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People walk past a CVS Pharmacy store in the Manhattan neighborhood of New York City.
Shannon Stapleton | Reuters
CVS Health’s fourth-quarter results beat Wall Street expectations, as its drugstore sales increased thanks to Covid-19 testing and vaccines.
The company’s shares are up slightly in pre-market trading.
Here’s what the company reported for the fiscal fourth quarter ended Dec. 31, compared to what analysts expected, based on an analyst survey by Refinitiv:
- Earnings per share: $ 1.30, adjusted, vs. $ 1.24 expected
- Revenue: $ 69.55 billion vs. $ 68.75 billion expected
The drugstore chain reported fourth-quarter net income of $ 975 million, or 75 cents per share, from $ 1.74 billion, or $ 1.33 per share, a year earlier.
Excluding items, it gained $ 1.30 per share, exceeding the $ 1.24 per share expected by analysts polled by Refinitiv.
Revenue reached $ 69.55 billion, up from $ 66.89 billion a year earlier. That’s more than analysts’ expectations of $ 68.75 billion, according to Refinitiv.
CVS offers Covid-19 testing in several of its stores. The company said it has administered around 15 million tests nationwide. It has also administered more than 3 million Covid vaccines in more than 40,000 long-term care facilities. The drugstore chain and its competitor, Walgreens, struck a deal with the federal government in October to provide vaccines to staff and residents of nursing homes and assisted living facilities. He started vaccinations at the facility in December.
CVS is now playing an increased role in delivering Covid vaccines to its stores. Last week, the federal government shipped doses directly to retail drugstore stores – including CVS stores in 11 states.
At market close on Friday, CVS shares have risen less than 1% over the past year. The company’s shares, which have a market value of $ 97.13 billion, hit a 52-week high of $ 77.23 in mid-January. It closed at $ 74.21 on Friday.
This story is developing and will be updated.
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