A global pandemic propelled Pfizer’s stock to record highs after the company delivered the world’s first COVID-19 vaccine, but the pharmaceutical giant struggled to chart a new course as the global health crisis waned. The company’s shares jumped 3% Monday, however, on reports that famed activist investor Starboard Value has amassed a $1 billion stake in the New York–based drugmaker to push for changes it believes can spark a turnaround.
Pfizer’s stock hit an all-time high of $61.25 in December 2021 as its COVID shot, as well as its antiviral treatment Paxlovid, helped billions return to work, school, and public life. The company hit a record $100 billion in sales in 2022, up from $40 billion just three years prior.
