PFE Beats Q2, Axes Two Obesity Drugs, Backs Berobenatide

Pfizer (PFE) beat Q2 2026 expectations on August 4, reporting EPS of $0.77 versus the $0.68 consensus and revenue of $15.03 billion versus the $14.41 billion estimate. The company raised the midpoint of its full-year revenue guidance by $500 million. But the headline number was not the story. Pfizer axed two clinical-stage obesity programs from the $10 billion Metsera acquisition, narrowing its obesity bet to a single injectable candidate. Shares closed at $25.41.

The numbers

• Ticker: PFE
• Stock price: $25.41 (close August 4)
• Q2 revenue: $15.03 billion (beat $14.41B consensus)
• Q2 EPS: $0.77 (beat $0.68 consensus)
• 2026 revenue guidance: Raised midpoint by $500M
• Paxlovid: -95% YoY
• Comirnaty: -34% YoY

Obesity pipeline: from portfolio to single asset

Pfizer spent roughly $10 billion to acquire Metsera in early 2026, gaining a portfolio that included berobenatide (injectable GLP-1, monthly dosing), MET-224o (oral GLP-1), and PF-07976016 (GIPR antagonist). This quarter, the company discontinued both the oral GLP-1 and the GIPR antagonist, leaving berobenatide as the sole surviving clinical-stage obesity asset from the acquisition. One additional oral candidate, PF-08642534 licensed from YaoPharma, remains in early development.

CSO Chris Boshoff claimed on the earnings call that berobenatide “can deliver weight loss comparable to tirzepatide.” The Phase 2b VESPER-3 data showed 12.3% placebo-adjusted weight loss at 28 weeks, with patients continuing to lose weight after transitioning from weekly to monthly dosing. Pfizer plans 10 Phase 3 studies for berobenatide in 2026, targeting chronic weight management, knee osteoarthritis, and obstructive sleep apnea. The first potential approval is not expected until 2028. For context, the obesity pipeline cut at Roche followed a similar pattern, prune the portfolio, bet on a single lead asset.

COVID unwind masks the underlying business

The revenue beat came despite a near-total COVID unwind. Paxlovid sales collapsed 95% year over year, and Comirnaty fell 34%. Excluding COVID products, Pfizer’s core business showed steady growth driven by oncology (Lorbrena, Talzenna, Xtandi), the Vyndaqel transthyretin amyloidosis franchise, and Eliquis. The TALZENNA plus XTANDI prostate cancer combination added a priority review catalyst during the quarter.

What to watch

Pfizer’s obesity thesis now hinges entirely on berobenatide’s Phase 3 program. The asset faces established competitors: tirzepatide and semaglutide are each generating billions in annual revenue, and a dozen next-generation incretin candidates from Lilly, Novo, Amgen, and Viking are in late-stage development. If berobenatide’s monthly dosing convenience and tolerability profile do not clearly differentiate in Phase 3, Pfizer’s $10 billion obesity bet looks thin. The first Phase 3 readouts, expected in 2027, will determine whether Pfizer has a contender or an also-ran.

Pfizer Q2 2026 press release | Pfizer obesity pipeline cleanout (FierceBiotech)