Pfizer's Weight Loss Drug Development Causes Stock Fluctuations
Pfizer's stock dropped after the company announced it would pursue its twice-daily weight loss pill candidate, danuglipron, over its once-daily candidate, lotiglipron, due to concerns of elevated liver damage risk in early stage trials. Analysts called the announcement a "clear setback" for the company, as lotiglipron was expected to be the more competitive of the two assets. The GLP-1 class of drugs is heating up competition in the obesity drug market, with analysts estimating sales could reach $30 billion in a decade. Eli Lilly and Novo Nordisk are also targeting the obesity treatment space with their own injectable and oral pill treatments.