"Pfizer's Weight-Loss Drug Fails, Joins List of Obesity Drug Flops"

Pfizer's stock (PFE) fell 5% after the company announced it would not advance the development of its twice-daily oral weight-loss drug due to high rates of adverse effects, including nausea and vomiting. The pharmaceutical giant will now focus on a once-daily version of the drug, with initial data expected in the first half of next year. This setback comes after Pfizer dropped the development of another once-daily weight-loss drug in June. Pfizer has been working on its own GLP-1 drug to compete with Novo Nordisk's Ozempic and Eli Lilly's Mounjaro. PFE stock has lost over 40% this year, while Novo Nordisk and Eli Lilly have seen gains in their stock prices.