A teenager receives his Pfizer Covid-19 booster at a CVS pharmacy in New York City on January 20, 2022.
Adam Jeffery | CNBC
CVS Health said on Wednesday that demand for at-home Covid tests and enhanced footage has lifted overall store sales, helping the company set its highest expectations for fourth-quarter earnings.
Shares of the drugstore chain and health insurer fell more than 2% in pre-market trading.
Here’s what the company reported for the three-month period ending December 31, compared to what analysts expected, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.98 adjusted from $1.93 expected
- Revenue: $76.60 billion vs. $75.67 billion expected
CVS reported fiscal fourth-quarter net income of $1.31 billion, or 99 cents per share, up from $973 million, or 74 cents per share, a year earlier.
The company said net income from continuing operations was 98 cents. But it earned $1.98 per share, after adjustment, higher than the $1.93 per share analysts surveyed by Refinitiv expected.
Total revenue for the period rose to $76.60 billion from $69.55 billion a year earlier, surpassing expected 75.67 billion USD.
Shares of CVS are up 51% over the past 12 months and hit a 52-week high on Tuesday. Shares closed Tuesday at $110.83, up 1.3%. The company’s market value is $146.30 billion.
