Facing the loss of exclusivity on key products, Pfizer has pulled forward its lead obesity asset into Phase III and targeted a 2028 launch. CEO Albert Bourla explained the pharma’s strategy at J.P. Morgan on Monday.
Pfizer is racing to accelerate the progress of Metsera’s obesity assets, outlining plans to start 10 Phase III trials to support a launch that could offset its patent cliff.
The Big Pharma fought hard for Metsera last year, fending off rival bids from Novo Nordisk to acquire the obesity biotech for $9.8 billion upfront. Pfizer CEO Albert Bourla used the 2026 J.P. Morgan Healthcare Conference to provide an update on the acquired drug candidates and where they fit into the company’s strategy.
Pfizer began the first of 10 planned Phase III studies of Metsera’s ultra-long-acting GLP-1 drug candidate MET097 late last year. Bourla said Metsera had planned to start the study in the first quarter of 2026, but Pfizer, weeks after closing the deal, was able to pull the start date forward. Pfizer plans to start the other nine Phase III trials this year with a view to launching MET097 in 2028.
The race to launch the product in 2028 reflects the patent cliff facing Pfizer. Basic U.S. product patents on seven Pfizer franchises have or will expire between 2025 and 2028. The next two years feature most of the patent expirations, with Xeljanz, Prevnar 13 and Eliquis set to lose protection this year, with Ibrance and Xtandi following in 2027.
Pfizer’s products with patent losses in 2026 and 2027 generated sales of $21.4 billion in 2024, accounting for one-third of the company’s total revenues. Bourla said loss of exclusivity could create a $1.5 billion headwind this year, rising to $4.5 billion in 2027. As off-patent rivals erode sales of key Pfizer products, Bourla warned that the company will probably see “a modest decline” in 2028.
Obesity is central to the CEO’s prediction that Pfizer will bounce back from the decline to enter a period of industry-leading growth in the latter part of this decade. Bourla, who hopes to launch MET097 toward the start of 2028, said Pfizer’s “commercial muscle” could enable a “hockey stick ramp-up” to maximum market share. The targeted trajectory would take Pfizer toward peak sales faster than traditional launches.
BMO Capital Markets analysts said in a note to investors that MET097 is part of a broad offering that Pfizer has built across obesity targets and modalities. MET097, an injectable that could be differentiated by once-monthly dosing, is part of a pipeline that features candidates against the targets GLP-1, amylin and GIPR. Pfizer is also advancing oral peptides and small molecules alongside its injectables.
Pfizer’s strategy for offsetting its patent cliff extends beyond obesity to include readouts on Padcev and other antibody-drug conjugates (ADCs) and the start of Phase III trials of a PD-1/VEGF bispecific antibody. The drugmaker is also aiming to grow sales of existing medicines, with Bourla naming Nurtec and Elrexfio as products that are under-appreciated by Wall Street.
Having signed a most-favored-nation (MFN) deal with the Trump administration, Pfizer can work to grow sales free from the tariff risk that clouded 2025. Bourla predicted MFN will be positive for international sales, pointing to the U.K.’s agreement to spend more on innovative medicines to make his case. The CEO said he is in talks with leaders in France and Germany who understand they will need to pay more.
Pfizer is also reportedly seeking a priority review voucher under the new program started by the Trump administration last year. The FDA launched the Commissioner’s National Priority Voucher (CNPV) program in June, aiming to expedite drug reviews for companies that abide by certain national priorities, shaving the usual review time from 10–12 months to 1–2 months.
