PF‐06817024 is a high affinity, humanized antibody that binds interleukin (IL)‐33, a proinflammatory type 2 cytokine, and thereby has the potential to inhibit downstream type 2 inflammation. This Phase 1, randomized, placebo‐controlled study was conducted in three parts to evaluate the safety, tolerability, pharmacokinetics (PK), immunogenicity, and pharmacodynamics (PD) of escalating single and limited repeat PF‐06817024 doses in healthy participants (part 1), a single dose of PF‐06817024 in participants with chronic rhinosinusitis with nasal polyps (CRSwNP; part 2), and repeat doses of PF‐06817024 in participants with moderate‐to‐severe atopic dermatitis (AD; part 3). PF‐06817024 was generally well tolerated in all participant populations. Most participants experienced a treatment‐emergent adverse event (healthy participants, 78.4% and 100%; participants with CRSwNP, 90.9% and 88.9%; and participants with AD, 60.0% and 62.5% in the PF‐06817024 and placebo groups, respectively). No substantial deviations from dose proportionality were observed for single intravenous (IV) doses of 10–1000 mg, indicating linear PK in healthy participants. Mean terminal half‐life ranged from 83–94 days after single IV administration in healthy participants and was similar to that observed after administration in the studied patient populations. Incidences of antidrug antibodies in the studied populations were 10.8%, 9.1%, and 5.0% for healthy participants, participants with CRSwNP, and participants with AD, respectively. In addition, dose‐dependent increases were observed in total serum IL‐33 levels of treated participants, indicating target engagement. Overall, the PK and safety profile of PF‐06817024 supports further investigation of the drug as a potential treatment for allergic diseases.This article is protected by copyright. All rights reserved