Pfizer's activist investor loses support of ex-execs. CEO slated to meet next week.
) executives who were reportedly working with activist investor Starboard Value days ago to help turnaround the pharma giant have switched sides.
"We have decided not to be involved in the efforts of Starboard Value regarding Pfizer. We are fully supportive of Pfizer Chairman & CEO Albert Bourla, senior management and the board, and we are confident that over time they will deliver shareholder value," the two wrote, in a statement issued on behalf of them by Guggenheim Securities.The move, while unusual and sudden, may not be all that surprising.
"Feedback has been very consistent ...especially given that has already undertaken a cost-cutting strategy in order to better align expenses with revenue and improve its earnings trajectory. Whether or not there are other tricks up Starboard’s sleeve is a key question," Holz added.is the senior health reporter at Yahoo Finance, covering all things pharma, insurance, care services, digital health, PBMs, and health policy and politics. That includes GLP-1s, of course.
Pfizer Albert Bourla Guggenheim Securities Activist Investor CFO Frank D'amelio Shareholder Value
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