Starboard Scolds Pfizer Over $20 Billion Value Destruction (1)

Starboard Value LP Chief Executive Officer Jeffrey Smith said there has been at least $20 billion in value destruction at drugmaker Pfizer Inc., which he admonished for failing to deliver on a pipeline of new potential blockbusters.

Speaking at the 13D Monitor Active-Passive Investor Summit on Tuesday, Smith described Pfizer’s share price drop since the Covid pandemic as “crazy” and said it was time to “amp up the accountability” at the company.

Smith went comfortably over his alloted 30-minute time slot at the New York event as he took Pfizer to task over a series of missteps, including overpaying ...