As previously reported, Argus downgraded Pfizer (PFE) to Hold from Buy. The company is faced with near-term headwinds to its top-line growth as it has guided to 2024 3%-5% revenue growth ex-COVID products and Seagen acquisition, down from 7% growth in 2023, the analyst tells investors in a research note. Pfizer’s program to develop an oral formulation GLP-1 drug for weight loss also had a setback in December 2023 as the development of the twice-daily formulation was terminated due to high adverse effect rates, and the once-a-day formulation, with results due in 2024, will be behind Eli Lilly’s (LLY) Zepbound and Novo’s (NVO) Wegovy in the market for weight-loss therapies, the firm added.
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