Pfizer shares are selling after the pharmaceutical giant announced it was halting development of an experimental weight loss drug.
Pfizer said it has halted development of the drug, lotiglipron, and will continue to develop a separate investigational weight loss drug, danuglipron. The stock fell 3.5% in afternoon trading.
The news bodes well for drugs already on the market. Novo Nordisk’s Ozempic and Eli Lilly’s Mounjaro became blockbuster commercial hits and viral sensations.