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Can Pfizer Take Share From Lilly & Novo Nordisk in the Obesity Space?
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Key Takeaways
Pfizer acquired Metsera, adding berobenatide and other obesity programs with blockbuster potential.
PFE plans more than 20 obesity studies in 2026, including 10 phase III trials for berobenatide.
Pfizer trails LLY and NVO but sees room to gain share if monthly dosing or oral options stand out.
The global obesity market is one of the largest and fastest-growing opportunities in healthcare today. The market is projected to grow dramatically, reaching nearly $120 billion by 2035, according to Goldman Sachs estimates. At present, Eli Lilly’s (LLY - Free Report) Zepbound and Novo Nordisk’s (NVO - Free Report) Wegovy are the most popular GLP-1 drugs used to treat obesity. A key new entrant in the market is Pfizer (PFE - Free Report) , which is making an effort to become a leader in the next wave of obesity therapies.
The November 2025 acquisition of obesity drugmaker, Metsera, brought Pfizer back into the lucrative obesity space after it scrapped the development of danuglipron, a weight-loss pill, early in 2025. The Metsera deal added four novel incretin and amylin programs, which are expected to generate billions of dollars in peak sales if successfully developed and commercialized.
A key candidate added from the Metsera deal is a potential first-in-class monthly GLP-1 receptor agonist, berobenatide, being developed in phase III to treat adults who are obese or overweight.
While Zepbound and Wegovy are weekly injections, berobenatide starts off as a weekly injection and then switches to a monthly injection. Berobenatide is designed for monthly maintenance dosing.
Data from phase IIb VESPER studies on berobenatide showed that the candidate delivers meaningful weight loss while maintaining a favorable tolerability profile following the transition from weekly to monthly dosing. Pfizer is also studying berobenatide in combination with an ultra-long-acting amylin analog, PF'3945, for obesity.
Pfizer plans an extensive phase III program for berobenatide during 2026. Pfizer plans to start more than 20 obesity studies in 2026, including 10 phase III studies for berobenatide for obesity and obesity-related comorbidities, including knee osteoarthritis and obstructive sleep apnea. Pfizer is targeting the first of a series of potential approvals for berobenatide in 2028.
To expand its obesity pipeline, 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.
Can Pfizer Still Gain Obesity Share Despite Its Late Entry?
Pfizer is a late entrant in the obesity market, which is heavily dominated by Lilly and Novo Nordisk. LLY and NVO already have a massive first-mover advantage in the obesity space and enjoy strong brand recognition.
Moreover, to maintain their prowess in the lucrative obesity market, both Novo Nordisk and Lilly are developing several next-generation, more powerful and more convenient GLP-1–based treatments, including oral options and multi-acting candidates. Both Lilly and Novo Nordisk have also launched oral GLP-1 pills for obesity called Foundayo and Wegovy, respectively.
The obesity pipeline is rapidly evolving beyond traditional GLP-1 therapies. Lilly's next-generation candidate, retatrutide, which targets GLP-1, GIP, and glucagon receptors simultaneously, has demonstrated approximately 28% weight loss in late-stage studies, an efficacy outcome previously achievable only through bariatric surgery.
Pfizer currently trails Lilly and Novo Nordisk by several years in the obesity space. However, the obesity market is huge and can support multiple players, and even a modest market share could translate into billions of dollars in annual revenues.
If Pfizer’s berobenatide succeeds and monthly dosing or better tolerability differentiates it from Zepbound/Wegovy, or if its next-generation oral programs prove competitive, it can take a slice of the obesity space in the long term.
Competition Heating Up in the Obesity Space
While Lilly and Novo Nordisk currently dominate this space, smaller biotechs like Structure Therapeutics and Viking Therapeutics are also developing oral GLP-1 drugs for treating obesity.
Amgen is also developing MariTide, a GIPR/GLP-1 receptor, as a single dose in a convenient autoinjector device with a monthly and maybe less frequent dosing.
Others, such as Roche, AstraZeneca (AZN - Free Report) and AbbVie, have strengthened their obesity pipelines through licensing deals and acquisitions involving smaller biotechs. AbbVie entered the obesity field by licensing GUB014295 from Gubra. Roche strengthened its obesity presence through the acquisition of Carmot Therapeutics and its obesity assets, such as CT-388, as well as the exclusive collaboration with Zealand Pharma.
AstraZeneca’s most important obesity candidate is oral GLP-1 receptor agonist elecoglipron, which it licensed from Eccogene in 2023. AstraZeneca plans to begin an extensive phase III program on elecoglipron for obesity and type II diabetes soon. AstraZeneca's second major obesity program is AZD6234, a once-weekly amylin analog currently in phase II development.
PFE’s Price Performance, Valuation and Estimates
Pfizer stock has risen 4.1% so far this year compared with an increase of 3.7% for the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, Pfizer appears attractive relative to the industry and is trading below its five-year mean. Going by the price/earnings ratio, Pfizer’s shares currently trade at 8.86 forward earnings, significantly lower than 17.49 for the industry as well as the stock’s five-year mean of 9.52.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings per share has risen from $2.98 to $2.99, while that for 2027 has risen from $2.81 to $2.86 over the past 60 days.
View the Zacks #1 Rank List
Image: Bigstock
Can Pfizer Take Share From Lilly & Novo Nordisk in the Obesity Space?
Key Takeaways
The global obesity market is one of the largest and fastest-growing opportunities in healthcare today. The market is projected to grow dramatically, reaching nearly $120 billion by 2035, according to Goldman Sachs estimates. At present, Eli Lilly’s (LLY - Free Report) Zepbound and Novo Nordisk’s (NVO - Free Report) Wegovy are the most popular GLP-1 drugs used to treat obesity. A key new entrant in the market is Pfizer (PFE - Free Report) , which is making an effort to become a leader in the next wave of obesity therapies.
The November 2025 acquisition of obesity drugmaker, Metsera, brought Pfizer back into the lucrative obesity space after it scrapped the development of danuglipron, a weight-loss pill, early in 2025. The Metsera deal added four novel incretin and amylin programs, which are expected to generate billions of dollars in peak sales if successfully developed and commercialized.
A key candidate added from the Metsera deal is a potential first-in-class monthly GLP-1 receptor agonist, berobenatide, being developed in phase III to treat adults who are obese or overweight.
While Zepbound and Wegovy are weekly injections, berobenatide starts off as a weekly injection and then switches to a monthly injection. Berobenatide is designed for monthly maintenance dosing.
Data from phase IIb VESPER studies on berobenatide showed that the candidate delivers meaningful weight loss while maintaining a favorable tolerability profile following the transition from weekly to monthly dosing. Pfizer is also studying berobenatide in combination with an ultra-long-acting amylin analog, PF'3945, for obesity.
Pfizer plans an extensive phase III program for berobenatide during 2026. Pfizer plans to start more than 20 obesity studies in 2026, including 10 phase III studies for berobenatide for obesity and obesity-related comorbidities, including knee osteoarthritis and obstructive sleep apnea. Pfizer is targeting the first of a series of potential approvals for berobenatide in 2028.
To expand its obesity pipeline, 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.
Can Pfizer Still Gain Obesity Share Despite Its Late Entry?
Pfizer is a late entrant in the obesity market, which is heavily dominated by Lilly and Novo Nordisk. LLY and NVO already have a massive first-mover advantage in the obesity space and enjoy strong brand recognition.
Moreover, to maintain their prowess in the lucrative obesity market, both Novo Nordisk and Lilly are developing several next-generation, more powerful and more convenient GLP-1–based treatments, including oral options and multi-acting candidates. Both Lilly and Novo Nordisk have also launched oral GLP-1 pills for obesity called Foundayo and Wegovy, respectively.
The obesity pipeline is rapidly evolving beyond traditional GLP-1 therapies. Lilly's next-generation candidate, retatrutide, which targets GLP-1, GIP, and glucagon receptors simultaneously, has demonstrated approximately 28% weight loss in late-stage studies, an efficacy outcome previously achievable only through bariatric surgery.
Pfizer currently trails Lilly and Novo Nordisk by several years in the obesity space. However, the obesity market is huge and can support multiple players, and even a modest market share could translate into billions of dollars in annual revenues.
If Pfizer’s berobenatide succeeds and monthly dosing or better tolerability differentiates it from Zepbound/Wegovy, or if its next-generation oral programs prove competitive, it can take a slice of the obesity space in the long term.
Competition Heating Up in the Obesity Space
While Lilly and Novo Nordisk currently dominate this space, smaller biotechs like Structure Therapeutics and Viking Therapeutics are also developing oral GLP-1 drugs for treating obesity.
Amgen is also developing MariTide, a GIPR/GLP-1 receptor, as a single dose in a convenient autoinjector device with a monthly and maybe less frequent dosing.
Others, such as Roche, AstraZeneca (AZN - Free Report) and AbbVie, have strengthened their obesity pipelines through licensing deals and acquisitions involving smaller biotechs. AbbVie entered the obesity field by licensing GUB014295 from Gubra. Roche strengthened its obesity presence through the acquisition of Carmot Therapeutics and its obesity assets, such as CT-388, as well as the exclusive collaboration with Zealand Pharma.
AstraZeneca’s most important obesity candidate is oral GLP-1 receptor agonist elecoglipron, which it licensed from Eccogene in 2023. AstraZeneca plans to begin an extensive phase III program on elecoglipron for obesity and type II diabetes soon. AstraZeneca's second major obesity program is AZD6234, a once-weekly amylin analog currently in phase II development.
PFE’s Price Performance, Valuation and Estimates
Pfizer stock has risen 4.1% so far this year compared with an increase of 3.7% for the industry.
From a valuation standpoint, Pfizer appears attractive relative to the industry and is trading below its five-year mean. Going by the price/earnings ratio, Pfizer’s shares currently trade at 8.86 forward earnings, significantly lower than 17.49 for the industry as well as the stock’s five-year mean of 9.52.
The Zacks Consensus Estimate for 2026 earnings per share has risen from $2.98 to $2.99, while that for 2027 has risen from $2.81 to $2.86 over the past 60 days.
Pfizer has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.