New York, Feb 4, 2026, 09:25 (EST) — Premarket
Pfizer shares slipped roughly 3.4% to $25.77 during Wednesday’s U.S. premarket session.
The drop follows a turbulent session for weight-loss drug stocks, triggered by Novo Nordisk’s cautionary note about potentially lower sales in 2026 and mounting price pressure in the obesity sector. Pfizer shares slipped 3.5% during Tuesday afternoon trading. 1
Investors are viewing Pfizer’s pipeline results as a gauge of its ability to launch new franchises that could offset waning COVID-era revenue and fend off generic rivals. The obesity market, especially, reacts swiftly to even minor changes in drug efficacy or side effect profiles, quickly shifting valuations.
Pfizer announced that its Phase 2b VESPER-3 trial for PF’3944, a GLP-1 receptor agonist used in diabetes and weight management, hit its primary endpoint at 28 weeks. The drug showed up to 12.3% mean weight loss versus placebo after patients transitioned from weekly injections to a monthly maintenance dose. The study is still ongoing and will continue through 64 weeks. 2
Still, questions lingered over the early safety data. Daniel Barasa, portfolio manager at Gabelli Funds, described the weight loss as “good, but not category-defining.” He noted that a higher monthly dose would be essential to keep patients on therapy, justifying the convenience edge against Eli Lilly’s Zepbound and Novo’s Wegovy. Pfizer aims to secure approval for its obesity drug by 2028, but Barasa cautioned that dropout rates could rise sharply by week 64—potentially dampening enthusiasm among doctors and payers. 3
Pfizer reported $17.6 billion in revenue and 66 cents adjusted earnings per share for the fourth quarter, sticking to its 2026 guidance. The drugmaker projects 2026 revenue between $59.5 billion and $62.5 billion, with adjusted EPS of $2.80 to $3.00. This forecast factors in about $5 billion from COVID-related products and a $1.5 billion hit due to drugs losing exclusivity—patents expiring and generics entering the market—plus pricing moves like Most-Favored-Nation pricing and current tariffs. The company said it doesn’t plan any share buybacks next year. CEO Albert Bourla described 2026 as “an important year rich in key catalysts.” 4
The story could still hinge on longer-term data. Investors are now viewing GLP-1 pricing as more vulnerable than it seemed a year back, and tolerability remains crucial since patients need to stay on treatment to maintain weight loss.
Traders on Wednesday will be eyeing if the selloff eases post-open and whether analysts adjust 2026 estimates following the obesity update and guidance. More detailed VESPER-3 data is expected June 6 at the American Diabetes Association’s scientific meeting. 5
