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What will be Pfizer's strategic response to Starboard Value's pressure in 2024?
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Resolution / Starting Odds
Major restructuring • 25%
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Official Pfizer press releases or strategic announcements
Story
Pfizer Raises Profit Forecast by $1.5B, Beats Earnings Amid Starboard Pressure
Oct 29, 2024, 11:02 AM
Pfizer Inc. reported better-than-expected third-quarter earnings on Tuesday, fueled by strong demand for its cancer drugs and COVID-19 treatment. The U.S. drugmaker raised its full-year profit forecast and increased its 2024 guidance by $1.5 billion, signaling confidence amid pressure from activist hedge fund Starboard Value to demonstrate a turnaround. Pfizer now expects core operating income growth in the high teens. Adjusted earnings per share were $1.06, surpassing analysts' estimates of $0.62. Revenue topped expectations at $17.7 billion versus the forecasted $14.92 billion. The positive results mark a significant moment for CEO Albert Bourla as the company faces scrutiny over its strategic direction.
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Cost-cutting measures • 25%
New product focus • 25%
Management restructuring • 25%
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Increased R&D investment • 25%
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Cost-cutting measures • 25%
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Increases stake • 25%
Maintains stake • 25%
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Starboard gains board seats • 25%
Starboard withdraws campaign • 25%
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Albert Bourla steps down • 25%
Starboard gains board seats • 25%
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