NEW YORK, February 3, 2026, 2:53 PM EST — In the midst of regular trading hours.
- Pfizer shares dropped roughly 3% following the latest obesity-drug trial results
- The company reaffirmed its 2026 forecast but pointed to challenges from policy changes and patent issues.
- Comprehensive VESPER-3 data for June 6 presented at the ADA meeting
Pfizer Inc. shares dropped 3.3% to $25.79 by mid-afternoon, as investors digested new weight-loss drug data alongside an unchanged 2026 forecast.
The reaction is crucial as Pfizer races against the clock. With COVID-era revenue dwindling and patent cliffs looming, investors are demanding a clearer growth story.
Obesity remains the top target, but it’s a harsh arena. The market quickly penalizes any sign of poor tolerability, no matter how promising the efficacy appears in presentations.
Pfizer reported that its Phase 2b VESPER-3 trial of PF’3944, a GLP-1 receptor agonist, achieved up to 12.3% placebo-adjusted weight loss after 28 weeks in adults with obesity or overweight who don’t have type 2 diabetes. (Placebo-adjusted means the difference compared to a dummy treatment.) The company said full data will be unveiled on June 6 at the American Diabetes Association’s Scientific Sessions, noting the study will continue through 64 weeks. (Pfizer)
Investors remained focused on side effects. Reuters noted about 10% of participants dropped out due to adverse events. Daniel Barasa, portfolio manager at Gabelli Funds, described the weight loss as “good, but not category-defining.” CEO Albert Bourla insisted, “we are not worried” about price competition, despite Novo Nordisk and Eli Lilly leading the market with Wegovy and Zepbound. (Reuters)
Pfizer reported $17.6 billion in revenue for the fourth quarter, with adjusted diluted earnings of $0.66 per share. The company stuck to its full-year 2026 guidance, forecasting revenue between $59.5 billion and $62.5 billion and adjusted EPS ranging from $2.80 to $3.00. That outlook factors in roughly $5 billion from COVID-19 products and anticipates a $1.5 billion hit from “loss of exclusivity” as patents expire and generics or biosimilars enter the market. Pfizer also flagged additional pressure from “Most-Favored-Nation” drug pricing, TrumpRx, and tariffs. Notably, it completed no share buybacks in 2025 and doesn’t expect to resume them in 2026. (Q4 Capital)
An SEC filing revealed Pfizer submitted its quarterly results in an 8-K, with the earnings release included as an exhibit. (SEC)
Near-term, the obesity narrative could get more complicated. VESPER-3 extends to 64 weeks, and longer tracking might show a steeper dropout rate or slower weight loss, undercutting the appeal of monthly dosing convenience.
Traders are eyeing June 6, when Pfizer will unveil the detailed VESPER-3 dataset at the American Diabetes Association meeting. This will offer a deeper dive into side-effect profiles and durability, beyond the topline figures investors currently have.
