CVS raises outlook for 2022 after strong quarter

Sadye Matula

COVID-19 vaccines and checks for the virus go on to enhance CVS Wellness and the wellness treatment big lifted its once-a-year forecast soon after yet an additional sturdy quarter. The Woonsocket-based mostly drugstore chain and pharmacy benefit manager also processed far more prescriptions and extra shoppers to its health insurance […]

COVID-19 vaccines and checks for the virus go on to enhance CVS Wellness and the wellness treatment big lifted its once-a-year forecast soon after yet an additional sturdy quarter.

The Woonsocket-based mostly drugstore chain and pharmacy benefit manager also processed far more prescriptions and extra shoppers to its health insurance policies organization in a far better-than-predicted functionality.

The organization explained Wednesday that it administered much more than 8 million COVID-19 vaccines in the initial quarter, a significant fall from the 20 million it administered in the previous quarter of 2021, when consumers sought boosters and many small children commenced obtaining the pictures.

CVS Well being also administered 6 million exams in the initially quarter and its drugstores received a increase from shoppers shopping for further checks as the omicron surge of the virus peaked at the start off of the quarter.

CVS Wellbeing: Q4 earnings snapshot superior than analyst anticipations

The vaccines and tests are bringing extra buyers into CVS Well being drugstores, but that benefit may be beginning to wane, claimed Neil Saunders, who follows the business as managing director of GlobalData.

“It is affordable to problem how extensive it will carry on to deliver,” Saunders claimed in an e mail.

CVS operates a person of the nation’s biggest drugstore chains with almost 10,000 retail locations. It also runs prescription drug ideas for major shoppers like insurers and businesses as a result of a big pharmacy benefit management enterprise.

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