Pfizer stock is selling off after the pharma giant announced it’s discontinuing development of an experimental weight loss drug.
Pfizer said it halted development of the drug, lotiglipron, and would continue developing a separate experimental weight loss drug, danuglipron. The stock was down about 3% in premarket trading.
The news bodes well for drugs already on the market. Novo Nordisk’s Ozempic and Eli Lilly’s Mounjaro have emerged as blockbuster commercial successes and viral sensations.
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