PFE: Berobenatide Data Close to Expectations and Gives Pfizer an Entry Point into Large Obesity Market, But Work Remains to Catch Up To and Differentiate from Competitors

Research evidence excerpt

PFE: Berobenatide Data Close to Expectations and Gives Pfizer an Entry Point into Large Obesity Market, But Work Remains to Catch Up To and Differentiate from Competitors

FLASH NOTE

June 7, 2026

Vamil Divan, M.D. vamil.divan@guggenheimpartners.com PFE: Berobenatide Data Close to Expectations

212 823 6543 and Gives Pfizer an Entry Point into Large Obesity

Arseniy Shabashvili

arseniy.shabashvili@guggenheimpartners.com Market, But Work Remains to Catch Up To and

212 699 1971 Differentiate from Competitors Daniel Krizay, Ph.D.

daniel.krizay@guggenheimpartners.com

212 823 6561 Key Message: We attended the American Diabetes Association (ADA) Annual Meeting

Edouard Mullarky, Ph.D. this weekend, where Pfizer presented long-awaited Phase 2b data for berobenatide

edouard.mullarky@guggenheimpartners.com (formerly known as PF-08653944 or MET-097) from the VESPER-1, 2 and 3 trials, and

212 518 9579 hosted a “Pfizer Pflash” webinar to discuss the data and their future obesity development

plans with the Street. Overall we found the berobenatide data to be solid, but also

relatively undifferentiated from other options that are either already on the market or

ahead of berobenatide in development. That said, a key theme from experts at ADA this

year was that despite the impressive progress we have seen in the treatment of obesityPFE

Pfizer Inc. and type 2 diabetes over the past several years, there remains a need for additional

Sector: Global Biopharmaceuticals options to meet the diverse needs that patients have. To that end, we are encouraged to

see the company moving forward with a broad Phase 3 program for berobenatide, but

Company Update await more data from the monthly doses of berobenatide, including how tolerability holds