New York, February 5, 2026, 12:59 EST — Regular session
- Pfizer shares climbed roughly 0.8% in midday trading following a turbulent week for the drugmaker
- Investors are weighing new obesity-drug data amid concerns about tolerability and dropout rates
- Attention is on Pfizer’s reaffirmed 2026 forecast and the upcoming schedule of clinical catalysts
Pfizer shares climbed 0.8% to $27.01 by 12:43 p.m. EST, building on a rebound after a volatile stretch triggered by fresh trial data and a quarterly earnings report.
This stock move is significant as Pfizer continues to seek a re-rating following the post-pandemic slump. Investors want clear evidence that its late-stage pipeline can fill the gap left by declining COVID-19 revenues and aging products now challenged by new competitors.
Obesity sits at the heart of the debate. Minor shifts in expectations around side effects, dosing, and timelines have been enough to sway shares, given the crowded market and the pickiness of payers.
On Tuesday, Pfizer revealed topline Phase 2b data for PF’3944 (MET-097i), an experimental GLP-1 receptor agonist. This drug class is known for appetite suppression and blood sugar control. The candidate is engineered for monthly injections following an initial weekly titration period. 1
The VESPER-3 trial reported up to 12.3% placebo-adjusted weight loss at 28 weeks, Pfizer announced. The company is set to share full results on June 6 at the American Diabetes Association’s scientific sessions. Jim List from Pfizer said the findings “reinforce the potential” for monthly dosing and support adding a higher 9.6 mg monthly maintenance dose in Phase 3. 1
Pfizer posted $17.6 billion in revenue for the fourth quarter and adjusted earnings of 66 cents per share. The company stuck to its 2026 full-year forecast, projecting revenue between $59.5 billion and $62.5 billion, with adjusted earnings pegged at $2.80 to $3.00 per share. (These adjusted figures exclude certain one-time items Pfizer says can obscure the core performance.) It also anticipates around $5 billion in 2026 revenue from COVID-19 products but warned of a $1.5 billion revenue drop compared to last year due to “loss of exclusivity,” as patents expire and generics move in. 2
The obesity data came with some caveats. Pfizer noted that a number of patients discontinued treatment because of side effects. CEO Albert Bourla told Reuters the company isn’t concerned about price wars, even as Novo Nordisk flagged potential hits to profit and sales. “So, no, we are not worried,” he said. A Gabelli Funds portfolio manager called the weight loss results “good, but not category-defining,” while another investor pointed to Pfizer’s dealmaking as the real test—for returns and smart development decisions. 3
On Tuesday, Pfizer submitted its earnings release via a Form 8-K filing. 4
The risk for bulls is that tolerability worsens over the 64-week study, particularly at higher doses. If discontinuations rise or weight loss lags, payers and doctors may prefer sticking with established weekly treatments from Eli Lilly and Novo Nordisk.
Traders are now eyeing updates on discontinuation rates as the trial progresses, along with the June 6 presentation that might shed light on safety and durability—key factors that often determine if mid-stage weight-loss results hold up in Phase 3. 5
