Salesforce (CRM): Starboard Value Highlights Governance and Capital Allocation Gains, Pushes for Rule of 50 by 2028

Summary

Starboard’s October 2024 Pfizer presentation argues that while Pfizer played a historic role in ending the COVID-19 pandemic and generated ~$40B in incremental free cash flow, its stock has badly underperformed peers, losing $20–60B in value since 2019. Starboard blames poor R&D productivity, failed or underwhelming “blockbuster” drug launches, missteps in GLP-1 development, and weak forecasting of COVID revenues. It also criticizes nearly $70B of acquisitions as overpaid and underperforming, including the troubled GBT deal.

Company Name: Pfizer Inc
Symbol: KVUE
Filing Date: Oct-22-2024
Filer Name: STARBOARD VALUE LP

Source:

https://www.starboardvalue.com/wp-content/uploads/2024_Active-Passive_Investor_Summit_-_Pfizer_Inc.pdf

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