Global demand for Pfizer Inc's (NYSE:PFE) Paxlovid has been unexpectedly light due to complicated eligibility requirements, reduced testing, and potential for drug interactions, a Reuters review of data and interviews with experts has found.
Amid a recent rise in COVID-19 infections, Paxlovid supply far outstripped demand in the U.S., the U.K., Japan, and South Korea, data from health ministries and Reuters interviews with doctors and pharmacists found.
Pfizer plans to produce up to 120 million courses of Paxlovid in 2022 and expects at least $22 billion in sales from contracts signed through early February.
The U.S. agreed to buy up to 20 million pills this year at $530 a course.
The government said that Pfizer is on pace to produce 3.5 million courses earmarked for U.S. use by the end of April.
Through the first half of April, U.S. data shows it has distributed around 1.5 million courses and that pharmacies still have over 500,000 available. The Paxlovid rollout has also been slow in Asia, despite some countries hitting record infections recently.
Japan has contracted for 2 million Paxlovid courses. At the end of March, just under 10,000 courses had been sent out, and 2,900 prescribed.
South Korea had received enough Paxlovid to treat 624,000 people on April 17. The government data shows that about one-third of its inventory is used.
The UK has deals for 2.75 million Paxlovid courses. According to England's National Health Service, it has been given to more than 6,000 patients as of April 9.
Italy has been receiving around 50,000 courses of Paxlovid a month since February. About 8,300 people have been prescribed the pills.
Price Action: PFE shares are down 2.90% at $50.34 during the market session on the last check Tuesday.
Photo by Thomas Breher from Pixabay
