Inclusion Criteria:  Females of non childbearing potential; Patients with T2DM, inadequately controlled with metformin; HbA1c ≥7.0% to ≤10.5% (for T2DM); HbA1c <6.5% (for non-diabetic obese, if enrolled) Total body weight >50 kg (110 lbs) BMI ≥24.5 to ≤45.5 kg/m2 (T2DM), BMI >30.5 to ≤45.5 kg/m2 (for non-diabetic obese)  Exclusion Criteria  Evidence or history of clinically significant hematological, renal, endocrine, pulmonary, gastrointestinal, hepatic, psychiatric, neurological, dermatological, or allergic disease; Medical history of T2DM (for non-diabetic obese participants, if enrolled); Diagnosis of type 1 diabetes mellitus or secondary forms of diabetes; Evidence or history of clinically significant cardiovascular disease; Any malignancy not considered cured; Acute pancreatitis or history of chronic pancreatitis; Acute gallbladder disease; Any condition possibly affecting drug absorption; Personal or family history of MTC or MEN2; Medical or psychiatric condition that may increase the risk of study participation; Any vaccination within the 1 week prior to admission to the CRU; Previous administration with an investigational drug within 30 days or 5 half-lives preceding first dose; Known prior participation in a trial involving PF-07081532; A positive urine drug screen at screening or admission; Positive testing at screening for HIV, HBsAg, HBcAb, HBsAb or HCVAb; Positive COVID-19 test at screening or admission; Supine BP ≥160 mm Hg (systolic) or ≥100 mm Hg (diastolic); 12-lead ECG clinically relevant abnormalities that may affect participant safety or interpretation of study results;  Participants with ANY of the following abnormalities in clinical laboratory tests: *AST or ALT level ≥1.5x ULN;  Total bilirubin level ≥1.5x ULN; TSH> ULN; Fasting C-peptide <0.8 ng/mL; Serum calcitonin > ULN; Amylase > ULN; Lipase > ULN; eGFR <60 mL/min/1.73m2 (per MDRD equation); FPG >270 mg/dL History of alcohol abuse, binge drinking and/or any illicit drug use or dependence within 6 months of Screening; Blood donation (excluding plasma donations) of approximately 1 pint (500 mL) or more within 60 days prior to dosing; History of sensitivity to heparin or heparin induced thrombocytopenia; Known intolerance to any GLP-1R agonist.