Validating VESPER - Pfizer VESPER Program Updates Provide More Confidence in Path

Research evidence excerpt

Validating VESPER - Pfizer VESPER Program Updates Provide More Confidence in Path

on and Ph 3 (VESPER-6) allowing greater

flexibility, initial once monthly tolerability appears at a minimum encouraging with Revenue $63,627 $62,578 $62,572

improvement possible in later development. Consensus Estimates

Open label extension (OLE) data from VESPER-1 demonstrates more robust weight 2024A 2025A 2026E

loss for berobenatide at higher doses. 28-week primary efficacy analysis data was EPS $2.96

previously released for the VESPER-1 study demonstrating that berobenatide treatment Valuation

in patients who are overweight/obese led to a 12.5% (14.1% placebo-adjusted) weight

2024A 2025A 2026E

reduction at 1.2mg QW dosing. Initial weight loss was further improved with longer

P/E 8.4x 8.1x 8.7xtreatment through week 60 with patients who moved to 4.8mg QM achieving a

14.9% weight loss. Placebo patients who transitioned to berobenatide treatment QTR. EPS Q1 Q2 Q3 Q4

(0.4mg/0.8mg/1.6mg/2,4mg QW) were able to reach 15.9% weight loss with only 32 2024A $0.82 $0.60 $1.06 $0.63

weeks of active treatment. Results compare favorably to tirzepatide in the SURMOUNT-1 2025A $0.92 $0.78 $0.87 $0.66

study where 15mg tirzepatide was able to reach ~17% weight loss at ~32 weeks. 2026E $0.75a $0.65 $0.83 $0.76

VESPER-1 OLE tolerability data is encouraging, showing QW dosing with 0

discontinuations due to GI events during the extension. It is important to note that

discontinuations were reported specifically for the OLE, not the entire trial, but we still

note overall discontinuation rates during this period were low at 5.7% across treatment

arms. Such results make us incrementally more positive on the potential opportunity for

berobenatide as a QW agent with expansion potential in QM regimens.