On Tuesday, Pfizer Inc. (NYSE:PFE) shared topline data from a mid-stage study for a weight loss drug and reported fourth quarter earnings that beat consensus estimates.
Weight Loss Data
Pfizer released data from the Phase 2b VESPER-3 study of monthly maintenance dosing of PF’3944 (MET-097i) in adults with obesity or overweight without type 2 diabetes.
The U.S. drug giant added the ultra-long-acting, injectable GLP-1 receptor agonist via a massive $10 billion Metsera, Inc. deal.
The ongoing 64-week study demonstrated statistically significant weight reduction with up to 12.3% mean placebo-adjusted weight loss at week 28.
At week 28, 10% and 12.3% placebo-adjusted weight loss were achieved in Arms 1 and 3, respectively, which are the low and medium monthly maintenance dosing regimens planned for inclusion in Phase 3.
These data show robust and continuous weight loss after switching to monthly dosing, with no plateau observed at week 28.
PF’3944 also maintained a well-tolerated and favorable safety profile through week 28 that is consistent with the GLP-1 RA class.
Observed gastrointestinal treatment-emergent adverse events were predominantly mild or moderate, with no more than one instance of severe nausea or vomiting observed in any dose group, and no instances of severe diarrhea.
In September 2025, topline data from the VESPER-1 Phase 2b study of MET-097i showed a weight loss of up to 14.1% after 28 weekly doses.
Pfizer plans to advance ten Phase 3 trials with PF’3944 in 2026, with an expansive clinical development program underway with 20+ planned and ongoing studies.
Fourth Quarter Earnings Snapshot
Pfizer reported fourth-quarter 2025 adjusted earnings of 66 cents, compared to 63 cents a year ago, beating the consensus of 57 cents.
Fourth-quarter sales fell 1% year over year to $17.56 billion, beating the consensus of $16.96 billion. The revenue reflected an operational decline of 3%.
The operational decrease was primarily driven by a year-over-year decline in COVID-19 product revenues, partially offset by an increase in revenues for Abrysvo, Oncology biosimilars, Eliquis, the Prevnar family, the Vyndaqel family, and several other products across categories.
Excluding contributions from Comirnaty and Paxlovid, revenues for the fourth quarter grew 9% operationally.
Comirnaty sales were $2.27 billion, down 35% operationally. The decline was mainly due to a narrower recommendation for vaccination in the U.S., as well as delayed approval of the new variant vaccine.
Paxlovid sales were down 70% operationally to $218 million, primarily driven by lower COVID-19 infections across U.S. and international markets, as well as lower international government purchases.
Core Drugs
Heart drug Vyndaqel family sales increased 7% operationally, to $1.69 billion. Cancer drug Ibrance sales fell 5% to $1.04 billion. RSV vaccine Abrysvo sales reached $481 million.
Blood thinner Eliquis revenues increased 8% operationally to around $2.02 billion. Prevnar (pneumococcal vaccine) sales were up 8% operationally to $1.71 billion.
Outlook
Pfizer reaffirms its fiscal 2026 adjusted earnings of $2.80-$3.00 per share compared to the consensus of $2.97.
The company reiterates 2026 sales guidance of $59.5 billion-$62.5 billion compared to the Wall Street estimate of $61.06 billion.
The reaffirmed 2026 revenue guidance reflects the expectation of approximately $5 billion in revenues from COVID-19 products and an expected year-over-year negative revenue impact of approximately $1.5 billion due to certain products experiencing loss of exclusivity.
The company’s guidance also reflects the anticipated unfavorable impact of Most-Favored-Nation drug pricing and TrumpRx, and the impact of currently imposed tariffs.
Price Action: PFE stock is down 5.10% at $25.30 during the premarket session at the last check on Tuesday, according to Benzinga Pro data.
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