Pfizer (NYSE:PFE) is advancing its efforts in the weight-loss medication sector with the development of a new anti-obesity pill, named danuglipron.

On Thursday, the pharmaceutical giant shared results from a 20-person study of the anti-obesity pill, which previously faced challenges due to side effects.

In the recent study, Pfizer tested four once-daily formulations of the treatment, shifting from the previous twice-daily regimen.

The goal was to identify a version that effectively promotes weight loss without the adverse side effects that led to discontinuation by participants.

Despite the promising results, Pfizer has remained tight-lipped about which specific formulation proved most effective, leaving analysts with scant details to evaluate the study's outcomes.

Mikael Dolsten, Pfizer's outgoing Chief Scientific Officer, described the results as "encouraging" and expressed confidence in the once-daily pill's potential to compete effectively in the burgeoning obesity pill market.

Following the announcement, Pfizer’s shares increased by up to 3.1%.