CVS has reported over $1billion in its quarterly earnings, thanks to customers getting vaccinated against Covid-19 or being checked for the virus after the Omicron variant swept throughout America. The U.S.
On Wednesday, cvs covid vaccine announced that it had administered greater than 20 million vaccines and 8 million blood tests during the fourth quarter, which ended in December. 31st 2021. It was a massive jump from the 11 million vaccines CVS offered in the previous quarter. In the previous year CVS provided more than 59 million Covid-19 vaccines and more than 32 million blood tests.
The Covid-19 pandemic has proved difficult for drugstore chains like CVS Health and Walgreens. They faced government shutdowns from the beginning of the epidemic and customers who were reluctant to move out of their homes.
In the latter half of 2021 and throughout the remainder of this year, the chain pharmacies are on the rise, with customers looking for tests and vaccines, and other health products in pharmacies. CVS Wednesday announced the company’s net profit of $1.3 billion, or 99 cents per share, against 973 million, or 74%, in the previous quarter. CVS’s sales increased by 10%, close to eight percent, up to $76.7 billion during the first quarter.
“We are entering 2022 with powerful momentum,” CVS Health president and chief executive Karen Lynch said Wednesday morning to discuss earnings.
CVS, the owner of the health insurance company Aetna and its health plan products, also did well in the first quarter since medical membership increased by 151,000, bringing it to 23.8 million by Dec. 31st, 2021. The revenues from the health benefits sector grew by 8percent to $20.7 billion.
While pharmacy benefits services, which includes one of the country’s largest pharmacy benefit management (PBM) businesses, also did well, with revenues rising by more than 8%, to $39.3 billion.
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