NEW YORK, Jan 14, 2026, 11:47 EST — Regular session
- Pfizer shares rose roughly 1.4% in late morning trading, defying the weaker trend in the broader market
- Bourla admits Pfizer misjudged the cash-pay market for its obesity drug; late-stage trials are gearing up
- Investors are focusing on the Feb. 3 results, as well as updates on 2026 trial launches and upcoming pipeline readouts
Pfizer Inc shares climbed Wednesday following CEO Albert Bourla’s renewed commitment to fast-track obesity drugs, a crucial focus as the company navigates patent losses and adjusts post-COVID.
This move is crucial as investors demand evidence that Pfizer can develop fresh growth drivers ahead of a tough run of patent expirations. Obesity remains one of the few treatment areas attracting significant investment and rapid uptake, though competition is already fierce.
At this week’s J.P. Morgan Healthcare Conference, Bourla laid out expectations for the year ahead as traders focus on whether pipeline milestones and cost reductions will balance out softer demand for COVID products.
Pfizer climbed 1.4%, reaching $25.51 by late morning, up from Tuesday’s close of $25.15. Meanwhile, Wall Street’s major indexes slipped as investors digested bank earnings and new economic data, Reuters reported.
In San Francisco on Monday, Bourla told reporters Pfizer misjudged how fast the cash-pay market for obesity drugs would expand—patients paying out of pocket, bypassing insurance—even though Eli Lilly and Novo Nordisk lead the field. Pfizer, which acquired weight-loss drugmaker Metsera in 2025 for up to $10 billion, is gearing up for around 10 Phase 3 obesity trials in 2026; this last stage of testing precedes approval requests. “Now we see that this operates almost like Viagra,” Bourla said, while noting Pfizer doesn’t expect revenue growth to pick up before 2029. Reuters
In a transcript posted on Pfizer’s investor site, Bourla revealed the company slashed $5.6 billion in operating expenses spanning 2024 and 2025, while hitting revenue and profit targets for three consecutive quarters. He labeled 2026 to 2028 a “loss of exclusivity” phase, as patents expire and cheaper competitors enter the market. Still, Pfizer plans to launch over 20 pivotal Phase 3 trials in 2026, including 10 linked to Metsera assets, with the first trial kicking off in late December. Bourla also highlighted key regulatory decisions and data releases expected this year, covering a Lyme disease vaccine and potential new indications for the cancer drug Padcev. Q4 Holdings
Pfizer has already signaled challenges ahead for 2026. Back in December, the company projected adjusted earnings between $2.80 and $3.00 per share, with revenues ranging from $59.5 billion to $62.5 billion. The forecast factors in weaker COVID product sales and revenue declines as key drugs lose patent protection, Reuters reported.
On Wednesday, Pfizer bucked the trend in the obesity sector. Lilly’s stock dipped roughly 0.5%, and Novo Nordisk slid about 1.1%. Meanwhile, the Health Care Select Sector SPDR Fund inched up by around 0.3%.
But the rally can only go so far. Pfizer’s bet on obesity treatments depends on late-stage trial results that might miss the mark on effectiveness or reveal troubling side effects. Even a win won’t ensure payer support in a market still dominated by tough reimbursement battles and pricing disputes.
Pfizer’s Q4 and full-year 2025 results are set for Feb. 3. Investors will zero in on the pace of Phase 3 trial starts and what lies ahead for 2026 beyond just cost reductions.
