** Pfizer PFE.N presented data on Saturday showing a monthly dose of an experimental obesity drug called berobenatide that it acquired through its purchase of Metsera last year had a similar side-effect profile as rival Novo Nordisk's NOVOb.CO weekly injection Wegovy.

DRUG PROFILE HINGES ON LATE-STAGE RESULTS IN 2028

** Leerink Partners ("market perform") says mid-stage results were "encouraging", but "defining monthly data, including efficacy and tolerability, does not read out until 2028"

** JP Morgan ("neutral") says, "While several questions on berobenatide will need to be addressed in phase 3, the asset appears able to offer Wegovy-like weight loss or better with monthly dosing"

** Citi ("neutral," PT: $27) says, "Without doubt, this is an interesting second-wave obesity asset, but conviction requires phase 3 tolerability data before the long-acting convenience thesis plays out"

** Barclays ("underweight," PT: $25) says, "In our view, with efficacy unlikely to be majorly differentiated from tirzepatide, Pfizer's main differentiation will come via convenience"