Healthcare DIVE February 9, 2022
Dive Brief:
- Lower COVID-19 costs in CVS’s payer business coupled with a sharp increase in vaccine administration from booster shots that benefited its drugstores drove the Rhode Island-based healthcare behemoth to revenue of $76.6 billion in the fourth quarter, up more than 10% year over year.
- That helped drive CVS, which beat Wall Street expectations on both earnings and revenue in the quarter, to a profit of $1.3 billion, up 33% compared to the fourth quarter of last year.
- CVS reaffirmed its 2022 guidance on Wednesday, with CFO Shawn Guertin noting the company expects COVID-19 testing, both in-store, diagnostic and over-the-counter, to continue at higher volumes than previously anticipated, offset by lower vaccine volume this year.
Dive Insight:
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