Pfizer CEO defends turnaround strategy as activist pressures management

Bourla made his first public comments on Starboard's criticism of management on a conference call to discuss the financial results

Pfizer has been taking steps for some time to cut costs and has made changes to its corporate structure, including top management of its commercial operations and a new chief strategy officer, according to its CEO, Picture: Mark Lennihan/AP

Pfizer CEO Albert Bourla, under pressure from activist hedge fund Starboard Value, made his case to Wall Street on Tuesday that the drugmaker's turnaround is succeeding after it reported a higher-than-expected profit due to strong sales of covid-19 treatment Paxlovid.

Still, investors said the company had work to do to show it can improve its prospects, and Pfizer shares were off 1.3% at $28.48.