Pfizer 1Q sales and profit down, but it maintains 2020 views
Drugmaker Pfizer said the COVID-19 pandemic will reduce its second-quarter sales. That’s because quarantines around the world are reducing visits to doctors _ by patients with chronic conditions, parents bringing in kids needing shots and the company’s sales representatives. The world’s biggest prescription drugmaker on Tuesday reported lower drug revenue in the first quarter as sales of recently off-patent drugs like painkiller Lyrica dropped. Still, Pfizer said it’s maintaining its 2020 profit forecast, and said it expects the health system to gradually recover from July through December. By then, it’s possible Pfizer will have a vaccine against the virus ready.