New York, February 4, 2026, 13:08 EST — Regular session underway.
- Pfizer shares bounced back, climbing roughly 3.7% in early afternoon trading following Tuesday’s drop.
- The company reported Phase 2b results revealing up to 12.3% placebo-adjusted weight loss at 28 weeks after switching to monthly dosing.
- Pfizer stuck to its 2026 revenue and profit targets, while confirming it won’t be pursuing any share buybacks.
Pfizer Inc shares climbed roughly 3.7% to $26.73 by early Wednesday afternoon, bouncing back after a roughly 3.3% drop the previous day. 1
Investors are grappling with two key challenges: Pfizer’s struggle to offset declining COVID-era revenues and its bet on obesity drugs, a fiercely competitive yet highly profitable sector.
On Tuesday, Pfizer’s management called 2026 “an important year in a pivotal investment period,” highlighting increased spending on late-stage studies as several products near patent or regulatory expiration in the years ahead.
The standout this week is PF’3944, Pfizer’s long-acting GLP-1 receptor agonist, part of a drug class known for appetite suppression and weight loss. In a mid-stage Phase 2b trial, the company reported up to 12.3% mean placebo-adjusted weight loss by week 28, following a shift from weekly to monthly dosing. 2
Pfizer announced that the full VESPER-3 results are set for release on June 6 during the American Diabetes Association’s Scientific Sessions, providing a clear date for investors. Jim List, Pfizer’s chief internal medicine officer, described the topline findings as “competitive” and revealed plans to evaluate a higher 9.6 mg monthly maintenance dose in Phase 3 trials. 3
Not everyone is convinced. Leerink Partners analyst David Risinger described the results as “slightly inferior” to Eli Lilly’s Zepbound at a comparable stage, though he warned against drawing conclusions from cross-trial comparisons. Pfizer’s chief scientific officer Chris Boshoff told analysts the data “significantly increase our confidence” heading into the next phase of studies. 4
The obesity update arrived alongside Pfizer’s Q4 earnings and 2026 forecast. Pfizer posted adjusted EPS of 66 cents on $17.6 billion in revenue for the quarter. The company stuck to its 2026 revenue forecast of $59.5 billion to $62.5 billion, with adjusted diluted EPS projected between $2.80 and $3.00. Pfizer noted this outlook factors in about $5 billion from its COVID-19 products and anticipates roughly a $1.5 billion revenue hit due to “loss of exclusivity,” when patent or regulatory protections expire and competition heats up. 5
Pfizer confirmed it did not carry out any share buybacks in 2025 and does not expect to repurchase shares in 2026 either, according to its latest guidance. 6
Eli Lilly’s Zepbound and Novo Nordisk’s Wegovy continue to lead in obesity treatment, both administered as weekly injections. Pfizer is banking on a less frequent dosing schedule to boost patient adherence—provided the drug delivers sustained weight loss and remains well-tolerated over time.
It’s straightforward to outline the downside. Pfizer’s own release points out that VESPER-3 spans 64 weeks, and extended follow-up or Phase 3 trials might shift the efficacy and safety outlook. Regulators could interpret the data differently, too. 7
Markets are eyeing June 6 for the full VESPER-3 data release. Ahead of that, investors want a clearer timeline on when Phase 3 begins and the dosing plans for PF’3944.
