Trial to Learn About the Study Medicine (PF-07081532) and Rybelsus in People With Type 2 Diabetes and Separately PF-07081532 in People With Obesity

Inclusion Criteria:

T2DM

• T2DM inadequately controlled with metformin

• BMI ≥23.0 kg/m2 (≥20.0 kg/m2 in Japan)

• HbA1C of 7% to 10% (53-86 mmol/mol)

• FPG ≤270 mg/dL (15 mmol/L)

Obesity

• BMI ≥30.0 kg/m2

• HbA1C ≤6.4% (47 mmol/mol)

• FPG ≤126 mg/dL (7 mmol/L)

Exclusion Criteria:

• Any of the following: Active/current, symptomatic gallbladder disease; History ofpancreatitis in the prior 2-months;History of Type 1 Diabetes Mellitus, or secondaryforms of diabetes; Any condition affecting drug absorption; Medical history ofactive liver disease (other than non-alcoholic hepatic steatosis)

• Use of pharmacological agents with approved indication for weight loss

• T2DM:Use of any agent (other than metformin)for the explicit purpose of glycemiccontrol;History of diabetic ketoacidosis;Proliferative retinopathy or maculopathyrequiring acute treatment;

• Obesity: Previous or planned weight reduction surgery; Major depressive disorder orother severe psychiatric disorders; Any lifetime history of a suicide attempt; PHQ-9score ≥15; Response of "yes" to Question 4 or 5, or on any suicidal behavioralquestion on the C-SSRS

• Clinically significant cardiovascular conditions

• Uncontrolled blood pressure

• Personal or within first-degree relative family history of MTC or MEN2

• Other medical or psychiatric condition that may increase the risk of studyparticipation or, in the investigator's judgment, make the participant inappropriatefor the study

• Any of the following central lab results: Fasting C-peptide <0.8 ng/mL; ALT or AST ≥2.5x ULN; Direct bilirubin >ULN or T Bili >1.5x ULN except when participants have ahistory of Gilbert syndrome ; TSH >1.5x ULN or <LLN; Serum calcitonin >ULN; Serumamylase or serum lipase >ULN; eGFR <45 ml/min/1.73 ; Active Hepatitis B, orHepatitis C; A positive urine drug test for illicit drugs