**Study on PF-07275315 for Chronic Obstructive Pulmonary Disease (COPD)** This study is testing a new medicine called **PF-07275315** to see if it's safe and helps people with *moderate to severe COPD*, a lung disease that makes breathing hard. People aged 35 to 80 with COPD for over a year and who have had *flare-ups* twice in the last year can join. Participants will receive either PF-07275315 or a **placebo**, which looks like the medicine but doesn’t have any active ingredients. - **Study Length**: The study has two parts; Phase 2 lasts about 40 weeks with 11 clinic visits, and Phase 3 lasts about 68 weeks with 18 visits. - **Treatment**: Participants will get shots of either the real medicine or placebo over 24 weeks (Phase 2) or 52 weeks (Phase 3). - **Considerations**: Before joining, ensure you are okay with multiple clinic visits and the possibility of receiving a placebo instead of the actual medicine. There are some health conditions that may prevent participation. This study aims to improve understanding of PF-07275315's effectiveness and safety for treating COPD.