However, sales of the treatment are expected to pick up later this year, and President Joe Biden’s administration is pushing to expand access to Paxlovid.
“We are seeing strong signs for increasing demand for Paxlovid,” Chairman and CEO Albert Bourla told analysts Tuesday.
He added that Pfizer booked only a small portion of revenue in the first quarter from the roughly 6 million doses it has shipped so far. He noted that international sales will be booked in the second quarter.
Revenue from both products will likely wind up exceeding forecasts, Mizuho Securities USA analyst Dr. Vamil Divan said in a research note. He noted that current projections only include contracts the company signed as of mid April.
During a Tuesday conference call to discuss the quarter, another analyst asked Pfizer executives about reports of COVID-19 recurring in patients after they have completed a Paxlovid treatment course.
Company officials said early data from outside clinical trials shows that these recurrences have been reported in less than 1 in 3,000 patients. They noted that patients with compromised immune systems can carry the virus for long periods of time, and Pfizer will study whether extended treatment courses may be appropriate in some cases.
Pfizer on Tuesday also revised the 2022 earnings forecast it debuted in February to reflect an accounting policy change. It now expects adjusted earnings of $6.25 to $6.45 per share.