But Pfizer also pointed to increased sales of drugs stemming from consumers seeking to avoid pharmaceutical visits. Some products also got a boost from their apparent use to treat COVID-19, even though they have not been approved for that use, the company said.
Net income came in at $3.4 billion, 12 percent below last year, which translated into per-share results that topped analyst expectations. Revenues declined eight percent to $12.0 billion.
Pfizer confirmed its full-year forecasts for revenues and adjusted profits, while tweaking a number of other aspects of its outlook. It also said it faces no liquidity problems for "the forseeable future."
Pfizer boosted by $500 million the range of its research and development budget for spending on a potential vaccine for COVID-19 as well as evaluation of existing products to treat the virus.
Pfizer saw an increase in some medicines that it believes have been used in response to COVID-19, including Prevnar 13, a vaccine for pneumococcal pneumonia as well as some sterile injectable products used for patients on ventilators.
"None of these products are approved for the treatment of COVID-19 and, therefore, Pfizer does not know the benefit/risk profile for their use in this disease," the company said.