Pfizer shares are selling off after the pharmaceutical giant announced it is ending development of an experimental weight loss drug.
Pfizer said it halted development of the drug, lotigliprone, and would continue to develop its own experimental weight-loss drug, danugliprone. The stock fell around 3% in pre-market trading.
The news bodes well for drugs already on the market. Novo Nordisk’s Ozempic and Eli Lilly’s Mounjaro have emerged as major commercial successes and viral sensations.