Shares of Pfizer (NYSE: PFE) have been in an endless tailspin this year -- now down more than 40%. The top drugmaker can't seem to catch a break. Revenue from its COVID-19 products is down big, and investors are concerned about looming patent cliffs for the business in the years ahead.
And recently, the company had another setback, giving investors yet another reason to be bearish on the stock. Let's look at what happened -- and Pfizer's prospects for overcoming this latest challenge.
Last week, Pfizer announced that it would discontinue yet another weight-loss drug. Weight-loss drugs have been incredibly popular with investors this year, and they have been key catalysts behind the surging valuations of Eli Lilly and Novo Nordisk. Pfizer is hoping to get in on the hype as well, but it doesn't have an asset like Zepbound or Wegovy that can rally investors.
Source Fool.com