CVS Health said Wednesday that demand for at-home Covid tests and booster shots lifted overall store sales, helping the company top expectations for fourth-quarter earnings.
Shares of the drugstore chain and health insurer fell more than 2% in premarket trading.
Here’s what the company reported for the three-month period ended Dec. 31, compared with what analysts were expecting, based on a survey of analysts by Refinitiv:
Earnings per share: $1.98 adjusted vs. $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 its net income from continuing operations was 98 cents. But it earned $1.98 per share, after adjustments, which was more than the $1.93 per share expected by analysts surveyed by Refinitiv.
Total revenue for the period rose to $76.60 billion from $69.55 billion a year earlier, exceedingexpectations of $75.67 billion.
Shares of CVS are up 51% over the past 12 months and touched a 52-week high on Tuesday. Shares closed Tuesday at $110.83, up 1.3%. The company’s market value is $146.30 billion.
