Starboard’s stake comes amid a time of struggle at the drugmaker, which has begun to cut costs aggressively as demand for its Covid-19 medicines recedes.

Pfizer CEO Albert Bourla plans to meet key executives of activist hedge fund Starboard Value next week, the Financial Times reported on Tuesday, citing people familiar with the matter.

With Pfizer’s revenue and share price slumping after the drugmaker skyrocketed to new heights during the pandemic, the company’s executives will reportedly hear out activist investor Starboard Valu | Activist investor Starboard Value recently picked up a $1 billion stake in the drugmaker and will now pitch a strategy shift to top executives,