Pfizer plunges after announcing the end of the development of an anti-obesity drug
With shares already reflecting declining revenues following the COVID wave, Pfizer's growth prospects just took another hit as the company halted development of its experimental obesity-fighting pill after a high rate of side effects appeared in a mid-phase study. This time we couldn't pretend nothing happened.
According to a statement on Friday, more than half of the patients in the study had to stop taking danuglipron due to nausea and vomiting. While the most common adverse events in the study were mild, nausea was seen in 73% of patients, vomiting in up to 47%, and diarrhea in up to 25%. Numbers too high to allow development to continue.
Pfizer will continue to develop a lighter version of the pill, to be taken only once a day, in the hope that
Pfizer hoped to follow the lead of Eli Lilly and Novo Nordisk (both of which supply the injection-based GLP-1 agonists that have made so much news this year and brought in so much profit) and delivered…. excessive: if you feel nauseous you don't eat, but you also feel really sick!
Pfizer and AstraZeneca saw anti-obesity pills as a way to make inroads into a market expected to reach $100 billion within seven years. Too bad their path was wrong.
Pfizer CEO Albert Bourla said oral weight-loss drugs will capture a third of the obesity market.
The company had pinned its weight-loss hopes on danuglipron after halting production of another experimental obesity drug in June due to safety concerns.
Pfizer shares fell about 4% in premarket trading, returning to near their lowest since March 2020 on this news, but the fall continued thereafter
If we look at the prices on an annual basis, things are really bad
The Covid vaccine effect is over, the effect of pills to treat lung disease never really started, and this is what remains.
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The article Pfizer plunges after announcing the end of the development of an anti-obesity drug comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/pfizer-precipita-dopo-aver-annunciato-la-fine-dello-sviluppo-di-un-medicinale-contro-lobesita/ on Sat, 02 Dec 2023 08:00:08 +0000.