Pfizer Bets on Weight-Loss Drugs to Power Its Next Decade

Pfizer Inc. is pulling back the curtain on its obesity ambitions, releasing new data on an experimental weight-loss shot and outlining a strategy to claw its way into a leadership position in the competitive market dominated by those with first-mover advantages.

After early failures dampened the company’s obesity prospects, Pfizer crafted a new approach supercharged by last year’s $10 billion purchase of Metsera Inc. But the company’s ambitions extend far beyond a single medicine, with executives envisioning a pipeline of treatments that target obesity and its many related conditions — for decades to come.

“We are entering a new era of internal medicine innovation,” Chris Boshoff, Pfizer’s chief ...