Recommendation | Can weight-loss drugs save Pfizer?

Why does Pfizer need weight-loss drugs? Obesity drugs happen to possess several key attributes that Pfizer currently needs most: a large patient base, long treatment duration, vast global market potential, and strong connections to multiple metabolism-related diseases. GLP-1 class drugs have already propelled obesity treatment into the realm of major chronic diseases. The commercial performance of Wegovy and Zepbound demonstrates that obesity treatment is no longer merely a supplementary niche within weight management—it has become a core therapeutic direction impacting multiple disease areas, including diabetes, cardiovascular risk, sleep apnea, osteoarthritis, and MASH. By 2030, the global weight-loss drug market is projected to exceed $100 billion. This scale of market is sufficient to attract Pfizer to re-enter the field. Pfizer has deep experience in large-scale chronic disease markets: Lipitor was a landmark product in the lipid-lowering drug market, and Eliquis is a key player in anticoagulation therapy. These products rely on extensive physician networks, long-term prescription management, and broad patient coverage. Once obesity drugs enter primary care settings, Pfizer’s commercial infrastructure can be reactivated. Pfizer had previously encountered setbacks in its internal obesity drug R&D. After its self-developed programs failed to build late-stage competitiveness, the company shifted toward external deals. Its $10 billion acquisition of Metsera represents Pfizer’s pivotal move into the obesity drug market. Metsera brings at least eight potential obesity drug candidates—including four clinical-stage assets and oral formulations. Following the Metsera deal, Pfizer continued expanding its obesity drug portfolio. It secured global development and commercialization rights to YaoPharma’s (Chongqing Yaoyou Pharmaceutical Co., Ltd.) early-stage oral GLP-1 assets for up to $2.1 billion. YaoPharma belongs to the Fosun Pharma group. Pfizer also acquired partial rights to Sciwind Biosciences’ (Xianweida Biotech) injectable Severwin—for up to $495 million. Severwin, formerly known as ecnoglutide, is a cAMP-biased GLP-1 receptor agonist already approved in China for both diabetes and obesity. These transactions form the foundational framework of Pfizer’s obesity drug portfolio: Metsera provides long-acting injectable assets; YaoPharma supplies oral GLP-1 candidates; and Sciwind contributes experience with GLP-1-related products already approved in China. Pfizer’s entry strategy into the obesity drug market centers on rapidly filling pipeline gaps via acquisitions and licensing. 03 Pfizer’s tumultuous history of weight-loss drug development Pfizer’s entry into the obesity drug market has not been smooth. Even before acquiring Metsera, the company attempted to enter the oral GLP-1 space through internal R&D—but two small-molecule GLP-1 receptor agonists subsequently faltered. Lotiglipron was one of Pfizer’s earlier bets: an oral small-molecule GLP-1 receptor agonist developed for both obesity and type 2 diabetes. In 2023, Pfizer discontinued lotiglipron’s clinical development due to observed elevations in liver transaminases during clinical trials.

Another wave of weight-loss drugs collapses

TERN-601, an oral GLP-1 drug developed by Terns Pharmaceuticals, is a typical example. In its Phase 1 trial, it demonstrated promising weight-loss efficacy—average weight loss of 5% over 28 days. However, in Phase 2, 11.9% of patients discontinued treatment due to adverse events, and three patients exhibited elevated liver enzymes—indicating potential hepatotoxicity. The company ultimately announced termination of development. Second, insufficient efficacy. Take Pfizer’s PF-07976016 combined with liraglutide, for instance. The original plan was to achieve synergistic enhancement by pairing a GIPR antagonist with a GLP-1 receptor agonist—but clinical data fell short. The overall weight-loss effect failed to significantly surpass monotherapy. Moreover, PF-07976016 and liraglutide differ in administration route, suggesting low patient acceptance post-approval. Amgen’s AMG 513 and AMG 786 were also discontinued for similar reasons. Dr. Jay Bradner, Amgen’s R&D chief, stated that the decision was driven by data failing to meet the company’s expectations. It should be noted that ‘failing to meet expectations’ does not mean zero effect—rather, the current weight-loss drug market threshold is extremely high: lacking a competitive edge equates to being at a disadvantage. Data show that the U.S. adult obesity rate growth has plateaued, and the growth rate of GLP-1 drugs in the diabetes space has notably slowed versus prior years. New prescription volumes are trending downward overall, signaling a shift toward a mature, share-of-wallet competition phase. Latecomers must now contend with established giants like Eli Lilly and Novo Nordisk—players deeply entrenched in the weight-loss drug market for years. Eli Lilly and Novo Nordisk hold advantages not only in first-mover market share but also in clinical efficacy—having erected high barriers. Take Eli Lilly as an example: tirzepatide delivers over 20% average weight loss; its oral candidate, orforglipron, achieves an average 12.4% weight reduction; and retatrutide—a triple-agonist targeting GLP-1/GIP/GCG—pushes weight loss to 28.3%. For latecomers, achieving ~15% early weight loss is merely the entry-level benchmark. Large investment is a consensus in weight-loss drug development—especially in Phase 3 trials, which now routinely enroll thousands of patients and cost over $1 billion. In its Q2 2026 earnings report, Pfizer stated that much of its 12% increase in operating expenses stemmed from investments in obesity therapeutics. Therefore, for pipelines where return-on-investment is clearly disproportionate to expenditure, timely termination is the prudent course. / 03 / All-in on flagship pipelines Dropping pipelines does not signal abandonment of the weight-loss market—but rather reflects a strategic reallocation of resources and focus onto core assets. According to public announcements, each pharmaceutical company has retained its ‘flagship’ candidate. Based on disclosed clinical data, these retained assets all demonstrate differentiated advantages—surpassing either tirzepatide or semaglutide in certain aspects. Pfizer has retained berobenatide (MET-097i), an ultra-long-acting injectable GLP-1 receptor agonist. In the recently released Phase 2b VESPER-1 extension study, patients receiving weekly 2.4 mg doses for 32 weeks achieved an unadjusted average weight loss of 15.9%, with no plateau in weight loss yet observed.

Pfizer secures up to $1.5 billion from Blackstone for obesity drug development

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Pfizer secured up to $1.5 billion from Blackstone to fund its experimental obesity drug berobenatide, acquired via Metsera. The deal maintains Pfizer's control while providing milestone payments tied to regulatory approval and sales targets.

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