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CVS Posts Higher Quarterly Profit -- Update

05/04/2021 | 05:43am EDT

By Dave Sebastian

CVS Health Corp. said its profit and sales rose for the latest quarter, partly driven by gains from the rollout of Covid-19 vaccines in the U.S. while it saw broader increases in other segments.

The pharmacy and insurance company on Tuesday said revenue in the segment that fulfills medication prescriptions and sells general products rose 2.3% to $23.27 billion, driven by higher Covid-19 testing and vaccinations. Partly offsetting the gains was lower front-store revenue, which saw an acceleration of demand in March 2020 as consumers prepared for the pandemic and a weak cough, cold and flu season, CVS said.

The company posted revenue of $69.1 billion, up 3.5% and beating the FactSet consensus of $68.36 billion. Same-store sales, or those at retail pharmacy stores that had been operating for more than one year, rose 0.4%.

Shares rose about 3% in premarket trading.

CVS, along with rival Walgreens Boots Alliance Inc., supermarket chain Kroger Co. and Walmart Inc. have been pushing to get consumers to visit their locations to receive vaccines. More than 40% of all U.S. adults have been fully vaccinated, according to Centers for Disease Control and Prevention data, and the daily number of new Covid-19 cases have been declining. Governors across the U.S. are now broadly rolling back restrictions implemented during the pandemic.

Net income totaled $2.22 billion for the first quarter, up from $2 billion in the same period last year. Adjusted earnings were $2.04 a share, ahead of Wall Street estimates.

Revenue in the pharmacy-services segment, which provides pharmacy-benefit management services to employers, health plans, government employee groups and government-sponsored programs, rose 3.8% to $36.32 billion.

Revenue in the healthcare benefits segment, which offers insured and self-insured medical, pharmacy, dental and behavioral health products and services, rose 6.7% to $20.48 billion, driven by growth in the government services business, the company said.

For 2021, CVS said it sees earnings of $6.24 to $6.36 a share, or $7.56 to $7.68 a share on an adjusted basis. It previously expected earnings of $6.06 to $6.22 a share, or $7.39 to $7.55 a share on an adjusted basis.

CVS is expected to provide more details on its vaccine distribution on its conference call at 8 a.m. ET.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

05-04-21 0743ET

Stocks mentioned in the article
ChangeLast1st jan.
CVS HEALTH CORPORATION -2.00% 84.245 Delayed Quote.25.70%
DJ INDUSTRIAL -1.57% 34220.19 Delayed Quote.13.63%
THE KROGER CO. -1.12% 38.415 Delayed Quote.18.80%
WALGREENS BOOTS ALLIANCE, INC. -1.81% 54.18 Delayed Quote.36.74%
WALMART INC. -1.29% 139.17 Delayed Quote.-2.31%
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Financials (USD)
Sales 2021 282 B - -
Net income 2021 8 230 M - -
Net Debt 2021 50 189 M - -
P/E ratio 2021 13,9x
Yield 2021 2,33%
Capitalization 113 B 113 B -
EV / Sales 2021 0,58x
EV / Sales 2022 0,54x
Nbr of Employees 256 500
Free-Float 75,2%
Duration : Period :
CVS Health Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CVS HEALTH CORPORATION
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 92,73 $
Last Close Price 85,85 $
Spread / Highest target 24,6%
Spread / Average Target 8,01%
Spread / Lowest Target -5,65%
EPS Revisions
Managers and Directors
Karen S. Lynch President, Chief Executive Officer & Director
Eva C. Boratto Chief Financial Officer & Executive Vice President
David Wyatt Dorman Chairman
Troyen A. Brennan Chief Medical Officer & Executive Vice President
Jonathan C. Roberts Chief Operating Officer & Executive Vice President
Sector and Competitors