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You will see no decrease of the maximum instantaneous power of
the device up to 2..5% depending on the device. Around 5..20%,
the maximum average power will be obtained. Over this limit,
the increase of average power due to increase of duty cycle
will be smaller than its decrease due to increased threshold
current (caused by higher average temperature of the structure).
The precise percentages depend both on the technology used (normal pulsed 2 mW or high power DFB) and the wavelength. For normal pulsed devices at short wavelength (4..5um), the maximum duty cycle is 3..5%, and at longer wavelength it may go up to 8% or even 20% for high power DFBs.