Starboard Value acquired a stake in Pfizer, according to people familiar with the matter. The pharmaceutical giant's stock price has fallen significantly since the rollout of the 2021 COVID-19 vaccine. Starboard recently acquired a match position with Starbucks.
Thank you for registering!
Access your favorite topics in a personalized feed on the go. Download the app
By clicking “Sign Up”, you agree to our Terms of Service and Privacy Policy. You can opt-out at any time by visiting our settings page or by clicking “unsubscribe” at the bottom of the email.
Starboard Value's next target is pharmaceutical giant Pfizer.
A person familiar with the matter told Business Insider that the activist investor informed Pfizer that he had acquired a large stake in the drug company.
Pfizer stock has fallen sharply since hitting a record high in 2021 during the coronavirus vaccine rollout.
The Wall Street Journal earlier reported on Starboard stock.
Under CEO Albert Bourla, Pfizer's annual revenue soared to $100 billion during the pandemic, thanks to the launch of the U.S.'s first COVID-19 vaccine and subsequent antiviral treatment paxlobid. did. But revenue from those products has fallen significantly over the past two years as demand wanes, and the company's attempts to boost its stock price, including cost-cutting campaigns and acquisitions, have failed.
The company's stock price reached nearly $60 per share in December 2021, but has fallen more than 50% since then. Revenue in 2023 will drop to $58.5 billion, and the market capitalization is currently around $162 billion.
Starboard, which had $8.5 billion in assets under management earlier this year, recently acquired a stake in Match Group, owner of coffee chain Starbucks and dating app Tinder. It also acquired a stake in Rupert Murdoch's News Corp and is pushing to break up the media conglomerate.
