CVS Health beats profit, revenue expectations as it administers over 3 million COVID-19 vaccines

CVS Health Corp. Shares CVS,
+ 0.83%
changed little in premarket trading on Tuesday after pharmacies and the health benefits company reported profit and revenue in the fourth quarter that exceeded expectations. Net income fell to $ 973 million, or 74 cents a share, from $ 1.75 billion, or $ 1.34 a share, a year ago. With the exception of non-recurring items, adjusted earnings per share fell from $ 1.73 to $ 1.30, but exceeded the FactSet consensus of $ 1.24. Total revenue increased 4.0% to $ 69.55 billion, above the FactSet consensus of $ 68.73 billion. Among CVS’s business segments, all exceeded expectations, with pharmacy services revenue down 1.9% to $ 36.36 billion amid continued price compression, with retail / long-term care revenue rising 6 percent. , 6% to $ 24.06 billion, and healthcare revenues rise 11.4% to $ 19.10 billion. For 2021, CVS expects adjusted EPS of $ 7.39 to $ 7.55, compared to the $ 7.54 FactSet consensus. The company said it has administered more than 3 million COVID-19 vaccines in more than 40,000 long-term care units. The stock has gained 1.0% in the last three months, while the S&P 500 SPX,
+ 0.47%
advanced by 8.5%.

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