Pfizer's Obesity Push: Can Berobenatide Take Market Share?

The most important asset added from the Metsera deal is berobenatide (MET-097i), a long-acting GLP-1 receptor agonist that is in phase III development for chronic weight management.

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 plans an extensive phase III program for berobenatide in 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. Three phase III studies on berobenatide have already begun. Pfizer plans to soon start a phase III study evaluating participants switching from approved weekly therapies to monthly berobenatide.

Pfizer is targeting the first of a series of potential approvals for berobenatide in 2028. Pfizer is also evaluating berobenatide in combination with an ultra-long-acting amylin analog, PF'3945, as a monthly medicine in phase II studies with additional data expected later this year.

Can Pfizer Carve Out a Share in the Obesity Market?

Pfizer is a late entrant in the obesity market, which is heavily dominated by Lilly and Novo Nordisk. LLY and NVO already enjoy enormous commercial scale and brand recognition in the obesity space.

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 pill, 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 profound levels of weight loss and improvements in A1C, cardiovascular risk factors, osteoarthritis pain and sleep apnea, across its TRIUMPH program. Lilly plans to submit the treatment to the FDA in the first quarter of 2027.

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 mid-single-digit 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.

Overall, Pfizer’s obesity opportunity is high potential but has high execution risk as well.

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, with a monthly and maybe less frequent dosing.

Others, such as Roche, AstraZeneca AZN and AbbVie, have strengthened their obesity pipelines through licensing deals and acquisitions involving smaller biotechs. AbbVie entered the obesity field by licensing GUB014295 (now ABBV-295), a long-acting amylin analog, from Gubra in 2025. Roche strengthened its obesity presence through the acquisition of Carmot Therapeutics and its obesity assets, such as enicepatide (previously CT-388), as well as the exclusive collaboration with Zealand Pharma, which added petrelintide, a long-acting amylin analog.

AstraZeneca’s most important obesity candidate is oral GLP-1 receptor agonist elecoglipron, which it licensed from Eccogene in 2023 and is now in phase III.

PFE’s Price Performance, Valuation and Estimates        

Pfizer stock has risen 9.5% so far this year compared with an 11.9% growth of the industry.

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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 9.24 forward earnings, significantly lower than 18.51 for the industry as well as the stock’s five-year mean of 9.25.

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The Zacks Consensus Estimate for 2026 earnings per share has risen from $2.96 to $2.98, while that for 2027 has increased from $2.85 to $2.93 over the past 30 days.

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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.

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