Pfizer reported positive phase 2b data for the once‑monthly GLP‑1 acquired from Metsera, showing statistically significant placebo‑adjusted weight loss at 28 weeks and supporting a broad Phase 3 program. The company plans higher dosing in the pivotal program to chase greater differentiation against market leaders. The readout adds clinical validation to Pfizer’s $10 billion Metsera purchase and underpins its obesity strategy. The results arrive alongside a separate earnings disclosure revealing a $4.4 billion impairment charge tied to other pipeline assets. Management said the company has largely completed a recent round of pipeline pruning and repositioning, but the charge highlights financial tradeoffs as Pfizer reallocates resources toward prioritized programs including PF‑3944. Investors reacted to both the efficacy signal and the balance‑sheet hit in intraday trading. Phase 2b tolerability and dosing strategy were central to Pfizer’s messaging: the company will test doubled doses in Phase 3. GLP‑1 competitive dynamics and dose‑response expectations will shape regulatory and commercial positioning going forward.