Pfizer Halts Development of Weight-Loss Drug Due to Side Effects
In a recent announcement, pharmaceutical giant Pfizer revealed that it will no longer proceed with the development of its twice-daily oral weight-loss drug, danuglipron. The decision comes as a result of the drug showing adverse side effects in clinical trials, including high rates of nausea, vomiting, and diarrhea among patients.
Despite demonstrating significant weight loss during the trial, the drug’s side effects proved to be a major setback for Pfizer. This news deals a blow to the company’s aspirations of competing in the GLP-1 weight-loss drug market. As a result of the announcement, Pfizer’s stock experienced a 5% drop.
However, Pfizer isn’t giving up entirely on the prospect of a weight-loss drug. The company plans to shift its focus to a once-daily version of danuglipron, with initial data expected to be released in the first half of next year. This move follows Pfizer’s decision in June to discontinue the development of another once-daily weight-loss drug due to potential liver enzyme issues.
Pfizer is actively striving to rival competitors, such as Novo Nordisk and Eli Lilly, in the weight-loss drug market. Both Novo Nordisk and Eli Lilly saw a decline in their stock prices, with a decrease of 1.4% and 1% respectively, following Pfizer’s announcement.
This news comes at a challenging time for Pfizer, with its stock experiencing a decline of over 40% this year due to decreasing sales of its Covid-19 products. Despite these setbacks, Pfizer remains committed to exploring potential solutions in the weight-loss drug market and will continue to search for alternatives that offer safe and effective results for individuals seeking to manage their weight.
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