New York, February 3, 2026, 10:57 EST — Regular session
- Shares of Pfizer (PFE) dip roughly 3% in early U.S. trading
- Latest Phase 2b monthly obesity-shot data arrives with Q4 results
- The company restated its 2026 outlook and indicated it does not anticipate any buybacks this year
Pfizer (PFE) dropped 3.4% to $25.76 early Tuesday, following the release of its quarterly results alongside new data on its obesity drug. By mid-morning, roughly 31 million shares had traded hands.
The early drop indicates investors remain focused on forward guidance rather than yesterday’s earnings report. Pfizer is working to shore up its earnings as COVID-19 sales decline and multiple brands face increasing competition.
The company reported that its experimental monthly obesity treatment, PF’3944—secured through the Metsera acquisition after outbidding Novo Nordisk—yielded up to 12.3% weight loss by week 28 and could pave the way for approval around 2028. Adjusted earnings came in at 66 cents per share, beating forecasts by 9 cents, with revenue reaching $17.56 billion versus the $16.95 billion analysts expected, according to LSEG. David Wagner of Aptus Capital Advisors weighed in: “The big question is, will we see sizeable returns from their M&A spend?” (Reuters)
The Phase 2b VESPER-3 study explored switching patients from weekly to monthly injections while maintaining weight loss. Pfizer reported up to 12.3% mean placebo-adjusted weight loss at week 28, with no sign of a plateau. (Placebo-adjusted means comparing the drug group to placebo.) Jim List said the results “reinforce the potential of PF’3944 as a monthly treatment with competitive efficacy.” The company noted only one case of severe nausea or vomiting in any dose group, and no severe diarrhea. (Business Wire)
PF’3944 is a GLP-1 receptor agonist, belonging to a drug class that imitates a gut hormone to suppress appetite. What traders are focusing on is the monthly dosing feature: convenience might be a selling point, but only if the drug proves effective.
Pfizer posted $17.6 billion in revenue for the fourth quarter and reported adjusted diluted EPS of 66 cents, though its reported loss per share came in at 29 cents. The company highlighted a sharp decline in its COVID-19 portfolio, with Comirnaty sales falling 35% and Paxlovid tumbling 70% on an operational basis. Offsetting some of that weakness, Pfizer saw gains from Abrysvo and the blood thinner Eliquis, which it co-markets with Bristol Myers Squibb. (SEC)
Pfizer stuck to its 2026 forecast, projecting revenue between $59.5 billion and $62.5 billion, with adjusted EPS in the $2.80 to $3.00 range. The company expects about $5 billion in sales from COVID-19 products. CFO David Denton said, “Today, we are reaffirming our full-year 2026 financial guidance.” The outlook factors in roughly a $1.5 billion hit from loss of exclusivity on patents and other protections, assumes no share buybacks during 2026 despite $3.3 billion still authorized as of Feb. 3, and accounts for tariff effects plus pressures from Most-Favored-Nation drug pricing and TrumpRx deals with the Trump administration. (Business Wire)
Chris Boshoff said in prepared remarks the company is confident PF’3944 “has the potential to deliver efficacy that is competitive with the standard of care.” BMO analysts raised concerns about placebo effects and discontinuation rates, pending the full dataset. Their modelling suggests a placebo-adjusted weight loss of nearly 16% at week 28 on a higher dose. (Fierce Biotech)
But the setup works both ways. If longer-term data or side effects fall short, or if payers resist on pricing, the stock could adjust sharply.
On June 6, the VESPER-3 dataset will be unveiled at the 86th Scientific Sessions of the American Diabetes Association. This presentation promises a deeper dive into durability and tolerability data before Phase 3 kicks off. (Pfizer)
