Pfizer weight loss data update disappointing, says JPMorgan

JPMorgan keeps a Neutral rating on Pfizer after the company announced Phase 2b obesity data for danuglipron and said the two-times daily formulation will not advance into Phase 3 studies. On the data itself, danuglipron showed mean weight loss reductions of 6.9% – 11.7%, which came in slightly below JPMorgan’s expectations but would still support a role in the market, the analyst tells investors in a research note. However, the firm says tolerability remains a challenge as high rates of adverse events were again observed along with a 50%-plus discontinuation rate. It sees the data as disappointing for danuglipron with the asset not yet moving to Phase 3 and with timelines pushed back further. JPMorgan thinks shares of Pfizer will be down on the news. The stock in premarket trading is off 5% to $29.01.