Pfizer got a reprieve in late January when Starboard didn’t nominate its own slate of directors to the company’s board, but the activist could still agitate for changes in 2026.

According to Starboard Value LP, Pfizer Inc. (NYSE:PFE) has erased more than $20 billion in market value since 2019 despite receiving $40 billion from the sale of Covid 19 vaccines.

After shedding more than 20% in value in 2024, Pfizer Inc. (NYSE:PFE) is having to contend with pressure from Starboard Value LP that has amassed a $1 billion stake in its stock.