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CVS Revenue Soars After COVID-19 Vaccine Sales

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Harry Wilmerding Contributor
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CVS Health reported strong fourth-quarter earnings results after demand for COVID-19 vaccines and at-home tests boosted overall store sales, the company announced Wednesday.

Demand for COVID-19 tests and vaccines surged as the Omicron coronavirus variant swept through the U.S., boosting CVS sales by 13.4% in the fourth quarter of 2021, the company announced Wednesday. The pharmacy administered over 8 million COVID-19 tests and over 20 million vaccines in the fourth quarter, a sharp increase from the 17 million shots in the second quarter and 11.6 million in the third.

COVID-19 vaccines, take-home tests and in-store testing accounted for over 35% of operating profit for the health care giant’s retail segment in the fourth quarter of 2021, according to the company’s earnings report. (RELATED: County In California Sees Second CVS Store Robbed In One Week)

CVS anticipates vaccine volumes to decrease significantly in 2022, CVS chief financial officer Shawn Guertin said on a conference call, The Wall Street Journal reported. At-home tests, however, are reportedly expected to increase in 2022.

The company’s chief executive, Karen Lynch, called CVS’ role in the fight against the coronavirus “a powerful example of the relationship we’re building with consumers, which leads to new customers seeking a range of other health services at CVS Health,” CNBC reported.

CVS has gained new customers throughout the COVID-19 pandemic and expects many of these customers to remain active shoppers. “We have seen a lot of more traffic in the store and that’s manifesting itself in more prescriptions and spending,” Guertin said, the WSJ reported.

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Harry Wilmerding