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Pfizer stock falls, drops work on twice-daily obesity pill

Pfizer (PFE) has announced that it will discontinue the development of the twice-daily version of its weight loss pill after users reported adverse effects from the medication. Shares of the company fell sharply Friday morning after news broke. Yahoo Finance Health Reporter Anjalee Khemlani joins the Live show to break down the development and what it means for the company going forward.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Video Transcript

SEANA SMITH: Pfizer out with some weighty news here this morning. Now, the company is going to stop developing its twice-daily version of its experimental weight loss pill. But could there be an upside to this?

Does it look like the street thing so with the shares off just about almost 6%? We wanna bring in Anjalee Khemlani, joining us now with more. And Anjalee, when you take a look at the street's reaction, they're certainly looking at this. That is a big setback here for Pfizer.

ANJALEE KHEMLANI: Yeah, absolutely because the twice daily is going to be the one with more usage of the pill. But, meanwhile, it's important to remember that Pfizer is moving forward with it's once-daily pill of the same one. That's daniglipron.

And that drug is their obesity drug, their weight loss drug, which did have some negative sort of results, which is the reason why they stopped. More than 50% of participants dropped the drug based on feeling nauseous, vomiting, diarrhea.

Sounds like a nat for Pepto-Bismol but a bad one. And really this does allow Pfizer to stay in the GLP-1 game but maybe with a less effective one. If we look at the data from this, the mean weight that was lost in the first 32 weeks was somewhere between 8% and 13%.

Meanwhile, you know, the number did drop a little bit later on with the weeks. But it does still have some decent output, some decent data. We do have to wait for the readout for the once daily. That is said to be coming soon. So all eyes on that for right now to keep Pfizer in the game.