- Pfizer shares rose after a study showed its experimental diabetes treatment was effective in reducing patients' weight.
- The drug provided similar weight loss to that of Ozempic, but in less time.
- Pfizer shares gained over 5% on Monday following the news.
Pfizer (PFE) shares advanced following the release of a study showing positive weight-loss results for patients taking the drug maker’s oral diabetes treatment.
The Phase 2 trial data published on the Journal of the American Medical Association (JAMA) Network indicated the drug, danuglipron, worked as well and faster than Novo Nordisk’s (NVO) popular Ozempic weekly injection.
The research found adults with type 2 diabetes who received the experimental treatment lost about 10 pounds over 16 weeks. A Phase 3 trial of Ozempic resulted in that same weight loss, but it took 30 weeks.
Pfizer had presented the data last fall at a conference in Europe, and Monday's JAMA report was of a full, peer-reviewed study.
Demand for Ozempic and Novo’s weight-loss medicine, Wagovy, has climbed as those looking to shed pounds, including Hollywood celebrities, social media influencers, and Tesla (TSLA) CEO Elon Musk, claimed they provided positive results. Novo reported Ozempic sales soared 77% in 2022, and it expects them to rise 23% this year.
Shares of Pfizer rose over 5% on Monday following the news, but are down 24% for the year so far.