Starboard Value has fully exited its position in Pfizer, winding down the activist campaign it began last year to push for governance and performance improvements at the US drugmaker, according to a report by Reuters.

The report cites the fund’s latest 13F regulatory filing, Starboard sold roughly 8.5 million Pfizer shares during Q3 2025, liquidating the remainder of a stake that totalled 15.4 million shares at the end of 2024. The position, initially worth around $1bn, was disclosed in October 2024 when Pfizer’s share price had fallen to about half its pandemic-era peak.

Starboard founder Jeffrey Smith had publicly criticised Pfizer’s performance and urged stronger board oversight of management. The fund also approached former Pfizer executives – including ex-CEO Ian Read – as part of its engagement, though the effort did not progress.

Pfizer’s market value now stands at $142bn, down from roughly $162bn when Starboard’s stake was first revealed.

The filing also shows Starboard exited its investment in Fortrea Holdings, selling 2.5 million shares during Q3. Fortrea’s stock has fallen nearly 50% since the hedge fund first disclosed its position in 2023.

Starboard, one of the busiest activist managers in the US, has launched campaigns this year at TripAdvisor, Rogers Corp, and BILL Holdings, where it quickly secured a board seat.