CVS Health Topped Fourth-Quarter Earnings
Feb 9, 2022 By MarketDepth
CVS Health (NYSE: CVS) topped fourth-quarter earnings expectations on Wednesday after reporting that high demand for both Covid vaccines and at-home tests had boosted store sales. Nevertheless, shares fell almost 3% as CVS failed to raise its fiscal 2022 forecast.
“We’re engaging millions of customers across our businesses and in our community health destinations, becoming an even bigger part of their everyday health. That’s clearly reflected in our performance, but more importantly in our potential.”CEO Karen Lynch
The American healthcare company reported earnings of USD1.98 per share, compared to the expected USD1.88 a share. Revenue totaled USD76.60 Billion, higher than analysts anticipated USD75.47 Billion.
8 Million Covid Tests
CVS managed to administer over 8 million Covid tests and more than 20 million Covid vaccines within the fourth quarter. The company had previously only administered 17 million shots in the second quarter and 11.6 million within the third quarter.
On an earnings call, Lynch referred to the company’s management of Covid tests and vaccines as “a powerful example of the relationship we’re building with consumers, which leads to new customers seeking a range of other health services at CVS Health.”
For the upcoming fiscal year, the company predicts earnings between USD7.04 and USD7.24 per share and adjusted earnings ranging between USD8.10 and USD8.30 per share.