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Hello, everyone. Damian here with the fallout from Pfizer’s downbeat update, a new entrant in obesity research, and an orthogonal CRISPR business.

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The need-to-know this morning

• Apellis Pharmaceuticals said a European advisory committee is expected to recommend against the approval of Syfovre, its eye drug for a common form of blindness. The company plans to appeal the negative ruling.
• Sage Therapeutics and Biogen announced the commercial launch of Zurzuvae, an oral treatment for women with postpartum depression.
• Merck and Moderna reported three-year follow-up data on their mRNA-based immunotherapy for advanced melanoma. Phase 3 studies are underway.
• The FDA accepted Amgen’s marketing application for tarlatamab, a bispecific antibody to treat advanced small cell lung cancer. The approval decision date is June 12, 2024.

Is it time to worry about Moderna?

Yesterday’s news that Pfizer is expecting to sell far fewer Covid-19 vaccines than Wall Street expected sent shares of Moderna down as much as 6% on fears that the company could be in for a painful revision of its own.

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