COVID-19 vaccines and tests for the virus continue to boost
The drugstore chain and pharmacy benefit manager also processed more prescriptions and added customers to its health insurance business in a better-than-expected performance.
The company said Wednesday that it administered more than 8 million COVID-19 vaccines in the first quarter. That represented a big drop from the over 20 million that it administered in the last quarter of 2021, when customers sought boosters and many children began getting shots.
The vaccines and tests are bringing more customers into
“It is reasonable to question how long it will continue to deliver,” Saunders said in an email.
COVID-19 vaccination rates have slowed nationally, and
CVS operates one of the nation’s largest drugstore chains with nearly 10,000 retail locations. It also runs prescription drug plans for big clients like insurers and employers through a large pharmacy benefit management business.
It also provides health insurance for more than 24 million people through its
That health insurance business has added 674,000 customers since the end of last year. But the segment saw its adjusted operating income drop slightly in the first quarter, partly because medical costs are returning to normal levels.
Claims processed in the company’s biggest business, its pharmacy benefits management segment, also climbed nearly 6% compared to last year’s quarter, which had a weaker cough, cold and flu season.
Quarterly net income climbed 4% to
Overall, the company posted adjusted earnings of
Revenue was
The new outlook mostly eclipses
Company shares slipped in February after the company reported fourth quarter results that easily topped expectations but didn’t hike its forecast for the year, citing the pandemic’s unpredictable nature.
Shares of
Follow
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source