New York, February 3, 2026, 20:36 EST — The market has closed.
- Pfizer shares dropped roughly 3.5% to close at $25.77.
- Mid-stage trial results for a new obesity drug revealed weight loss reaching 12.3% beyond placebo effects by week 28.
- Pfizer stuck to its 2026 guidance and flagged no plans for share buybacks this year.
Pfizer Inc shares dropped roughly 3.5% to $25.77 on Tuesday as investors absorbed fresh data on its weight-loss drug alongside the company’s latest quarterly earnings.
This shift is crucial as Pfizer aims to show it can spark fresh growth amid fading demand for its COVID-era drugs and mounting pressure on older treatments. The obesity market has turned into a fierce battleground, with investors sizing up early trial results as a direct verdict on the company’s strategy.
Policy uncertainty is creeping back in. Drug pricing shifts and trade costs have reappeared in guidance, which often rattles sentiment quickly—especially when a stock’s fate hinges on pipeline news.
Pfizer reported Tuesday that its Phase 2b VESPER-3 trial of PF’3944, an ultra-long-acting GLP-1 candidate, achieved up to 12.3% mean placebo-adjusted weight loss by week 28 versus a dummy injection. The study shifts patients from weekly to monthly dosing over 64 weeks. Across two active arms, 10 participants dropped out due to adverse events during both dosing phases. Jim List, Pfizer’s chief internal medicine officer, said the data “reinforce the potential” of PF’3944 as a monthly treatment, adding the company aims to test a higher monthly maintenance dose in Phase 3. Pfizer
Tuesday’s slide highlighted just how tight Pfizer’s margin for error is on side effects and staying power, especially with Eli Lilly and Novo Nordisk leading the weekly charts. Daniel Barasa of Gabelli Funds called the weight loss “good, but not category-defining.” Meanwhile, Pfizer’s Albert Bourla dismissed worries about price pressure in the market. David Wagner at Aptus Capital Advisors flagged the “big question” as whether investors will see returns from Pfizer’s deal-making amid development decisions this year and next. Reuters
Pfizer reported $17.557 billion in revenue for the fourth quarter and adjusted diluted earnings of 66 cents per share. For the full year, revenue reached $62.579 billion.
The company stuck to its 2026 revenue forecast of $59.5 billion to $62.5 billion and adjusted diluted EPS between $2.80 and $3.00. Pfizer noted this outlook factors in about $5 billion in revenue from COVID-19 products and a roughly $1.5 billion drag from “loss of exclusivity,” where patent expirations open the door to cheaper competitors. It also flagged potential impacts from Most-Favored-Nation drug pricing and TrumpRx, while its guidance accounts for current tariffs. Q4 Financials
Pfizer reported zero share buybacks in 2025 and indicated its current financial outlook does not include any repurchases for 2026, despite $3.3 billion remaining under authorization.
With the market closed, traders are set to watch for follow-through on Wednesday — new analyst notes, clearer signals on tolerability at higher doses, and whether buyers step in after the headline-driven drop. Pfizer promised a transcript and webcast replay from Tuesday’s call within 24 hours.
Pfizer plans to unveil detailed VESPER-3 data on June 6 at the American Diabetes Association’s scientific sessions.
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