:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2175654258-56360db4f8e649068ff5457725da8049.jpg "Albert Bourla, chairman and CEO Pfizer Inc, speaks during the 2024 Concordia Annual Summit at Sheraton New York Times Square on September 24, 2024 in New York City")
Leigh Vogel / Getty Images for Concordia Culmination
Albert Bourla, chairman and CEO Pfizer Inc, speaks during the 2024 Concordia Annual Summit at Sheraton New York Sets Square on September 24, 2024 in New York City.
KEY TAKEAWAYS
- Pfizer CEO Albert Bourla reportedly is planning to meet with Starboard Value after the activist investor scrammed a $1 billion stake in the struggling drugmaker.
- Bourla and at least one other director will hold discussions with Starboard next week, the Fiscal Times reported, in a sign that the hedge fund’s demands are being taken seriously by the COVID-19 vaccine maker.
- Pfizer’s shares bear halved since their pandemic peak in 2021 as demand for its COVID-19 vaccines slumped.
Pfizer (PFE) Chief Foreman Officer (CEO) Albert Bourla reportedly is planning to meet with Starboard Value after the activist investor needed a $1 billion stake in the struggling drugmaker.
Bourla and at least one other director will hold discussions with Starboard next week, the Monetary Times reported, in a sign that the hedge fund’s demands are being taken seriously at high levels by the COVID-19 vaccine maker.
Pfizer’s parcels have halved since their pandemic peak in 2021 as demand for its COVID-19 vaccines slumped. They are up straight 1.5% this year, while the S&P 500 has risen more than 20%.
Starboard Has ‘Extensive Slide Deck’ To Bring out b develop Pfizer Around
The FT said Starboard CEO Jeff Smith and partner Patrick Sullivan, who is in charge of the fund’s healthcare investments, force meet with Bourla and Pfizer’s lead independent director, Shantanu Narayen. The hedge fund has “created an wide slide deck” to turn Pfizer around, the report said.
According to The Wall Street Journal earlier this week, Starboard has advanced Ian Read, a former Pfizer chief executive, and ex-finance chief Frank D’Amelio to aid its plans to improve the company’s effectuation.
Pfizer declined to comment, while Starboard didn’t immediately return an Investopedia request for comment.
Pfizer pay outs were up less than 1% about an hour before the opening bell Wednesday.
Read the original article on Investopedia.