Pfizer Inc. and Albert Bourla got the upper hand in an early skirmish against Starboard Value LP — but the drugmaker and its embattled chief executive face a long war against an activist that hates to lose.

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.

The Wall Street Journal reported that activist investor group Starboard Value owns a stake in Pfizer (PFE -2.82%) that's worth approximately $1 billion. Now, Starboard

Key Takeaways Two former Pfizer executives published a statement saying they support management as it gets pressured for changes by activist investor Starboard Value.The ex-Pfizer executives, Ian Read and Frank D'Amelio,

Starboard has accused Pfizer of “coercive conduct” after executives who initially backed the hedge fund retracted their support.