Pfizer CEO: The activist investors are 'too late'
In This Article:
Pfizer (PFE) CEO Albert Bourla is breathing a little easier after strong third quarter earnings results Tuesday and after the company raised full-year guidance by $1.5 billion, bringing an end to a tense month in which activist investor Starboard Value pressured the company, and Bourla, to make changes.
The company reported $17.7 billion in revenue in the third quarter and now expects between $61 billion and $64 billion for the year. This reflects a surprise boost in sales numbers for COVID-19 treatment Paxlovid amid a COVID wave in recent months.
The news is a welcome win for the company as it executes Bourla's five-point plan, which he outlined last year. The focus is on growing the company's pipeline as it faces key product patent expirations in the back half of the decade. That has been a concern for Bourla, as he believes the company's stock remains undervalued, which has been at the core of a recent fight with Starboard.
As part of the plan, Bourla has carried out cost-cutting moves, which could save more than $4 billion. He also paid $43 billion for cancer drug company Seagen, which has already brought in profits in the recent quarter.
Bourla said that given the efforts made in the past year to help boost Pfizer's stock, he believes that Starboard's attempts to change anything were too late — aligning with Wall Street commentary after Starboard made its move.
Bourla agreed with some of the points made by Starboard, such as the company not giving shareholders near-term value, but he disagreed with Starboard's assessment that he hasn't done enough to change the future outlook.
Starboard CEO Jeff Smith told Bourla that the COVID profits were not properly invested, including with the Seagen deal, to boost Pfizer's cancer drug pipeline. Smith was also not keen on the $11.6 billion purchase of Biohaven and the COVID vaccine revenue-sharing deal with BioNTech (BNTX).
But Bourla said those deals have been "transformational" for the company and account for 80% of the capital that Pfizer has deployed in the last few years — "all are performing at or better than we forecasted," he said.
- [支持最多的] 慕尼黑狂欢派对大批“兔女郎”上阵(图)
- [反對最多的] 十三届华表奖优秀故事片提名:超强台风
對本文中的事件或人物打分: | |
當前平均分:-0.65 (96次打分) | |
|
|
對本篇資訊內容的質量打分: | |
當前平均分:-0.27 (99次打分) | |
|
- [感動最多的] 台湾18岁少女 32E胸围火速蹿红(组图)
- [路過最多的] 基恩乐队不记前嫌 望绿洲吉他手任新唱片制
- [高興最多的] 台湾18岁少女 32E胸围火速蹿红(组图)
- [難過最多的] 十三届华表奖优秀故事片提名:超强台风
- [搞笑最多的] 刘嘉玲恶斗张曼玉显疲惫 素颜现身太阳镜遮
- [憤怒最多的] 慕尼黑狂欢派对大批“兔女郎”上阵(图)
- [無聊最多的] 元朗7.21事件八個月晚上有人堵路 警方放催
- [同情最多的] 《斗牛》入围威尼斯电影节 黄渤为戏受伤一
最新報道
- 05-27全球首場人形機械人格鬥大賽
- 05-21江嘉敏今年首個下水禮瘦人唔
- 04-03ChatGPT 可以生成以假亂真的
- 04-03文苑飯莊結業|文苑飯莊宣布月
- 04-02習近平見國際工商界大老唯獨
- 03-19中國公司用 AI 自動 Cold Ca
- 03-19蘇姿丰:DeepSeek首發日起已支
- 03-19輝達將展示尖端AI晶片 不理
- 03-18深海發現無需陽光也可產生「
- 03-18銷售商確認華為 PC 全面轉向