U.S. pharmaceutical giant Pfizer (PFE) has ended development of its experimental weight loss pill after a patient experienced a liver injury during the drug’s trial.
The pill was an oral GLP-1 drug called “Danuglipron” that Pfizer had hoped to bring to market and sell as a daily medication for people struggling with their weight.
The drugmaker’s decision to end development of the weight loss pill came after “a review of the totality of information, including all clinical data generated to date,” said Pfizer in a news release.
The company said it remains committed to developing other weight loss medications going forward.
Pfizer has been struggling to win a slice of the booming market for weight loss drugs that is dominated by rivals Eli Lilly (LLY) and Novo Nordisk (NVO).
Currently, weight loss medications are taken via a weekly injection, and companies are racing to develop a pill version that will be easier for consumers and help boost sales.
Some Wall Street analysts forecast that the market for weight loss drugs could be worth more than $150 billion U.S. annually within a decade.
Pfizer had previously canceled a different obesity pill back in 2023 after patients who took that drug also experienced liver issues.
To date, the only oral GLP-1 drug approved by the U.S. Food and Drug Administration (FDA) is Novo Nordisk’s Rybelsus, which is used primarily to treat Type 2 Diabetes.
Pfizer’s efforts to create a weight loss drug come after the decline in sales of its Covid-19 medications.
The stock of Pfizer has fallen 15% over the last 12 months and currently trades at $21.91 U.S. per share.