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PFE is up 4% on the news of its diabetes weight loss drug.

Pfizer's diabetes drug results in similar weight loss levels as Novo's Ozempic
REUTERS 11:54 AM ET 5/22/2023
Symbol Last Price Change
PFE 38.2619down +1.4919 (+4.0574%)
QUOTES AS OF 01:03:51 PM ET 05/22/2023
May 22 (Reuters) - Pfizer Inc's(PFE) diabetes drug resulted in weight loss similar to that of Novo Nordisk's Ozempic in a mid-stage study testing it in patients with type 2 diabetes, according to a study published in JAMA Network.

Shares of Pfizer(PFE) rose about 4.5% following the news.

Data confirms results that were published last year by Pfizer(PFE).

The U.S. drugmaker's danuglipron belongs to a class of drugs which mimic the gut hormone glucagon-like peptide-1 (GLP-1) that work by suppressing appetite.

Danuglipron could help Pfizer(PFE) enter a potential $100 billion weight-loss drug market.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Shinjini Ganguli)