On Wednesday, $Pfizer (PFE.US)$ reported first-quarter adjusted EPS of $0.82, down 33% year over year, beating the consensus of $0.54. The company witnesses a significant decrease in Comirnaty and Paxlovid revenues globally and an unfavorable impact of foreign exchange of $107 million, or 1%.
The U.S. drugmaker reported sales of $14.9 billion, down 20%, beating the consensus of $14.2 billion.Excluding contributions from Comirnaty and Paxlovid, revenues totaled $12.5 billion, an increase of $1.2 billion, or 11% Y/Y operationally.
First-quarter 2024 Comirnaty revenues of $354 million declined 88%, primarily driven by lower contractual deliveries and demand in international markets as well as lower U.S. volumes, reflecting the anticipated seasonality of demand for vaccinations and as certain markets, including the U.S., transition to traditional commercial market sales.
First-quarter 2024 Paxlovid revenues fell 50% to $2 billion. Pfizer reiterated its 2024 revenue forecast of $58.5 billion-$61.5 billion compared to the consensus of $62.9 billion. The guidance includes $8 billion from the sale of COVID-19 shot Comirnaty and anti-viral treatment Paxlovid.
Revenue from Comirnaty continues to perform consistently with its expectations, Pfizer said. Pfizer expects about 90% of vaccine sales to occur in the second half, mainly in the fourth quarter.
The company expects adjusted EPS of $2.15-$2.35 in 2024 compared with a prior forecast of $2.05 to $2.25 and the consensus of $2.76.
Pfizer is reportedly working on an online platform enabling patients to directly order medications, including the anti-Covid drug Paxlovid and a migraine nasal spray.
This move reflects a broader trend among drugmakers to bypass traditional distribution channels and cater directly to consumers.
The platform, which is slated for launch later this year, will facilitate connections between U.S. customers and independent telehealth consultants who can prescribe medications.
Subsequently, a drug-dispensing partner will fill and ship the prescriptions, streamlining the process for patients.
Pfizer's direct-to-consumer strategy aligns with the industry's evolving landscape and strategic priorities, the Financial Times noted.
Albert Bourla, Pfizer's CEO, has emphasized this approach as part of the company's agenda for the upcoming year.
In January, $Eli Lilly and Co (LLY.US)$ announced a new website that allows patients to get a weight loss drug prescription through a telehealth provider.
LillyDirect offers disease management resources, including access to independent healthcare providers, tailored support, and direct home delivery of select Lilly medicines through third-party pharmacy dispensing services.