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Behind the Money
An activist tried to take on Pfizer. Then things got messy
Oct 23, 2024
Oliver Barnes, a seasoned US pharmaceutical correspondent for the Financial Times, teams up with Maria Heeter, a deals expert, to dissect a tumultuous activist investment campaign against Pfizer. They delve into the unexpected blunders, like a mysterious email that turned the tide. The duo discusses Pfizer's post-pandemic struggles, challenges in corporate governance, and how missteps can derail activist strategies in the pharma sector. Tune in for a gripping look at the high-stakes world where boardroom loyalty meets investor ambition!
20:37
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Quick takeaways
- Pfizer's rise during the pandemic showcased its shift from a traditional pharma company to a leader in innovation, but subsequent challenges led to stock decline.
- Starboard Value's activist campaign against Pfizer faced unexpected setbacks due to premature disclosures and diminished credibility among key executives.
Deep dives
The Impact of COVID on Pfizer's Transformation
The COVID-19 pandemic significantly transformed Pfizer's corporate standing, elevating it from a company known primarily for drugs like Viagra to a leading force in pharmaceutical innovation. With the FDA granting full approval for its COVID-19 vaccine, Pfizer's market cap surged to over $350 billion, marking record highs for the company. This newfound status brought CEO Albert Bourla into the global spotlight, earning him praise from leaders, including President Joe Biden, and establishing him as a key figure in the pandemic response. However, as the pandemic receded, Pfizer faced substantial challenges, including dwindling demand for its vaccine and the rising popularity of weight loss drugs from competitors, which led to a steep decline in its stock value.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode