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Pfizer Bets Big on Obesity and Oncology With 2026 Pipeline Push
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Key Takeaways
Pfizer plans to initiate or advance about 20 pivotal studies in 2026 across its obesity and oncology programs.
PFE's PF'3944 showed robust weight loss in a phase IIb VESPER-3 obesity study.
PFE oncology push includes PF-08634404 in phase III colorectal trials & upcoming data for sigvotatug vedotin.
In 2025, Pfizer (PFE - Free Report) upped its efforts to rebuild its pipeline through acquisitions. Pfizer invested around $9 billion in M&A deals, including the acquisition of Metsera and the licensing deal with 3SBio to boost its pipeline in obesity and oncology.
On the fourth-quarter conference call, management shed light on its obesity and oncology pipeline plans. Pfizer plans to initiate/advance 20 pivotal studies in 2026, which include 10 pivotal studies for the ultra-long-acting obesity candidates added from the Metsera acquisition and four for PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from Chinese biotech 3SBio in 2025. Pfizer expects 2026 to be a catalyst-rich year, with some key data-readouts expected in the obesity and oncology programs.
Let’s break down.
PFE Strengthens Obesity Pipeline in 2025
The November 2025 acquisition of obesity drugmaker, Metsera, has brought Pfizer back into the lucrative obesity space after it scrapped the development of danuglipron, a weight-loss pill, in April 2025. The acquisition added Metsera’s four novel clinical-stage GLP-1 and amylin programs, which are expected to generate billions of dollars in peak sales if successfully developed and commercialized.
Along with the fourth-quarter results, Pfizer announced positive top-line data from a phase IIb VESPER-3 study evaluating monthly maintenance dosing of its ultra-long acting investigational injectable GLP-1 receptor agonist (GLP-1 RA) called PF-08653944 (PF’3944) in adults with obesity or overweight without type II diabetes. PF’3944 was added to Pfizer’s obesity portfolio with the Metsera deal. In the study, PF’3944 delivered robust weight loss with no plateau observed at week 28 while also maintaining competitive tolerability when switching to a 4-fold equivalent monthly dose.
The currently available and highly popular weight loss GLP therapies, Eli Lilly’s (LLY - Free Report) Zepbound and Novo Nordisk’s (NVO - Free Report) Wegovy, are weekly injections. On the other hand, Pfizer’s PF’3944 starts off as a weekly injection and then switches to a monthly injection. Data from the VESPER-3 study suggested that PF’3944 can deliver robust weight loss after switching to monthly administration. This positions Pfizer as a serious contender against NVO and LLY.
Last year, Pfizer also in-licensed exclusive global rights to develop YP05002, an oral small molecule GLP-1 RA for treating obesity from Chinese biotech YaoPharma. With the Metsera acquisition, the YaoPharma deal and other Pfizer programs that include an oral GIPR antagonist candidate, Pfizer believes it has a robust and diverse obesity portfolio that includes candidates with diverse modalities and mechanisms.
In 2026, Pfizer plans to advance 20-plus obesity studies, including 10 phase III studies of PF’3944 that span obesity and obesity associated comorbidities. Pfizer is targeting the first of a series of potential approvals for PF’3944 in 2028.
PFE’s Strong Oncology Pipeline
In addition to obesity, Pfizer has advanced its oncology pipeline with several candidates entering late-stage development. Key oncology candidates in late-stage development include atirmociclib (a CDK4 inhibitor for 1st line HR+/HER2- metastatic breast cancer) and sigvotatug vedotin (an antibody-drug-conjugate or ADC for metastatic non-small cell lung cancer). Others like vepdegestrant, a small-molecule PROTAC for ER+/HER2- metastatic breast cancer and sasanlimab for the treatment of BCG-naive high-risk non-muscle invasive bladder cancer are under review.
Last year, Pfizer in-licensed exclusive global ex-China rights to develop, manufacture and commercialize PF-08634404, a dual PD-1 and VEGF inhibitor, from China’s 3SBio. Dual PD-1/VEGF inhibitors have been designed to overcome the limitations of single-target cancer therapies like Merck’s (MRK - Free Report) blockbuster PD-L1 inhibitor, Keytruda, and have the potential to become the new standard of care oncology treatments. Two large global phase III studies are currently ongoing in metastatic colorectal cancer.
Pfizer is also working on expanding the labels of approved cancer products like Padcev, Tuksya and Elrexfio, among others.
Key data readouts are expected for sigvotatug vedotin in second-line-plus non-squamous metastatic NSCLC and Elrexfio in double-class exposed relapsed, refractory multiple myeloma in 2026.
Can PFE Stand its Ground in Obesity and Oncology?
In obesity, Pfizer is entering a space largely dominated by Novo Nordisk and Eli Lilly. NVO and LLY already market GLP-1 drugs that have shown strong efficacy and gained significant market share. In addition, others like Viking Therapeutics, Amgen and Structure Therapeutics are also developing novel obesity candidates in late-stage studies, which means the market is extremely competitive. Nonetheless, the obesity market is huge with a $100 billion + opportunity. Pfizer’s chances of success depend on clinical differentiation and timely approval of its products.
Oncology, on the other hand, is Pfizer’s forte, but the success of its new candidates depends on future trial outcomes and regulatory approvals.
PFE’s Price Performance, Valuation and Estimates
Pfizer’s stock has risen 2.9% in the past year compared with an increase of 17.2% for the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Pfizer appears attractive relative to the industry and is trading below its 5-year mean. Going by the price/earnings ratio, the company’s shares currently trade at 8.98 forward earnings, lower than 18.85 for the industry and the stock’s 5-year mean of 10.24.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings has declined from $2.97 per share to $2.96 per share, while that for 2027 is stable at $2.83 per share over the past seven days.
Image: Bigstock
Pfizer Bets Big on Obesity and Oncology With 2026 Pipeline Push
Key Takeaways
In 2025, Pfizer (PFE - Free Report) upped its efforts to rebuild its pipeline through acquisitions. Pfizer invested around $9 billion in M&A deals, including the acquisition of Metsera and the licensing deal with 3SBio to boost its pipeline in obesity and oncology.
On the fourth-quarter conference call, management shed light on its obesity and oncology pipeline plans. Pfizer plans to initiate/advance 20 pivotal studies in 2026, which include 10 pivotal studies for the ultra-long-acting obesity candidates added from the Metsera acquisition and four for PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from Chinese biotech 3SBio in 2025. Pfizer expects 2026 to be a catalyst-rich year, with some key data-readouts expected in the obesity and oncology programs.
Let’s break down.
PFE Strengthens Obesity Pipeline in 2025
The November 2025 acquisition of obesity drugmaker, Metsera, has brought Pfizer back into the lucrative obesity space after it scrapped the development of danuglipron, a weight-loss pill, in April 2025. The acquisition added Metsera’s four novel clinical-stage GLP-1 and amylin programs, which are expected to generate billions of dollars in peak sales if successfully developed and commercialized.
Along with the fourth-quarter results, Pfizer announced positive top-line data from a phase IIb VESPER-3 study evaluating monthly maintenance dosing of its ultra-long acting investigational injectable GLP-1 receptor agonist (GLP-1 RA) called PF-08653944 (PF’3944) in adults with obesity or overweight without type II diabetes. PF’3944 was added to Pfizer’s obesity portfolio with the Metsera deal. In the study, PF’3944 delivered robust weight loss with no plateau observed at week 28 while also maintaining competitive tolerability when switching to a 4-fold equivalent monthly dose.
The currently available and highly popular weight loss GLP therapies, Eli Lilly’s (LLY - Free Report) Zepbound and Novo Nordisk’s (NVO - Free Report) Wegovy, are weekly injections. On the other hand, Pfizer’s PF’3944 starts off as a weekly injection and then switches to a monthly injection. Data from the VESPER-3 study suggested that PF’3944 can deliver robust weight loss after switching to monthly administration. This positions Pfizer as a serious contender against NVO and LLY.
Last year, Pfizer also in-licensed exclusive global rights to develop YP05002, an oral small molecule GLP-1 RA for treating obesity from Chinese biotech YaoPharma. With the Metsera acquisition, the YaoPharma deal and other Pfizer programs that include an oral GIPR antagonist candidate, Pfizer believes it has a robust and diverse obesity portfolio that includes candidates with diverse modalities and mechanisms.
In 2026, Pfizer plans to advance 20-plus obesity studies, including 10 phase III studies of PF’3944 that span obesity and obesity associated comorbidities. Pfizer is targeting the first of a series of potential approvals for PF’3944 in 2028.
PFE’s Strong Oncology Pipeline
In addition to obesity, Pfizer has advanced its oncology pipeline with several candidates entering late-stage development. Key oncology candidates in late-stage development include atirmociclib (a CDK4 inhibitor for 1st line HR+/HER2- metastatic breast cancer) and sigvotatug vedotin (an antibody-drug-conjugate or ADC for metastatic non-small cell lung cancer). Others like vepdegestrant, a small-molecule PROTAC for ER+/HER2- metastatic breast cancer and sasanlimab for the treatment of BCG-naive high-risk non-muscle invasive bladder cancer are under review.
Last year, Pfizer in-licensed exclusive global ex-China rights to develop, manufacture and commercialize PF-08634404, a dual PD-1 and VEGF inhibitor, from China’s 3SBio. Dual PD-1/VEGF inhibitors have been designed to overcome the limitations of single-target cancer therapies like Merck’s (MRK - Free Report) blockbuster PD-L1 inhibitor, Keytruda, and have the potential to become the new standard of care oncology treatments. Two large global phase III studies are currently ongoing in metastatic colorectal cancer.
Pfizer is also working on expanding the labels of approved cancer products like Padcev, Tuksya and Elrexfio, among others.
Key data readouts are expected for sigvotatug vedotin in second-line-plus non-squamous metastatic NSCLC and Elrexfio in double-class exposed relapsed, refractory multiple myeloma in 2026.
Can PFE Stand its Ground in Obesity and Oncology?
In obesity, Pfizer is entering a space largely dominated by Novo Nordisk and Eli Lilly. NVO and LLY already market GLP-1 drugs that have shown strong efficacy and gained significant market share. In addition, others like Viking Therapeutics, Amgen and Structure Therapeutics are also developing novel obesity candidates in late-stage studies, which means the market is extremely competitive. Nonetheless, the obesity market is huge with a $100 billion + opportunity. Pfizer’s chances of success depend on clinical differentiation and timely approval of its products.
Oncology, on the other hand, is Pfizer’s forte, but the success of its new candidates depends on future trial outcomes and regulatory approvals.
PFE’s Price Performance, Valuation and Estimates
Pfizer’s stock has risen 2.9% in the past year compared with an increase of 17.2% for the industry.
From a valuation standpoint, Pfizer appears attractive relative to the industry and is trading below its 5-year mean. Going by the price/earnings ratio, the company’s shares currently trade at 8.98 forward earnings, lower than 18.85 for the industry and the stock’s 5-year mean of 10.24.
The Zacks Consensus Estimate for 2026 earnings has declined from $2.97 per share to $2.96 per share, while that for 2027 is stable at $2.83 per share over the past seven days.
Pfizer has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.