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.
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.
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. BioPharm International
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. BioPharma Dive
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. Q4 Capital Development
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.
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.
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.
