Pfizer CEO Says Activist Wants Minimal Changes, Plays Down Fight

Pfizer Inc.’s dispute with activist firm Starboard Value LP isn’t “an aggressive situation,” Chief Executive Officer Albert Bourla said, months after the feared investor disclosed a stake in the company and questioned his management.

Starboard recommended Pfizer make some changes “on the margins” of its business, Bourla said, but hasn’t called for cost cuts, board changes or a breakup of the company. Pfizer has the support of its major shareholders, he said.

“I don’t underestimate anyone,” Bourla said at a lunch with reporters at the JPMorgan Healthcare Conference in San Francisco. “I respect Starboard, and I try to be ...