This year’s top performers in the healthcare sector include those expected to benefit from the anti-obesity drug craze. Eli Lilly And Novo Nordisk shares both with more than 40% each. Much of the rest of the industry is underwater, with some of the biggest fallers being pandemic winners such as Pfizer And Modern.
It’s no wonder that investors were hoping that Pfizer could jump into the winning camp with an obesity pill. But the company’s silence on its experimental oral drug, danugliprone, during its earnings release Tuesday has Wall Street concerned. “Not a single mention [of danuglipron] in Pfizer’s prepared remarks,” noted Will Sevush, a healthcare strategist for Jefferies. Before today’s win, David Risingeran analyst from Leerink Partners, had written that Pfizer might release data from its interim study as early as Tuesday in addition to the profit results.
During the call, analysts repeatedly put pressure on the Chief Executive Officer Albert Bourla about the medication, but he urged them to wait, noting that the company had not yet seen the data, which is expected before the end of the year. “I know the interest is very high right now, but I want to be very careful and not say things without the data,” he said. TD Cowen analyst Steve Scala noted that he heard no “confidence-inspiring statements” from management.
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