New York, January 12, 2026, 20:17 (EST) — Market closed.
Pfizer Inc. shares fell on Monday after Chief Executive Albert Bourla said the cash-pay market for obesity drugs — where patients pay out of pocket — now works “almost like Viagra”, the erectile-dysfunction drug Pfizer launched in 1998. The company, which bought obesity developer Metsera in a deal valued at up to $10 billion and has said it does not expect to return to revenue growth until 2029, closed down 0.8% at $25.27. 1
The remarks land as Pfizer tries to convince investors its post-COVID reset is more than cost cutting. Bourla told conference attendees Pfizer has stripped out $5.6 billion of operating expenses across 2024 and 2025 and described 2026 as “catalyst-rich”, with multiple regulatory decisions and late-stage data readouts across the business, PharmExec reported. 2
Pfizer is also moving fast on Metsera’s assets, aiming to initiate up to 10 Phase 3 trials by the end of 2026 for Metsera’s lead long-acting injectable GLP-1 candidate, MET-097i, BioPharmaDive reported. Phase 3 trials are large, late-stage studies typically used to support approvals, and GLP-1 drugs are hormone-mimicking treatments that have powered the weight-loss boom. 3
Competition is shifting toward pills and self-pay. Novo Nordisk said oral weight-loss drugs could make up more than a third of the GLP-1 market by 2030 and has launched a daily oral version of Wegovy in the United States priced at $149 a month. 4
But the cash-pay boom has also driven demand for compounded GLP-1s — unapproved copies often sold online — as patients hunt for cheaper options. Novo’s chief executive said about 1.5 million U.S. patients are using compounded versions, highlighting safety concerns and the risk that regulators and pricing dynamics could jolt the category. 5
Away from obesity, Pfizer flagged new oncology data over the weekend, saying a Cohort 3 analysis in its Phase 3 BREAKWATER study showed an objective response rate of 64.4% for a Braftovi regimen versus 39.2% for standard care; objective response rate measures how many tumors shrink. “These responses were rapid and durable,” said Scott Kopetz of MD Anderson, while Pfizer Chief Oncology Officer Jeff Legos said the results “underscore the potential of BRAFTOVI as a standard of care.” 6
Eli Lilly shares rose about 1.6% on Monday and Novo’s U.S.-listed stock gained about 1.8%, leaving Pfizer trailing the obesity leaders heading into Tuesday’s session.
The SPDR S&P 500 ETF closed up about 0.2%, while the healthcare sector ETF was little changed.
The J.P. Morgan Healthcare Conference, the sector’s biggest annual investor gathering, runs through Jan. 15 in San Francisco. Traders will keep scanning company updates for clues on pricing, pipeline timing and deal appetite across large drugmakers and biotech. 7
Pfizer has posted a webcast link and presentation materials for its conference slot on its investor relations site. For Pfizer stock, investors will be watching for any added detail on when Metsera compounds move into late-stage trials — and what it could cost to stay in the race. 8
The next hard catalyst is Pfizer’s fourth-quarter and full-year 2025 performance report on Feb. 3, when it hosts a 10 a.m. EST call with analysts. Investors are likely to focus on 2026 guidance and whether management can pin down a clearer timetable for its obesity bet. 9
