Forget Novo Nordisk. Pfizer’s Obesity Pipeline Is Coming, and It Pays You 6.8% While You Wait

The post Forget Novo Nordisk. Pfizer’s Obesity Pipeline Is Coming, and It Pays You 6.8% While You Wait appeared first on 24/7 Wall St..

Everyone is still arguing about Novo Nordisk (NYSE:NVO), the Danish obesity juggernaut whose GLP-1 franchise turned Wegovy and Ozempic into household names and dragged the entire pharma sector into a multi-year hype cycle. But here’s what you should actually be watching.

The reality check has already started, and the numbers are uglier than the headlines suggest. Stripped of a $4.2B non-cash 340B provision reversal, Novo’s Q1 FY26 sales actually declined 4% at constant exchange rates. Ozempic fell 14% at CER in the US and Rybelsus dropped 27%. EPS of $6.63 missed the $6.96 estimate. Management then guided FY26 adjusted sales growth to negative 4% to negative 12% at CER and confirmed a roughly 50% Wegovy list price cut and a 35% Ozempic cut in January 2027. The next-generation hope, CagriSema, missed its REDEFINE 4 primary endpoint and had its co-formulation development terminated. Add ~9,000 positions cut, a securities class-action lawsuit, and rising net debt, and the picture is unmistakable. The stock has already dropped 38.97% over the past year, yet the trade is still crowded.

Now the better setup.

Pfizer (NYSE:PFE) trades at $25.21 with a P/E of 19 and a dividend yield near 6.8%. It is washed out, ignored, and quietly executing. Three reasons retirement-focused investors should pay attention.

1. The earnings beat streak is real. Q1 FY26 adjusted EPS came in at $0.75 against a $0.7217 consensus, on revenue of $14.451 billion that grew 5.4% year over year. That is the fifth consecutive EPS beat, with launched and acquired products growing 22% operationally. Padcev rose 39%, Nurtec ODT/Vydura 42%, and Eliquis 13%.

2. Pfizer is an obesity play too, at a fraction of the price. Through the Metsera acquisition, Pfizer is advancing PF-3944, an ultra-long-acting GLP-1 with positive Phase 2b data, plus ecnoglutide, which launched in China on April 27, 2026. CEO Albert Bourla called out “approximately 20 key pivotal trial starts” for 2026, with about ten from the obesity portfolio. Investors are paying for Novo’s collapsing GLP-1 economics. They are getting Pfizer’s optionality for free.

3. The dividend is durable, and insiders are buying. Pfizer paid $0.43 per quarter across 2025 and into 2026, with full-year 2025 dividends totaling $9.8 billion. The company reaffirmed FY26 adjusted EPS guidance of $2.80 to $3.00, which comfortably covers the payout. Meanwhile, CEO Bourla has executed 7 acquisitions in the past 3 months at prices ranging from $25.33 to $28.08, alongside coordinated board-level equity acquisitions. The Vyndamax patent settlement extends US exclusivity to June 2031, pushing the feared cliff out by years.

Bourla’s own framing on the Q1 call captured it: “We’re off to a strong start in 2026… I’m particularly encouraged by what we’re seeing in oncology and obesity, two areas where I believe Pfizer is positioned to lead.”

The crowd is still litigating Novo’s bottom while the price ladder keeps stepping lower. Pfizer is up 12.98% over the past year, pays you 6.8% to wait, and offers a real pipeline. Stop chasing the obesity headlines and put Pfizer on your research list this week.

The post Forget Novo Nordisk. Pfizer’s Obesity Pipeline Is Coming, and It Pays You 6.8% While You Wait appeared first on 24/7 Wall St..