Wall Street Jedi
  • About us
  • Contact us
  • Privacy Policy
  • Terms & Conditions
  • News
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
  • News
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
Wall Street Jedi
No Result
View All Result
Home Investing

Pfizer gains as CEO said to meet activist Starboard

by
October 9, 2024
in Investing
0
Pfizer gains as CEO said to meet activist Starboard
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Investing.com — Pfizer Inc. (NYSE:PFE) shares rose more than 3% on Wednesday following reports that CEO Albert Bourla is scheduled to meet with executives from activist hedge fund Starboard Value next week. 

The news reported by the Financial Times comes after a recent report from Reuters that said Starboard had taken a stake of approximately $1 billion in the pharmaceutical giant and is pushing for changes aimed at revitalizing the company’s performance. 

According to the Financial Times, the meeting, which includes Pfizer’s lead independent director Shantanu Narayen, who also serves as CEO of Adobe Systems (NASDAQ:ADBE), will involve discussions with Starboard’s chief executive Jeff Smith and Patrick Sullivan, head of its healthcare investments.

The discussions are said to signal an effort to address concerns raised by Starboard regarding Pfizer’s recent struggles to regain momentum following its pandemic-related highs.

Since taking the helm in 2019, Bourla has faced challenges as Pfizer’s revenues have decreased, particularly due to declining sales from COVID-19 products. 

Despite spending approximately $70 billion on acquisitions since 2020, including the notable $43 billion buyout of Seagen, Pfizer has yet to find a product that can effectively compensate for lost revenue from its COVID vaccine and treatment pill.

It was also reported that Pfizer’s recent product launches have fallen short of expectations, including a weaker-than-anticipated rollout of its respiratory syncytial virus (RSV) vaccine and disappointing clinical data from an obesity pill under development. 

While the specifics of Starboard’s recommendations remain unclear, their involvement suggests a push for strategic changes at Pfizer.

In a recent note to clients, Truist updated its models for Pfizer ahead of its earnings release, adjusting revenues primarily based on script tracking data and seasonality with Pfizer’s vaccine portfolio. 

“We now model 3Q24E total revenue of $15.0B vs $16.2B prior and 3Q24 adj. EPS of $0.48 vs. $0.50 prior,” said the firm

 

This post appeared first on investing.com
Previous Post

Milei faces test as Argentina’s Congress votes on university funding

Next Post

Analysis-Regional banks brace for tougher capital rules, get relief from Fed cuts

Next Post
Analysis-Regional banks brace for tougher capital rules, get relief from Fed cuts

Analysis-Regional banks brace for tougher capital rules, get relief from Fed cuts

  • Trending
  • Comments
  • Latest
American creating deepfakes targeting Harris works with Russian intel, documents show

American creating deepfakes targeting Harris works with Russian intel, documents show

October 23, 2024
Cadence raises midpoint of 2024 profit forecast on robust demand from chip designers

Cadence raises midpoint of 2024 profit forecast on robust demand from chip designers

October 28, 2024
Earnings call: Microsoft sees soaring cloud and AI growth in Q1 FY2025

Earnings call: Microsoft sees soaring cloud and AI growth in Q1 FY2025

October 31, 2024
Israel stocks lower at close of trade; TA 35 down 0.23%

Israel stocks lower at close of trade; TA 35 down 0.23%

October 6, 2024
Essence Fest leads a summer of events for Black entrepreneurs galvanized by economic uncertainty

Essence Fest leads a summer of events for Black entrepreneurs galvanized by economic uncertainty

0
Retailers scramble to move billions in cargo as East Coast dockworkers prepare to strike

Retailers scramble to move billions in cargo as East Coast dockworkers prepare to strike

0
PepsiCo to buy tortilla chip maker Siete Foods for $1.2 billion

PepsiCo to buy tortilla chip maker Siete Foods for $1.2 billion

0
East and Gulf coast ports shut down as thousands of workers go on strike

East and Gulf coast ports shut down as thousands of workers go on strike

0
Essence Fest leads a summer of events for Black entrepreneurs galvanized by economic uncertainty

Essence Fest leads a summer of events for Black entrepreneurs galvanized by economic uncertainty

July 4, 2025
Tariffs and weaker beer demand are weighing on Modelo owner Constellation Brands

Tariffs and weaker beer demand are weighing on Modelo owner Constellation Brands

July 3, 2025
Microsoft laying off about 9,000 employees in latest round of cuts

Microsoft laying off about 9,000 employees in latest round of cuts

July 3, 2025
Apple sues former Vision Pro employee for allegedly stealing ‘thousands of documents’ before joining Snap

Apple sues former Vision Pro employee for allegedly stealing ‘thousands of documents’ before joining Snap

July 2, 2025

Recent News

Essence Fest leads a summer of events for Black entrepreneurs galvanized by economic uncertainty

Essence Fest leads a summer of events for Black entrepreneurs galvanized by economic uncertainty

July 4, 2025
Tariffs and weaker beer demand are weighing on Modelo owner Constellation Brands

Tariffs and weaker beer demand are weighing on Modelo owner Constellation Brands

July 3, 2025
Microsoft laying off about 9,000 employees in latest round of cuts

Microsoft laying off about 9,000 employees in latest round of cuts

July 3, 2025
Apple sues former Vision Pro employee for allegedly stealing ‘thousands of documents’ before joining Snap

Apple sues former Vision Pro employee for allegedly stealing ‘thousands of documents’ before joining Snap

July 2, 2025

Disclaimer: WallStreetJedi.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • About us
  • Contact us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 wallstreetjedi.com | All Rights Reserved

No Result
View All Result
  • News
  • Economy
  • Editor’s Pick
  • Investing
  • Stock

Copyright © 2025 wallstreetjedi.com | All Rights Reserved