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Pfizer Shares Drop as It Ends Study of Weight-Loss Pill Due to Patient Side Effects – Investopedia

Dec 6th, 2023

Key Takeaways

Pfizer (PFE) was the worst-performing stock in the S&P 500 Friday as shares dropped over 4% in early trading after the drug maker announced it was ending development of a twice-a-day weight-loss pill because too many patients experienced negative side effects.

The company indicated that a Phase 2b study of the drug, danuglipron, was effective, demonstrating statistically significant change in body weight.

However, Pfizer added that while the most common adverse effects were mild and gastrointestinal, half of those in the study chose to stop taking it, as compared to 40% who were given a placebo. The company said it would not move ahead with a Phase 3 study.

The drug maker explained that it would now research the efficacy of a different dosing of danuglipron. Dr. Mikael Dolsten, chief scientific officer and president of Pfizer Research and Development, said the company believes an improved once-daily formulation could play an important role in the obesity treatment paradigm, and we will focus our efforts on gathering the data to understand its potential profile.

Pfizer and other pharmaceutical firms are competing to produce an effective oral weight-loss treatment. Eli Lilly's (LLY) popular Mounjaro and Novo Nordisks (NVO) Ozempic and Wegovy are injectables.

The news sent Pfizer shares to their lowest level since the onset of the COVID-19 pandemic in 2020.

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CorrectionDec. 1, 2023: This article has been corrected to state Eli Lilly is the manufacturer of Mounjaro.

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Pfizer Shares Drop as It Ends Study of Weight-Loss Pill Due to Patient Side Effects - Investopedia

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