1 billion stake in Pfizer, is pushing for changes amid the company's declining profitability and challenges in the pharmaceutical market.
Ian Read
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