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<p class="has-drop-cap">Pfizer (NYSE: PFE), the world’s biggest pharma company, <a aria-label="announced on Friday (opens in a new tab)" href="https://www.pfizer.com/news/press-release/press-release-detail/pfizer-announces-topline-phase-2b-results-oral-glp-1r" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">announced on Friday</a> it has halted the trial of its twice-daily obesity drug, citing side effects in an earlier study. The drug, called danuglipron, is an oral version of the popular category of weight loss drugs <a href="https://tokenist.com/two-stocks-set-to-capitalize-on-the-surging-weight-loss-drug-trend/" rel="dofollow" class="deco-link">dominated by Novo Nordisk and Eli Lilly</a>.&nbsp;Pfizer’s shares fell over 6% at the market open, amplifying its year-to-date losses to 44.2%.</p> 
<h3 id="pfizer-cancels-obesity-drug-trial-due-to-side-effects">Pfizer Cancels Obesity Drug Trial Due to Side Effects</h3> 
<p>Shares of Pfizer opened 6.2% lower on Friday after the pharmaceutical giant said it would not proceed to a Phase 3 trial of a twice-daily formulation of its weight-loss drugs. The decision was made because multiple patients suffered from numerous side effects in an earlier study.</p> 
<p>Notably, the drugmaker said the Phase2b study of its obesity pill danuglipron in adults reached its primary endpoint of statistically noteworthy change in body weight compared with placebo.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>“Danuglipron demonstrated mean placebo-adjusted weight reductions ranging from -8% to -13% at 32 weeks and -5% to -9.5% at 26 weeks.”</p> <cite>Pfizer said in the press release.</cite>
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<p>The stock was down at $28.58 at the time of writing, bringing its year-to-date losses to almost 45%, significantly underperforming the broader S&amp;P 500 index, which <a href="https://tokenist.com/after-novembers-rally-the-spx-is-only-2-below-its-2023-intraday-high/" rel="dofollow" class="deco-link">gained over 19%</a> during the same period.</p> 
<p>A rapid decline in sales caused the overall downtrend in Pfizer’s shares as the world recovered from the multi-year coronavirus pandemic, pushing down the demand for COVID-19 products. The company reported a Q3 loss after facing charges mainly related to challenges around its COVID-19 vaccine and the antiviral treatment Paxlovid.</p> 
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<h3 id="novo-nordisk-and-eli-lilly-continue-to-spearhead-the-obesity-drug-trend">Novo Nordisk and Eli Lilly Continue to Spearhead the Obesity Drug Trend</h3> 
<p>Pfizer’s efforts to develop an oral treatment for obesity and diabetes came amid a trend started by popular injectables Wegovy, Ozempic, and Mounjaro. Novo Nordisk developed the first two, while the latter belongs to pharma giant Eli Lilly.</p> 
<p>These drugs have been the <a href="https://tokenist.com/lly-and-novo-report-strong-earnings-but-are-vulnerable-to-q4-headwinds/" rel="dofollow" class="deco-link">key drivers of Novo Norisk’s and Eli Lilly’s growth</a>, whose stocks surged 48% and 64.31% in 2023, respectively. Those drugs are GLP-1 receptor agonists, developed to mimic the effects of a gut hormone that helps keep appetite and blood sugar levels in check.&nbsp;</p> 
<p>Mounjaro and Ozempic were both granted regulatory approval in the US for treating type 2 diabetes rather than for weight loss. However, Zepbound by Eli Lilly, sharing the same active ingredient as Mounjaro, and Wegovy, which has the identical active ingredient as Ozempic, has <a aria-label="received approval (opens in a new tab)" href="https://www.fda.gov/news-events/press-announcements/fda-approves-new-medication-chronic-weight-management" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">received approval</a> from the US Food and Drug Administration for weight management.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em><strong>How long do you think Novo Nordisk and Eli Lilly can continue capitalizing on the pharma’s latest obesity drug trend? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/pfizers-stock-is-down-44-ytd-as-woes-continue/">Pfizer’s Stock is Down 44% YTD as Woes Continue</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Pfizer’s Stock is Down 44% YTD as Woes Continue

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