This study is for adults with obesity (too much body weight) or overweight and Type 2 Diabetes (T2D) (a condition with too much sugar in the blood). The goal is to see how safe and effective PF-08653944, the study medicine, is in helping people lose weight. The medicine is given as a shot under the skin in the belly area once a week, and participants will learn to self-inject at home. Some participants will receive a placebo (a look-alike with no medicine) to compare results.

• Duration: The study lasts about 21 months.
• Visits: Participants will have around 14 site visits and 5 phone check-ins.
• Participation: Participants must be willing to self-inject and monitor blood sugar.

To join, participants must be 18 or older, have a BMI (Body Mass Index) of 27 or higher, and have had T2D for at least 6 months. Not eligible are those pregnant or breastfeeding, unwilling to follow contraceptive rules, or with other types of diabetes or certain health issues. Participants should not have had recent weight loss surgery or taken weight loss medications in the past 3 months.