Pfizer Eyes Smaller Drugmakers After Failure of Obesity Pill

Pfizer Inc. expects to pull off two or three deals totaling as much as $15 billion this year to replenish its pipeline following the failure of its closely watched obesity pill.

“We’re going to be very prudent,” Chief Executive Officer Albert Bourla said in an interview. “We don’t want to take it all in one product. That’s a lot of risk.”

The New York City-based drugmaker has struggled amid declining demand for its Covid-19 vaccines and treatments, while patent losses are expected to erode sales by more than $15 billionthrough the end of the decade. A series of multibillion-dollar ...