CVS Health beats profit, revenue expectations, as it has administered more than 3 million COVID-19 vaccines

February 16, 2021 0 By boss


Shares of CVS Health Corp.

were little changed in premarket trading Tuesday, after the drugstore and health benefits company reported fourth-quarter profit and revenue that beat expectations. Net income fell to $973 million, or 74 cents a share, from $1.75 billion, or $1.34 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share declined to $1.30 from $1.73, but beat the FactSet consensus of $1.24. Total revenue rose 4.0% to $69.55 billion, above the FactSet consensus of $68.73 billion. Among CVS’s business segments, all beat expectations, with pharmacy services revenue falling 1.9% to $36.36 billion amid continued price compression, retail/long-term-care revenue rising 6.6% to $24.06 billion and health care benefits revenue climbing 11.4% to $19.10 billion. For 2021, CVS expects adjusted EPS of $7.39 to $7.55, compared with the FactSet consensus of $7.54. The company said it has administered more than 3 million COVID-19 vaccines in over 40,000 long-term care facilities. The stock has gained 1.0% over the past three months, while the S&P 500

has advanced 8.5%.


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