Aug 20 (Reuters) - Activist investors have targeted major healthcare companies over the past year to push them to improve their performance, with some campaigns only coming to light after announcements of board changes.

Below are some notable healthcare companies that came under activist pressure in the last 12 months.

MEDTRONIC MDT.N

In August 2025, the medical device maker appointed two new independent directors to its board and created independent committees focused on improving its performance, after Elliott Investment Management took a large stake, making it one of the company's biggest shareholders.

AVANTOR AVTR.N

Engine Capital targeted the life sciences firm in August 2025, urging it to bring in new board directors, cut costs and even consider a sale.

CHARLES RIVER LABORATORIES CRL.N

The contract research firm settled with Elliott Investment Management in May 2025 by agreeing to add four new board directors and launch a strategic review of the business.

NOVO NORDISK NOVOB.CO

Activist hedge fund Parvus Asset Management is building a stake in the company, as investors have grown concerned that the Danish drugmaker has lost its first-mover advantage in the lucrative weight-loss drug market, the Financial Times reported in June 2025.

Reuters has not independently verified the report.

GERRESHEIMER GXIG.DE

London-based investment fund Asset Value Investors in June 2025 pressed the German medical packaging maker to find ways to restore its market value. AVI, with a 3.5% stake in Gerresheimer, said the company needs a new financial leadership to regain its credibility.

ILLUMINA ILMN.O

In March 2025, the gene-sequencing maker said activist investor Keith Meister would join its board.

HENRY SCHEIN HSIC.O

In January, private equity firm KKR KKR.N built a large stake in the medical and dental supplies distributor and reached a deal to add members to the company's board. Henry Schein was also under pressure from other investors, including Ananym Capital Management.

PFIZER PFE.N

Activist hedge fund Starboard Value in October 2024 called for management accountability for the company's underperformance. This month, Starboard increased its holding in the drugmaker to 8.5 million shares, which represented about 0.15% of the outstanding shares as of June end.

KENVUE KVUE.N

In October 2024, Starboard Value took a significant stake in the Band-Aid maker, criticizing the weak performance of its skin health segment, which houses Neutrogena, Aveeno and other brands. After a proxy battle, the companies reached a deal in early 2025 that gave Starboard CEO Jeffrey Smith and two independent directors board seats.

CVS HEALTH CVS.N

In November, CVS Health added Glenview Capital's top boss and three others to its board as part of a deal with the hedge fund. The company had been under pressure from investors, including Glenview, to improve operations after missing financial targets several times due to rising medical costs in its health insurance business.

Glenview reduced its stake in the company after CVS posted strong results in May.

(Reporting by Padmanabhan Ananthan and Sriparna Roy in Bengaluru; Editing by Shinjini Ganguli)

((Padmanabhan.Ananthan@thomsonreuters.com;))