Salesforce (CRM): Starboard Value Highlights Governance and Capital Allocation Gains, Pushes for Rule of 50 by 2028

Starboard’s October 2024 Pfizer presentation argues that while Pfizer played a historic role in ending the COVID-19 pandemic and generated ~$40B in incremental free cash flow, its stock has badly underperformed peers, losing $20–60B in value since 2019. Starboard blames poor R&D productivity, failed or underwhelming “blockbuster” drug launches, missteps in GLP-1 development, and weak forecasting of COVID revenues. It also criticizes nearly $70B of acquisitions as overpaid and underperforming, including the troubled GBT deal.