Pfizer's Paxlovid Success: A Glimmer Amidst Investor Scrutiny

Pfizer reported higher-than-expected profit due to strong sales of COVID-19 treatment Paxlovid. Despite this success, the company faces pressure from activist investors like Starboard to enhance its profitability and revenue growth. Shares fell slightly, as the market remains wary of Pfizer's long-term prospects and management accountability.

Pfizer has posted a stronger-than-anticipated profit, primarily driven by the solid performance of its COVID-19 treatment, Paxlovid. This development is a significant victory for CEO Albert Bourla amidst scrutiny from activist investor Starboard.

Despite the good news, Pfizer's shares saw a slight dip as stakeholders remained cautious. The pharmaceutical giant continues to grapple with a decline in vaccine sales from pandemic highs, prompting an initiative aimed at cost reduction and new business acquisitions.

Amidst the financial ups and downs, investors await further actions that will underscore sustainable profitability and growth, particularly in innovative drug developments.

(With inputs from agencies.)