A woman enters a CVS Covid-19 vaccine site in Monterey Park, California on April 27, 2021. (Photo by … [+]
CVS Health’s revenue and profits jumped in the third quarter as millions of Americans came to its drugstores and clinics for vaccinations against Covid-19, boosting the company’s 2021 outlook yet again.
The increase in foot traffic into its stores for healthcare services amid the pandemic and an ongoing solid performance in CVS Health’s Aetna health benefits business figured in chief executive officer Karen Lynch’s decision to raise the company’s 2021 financial outlook for the third time this year.
CVS Wednesday said adjusting earnings will now be between between $7.90 and $8.00. That’s up from $7.70 to $7.80.
The decision to raise the financial forecast comes after the company administered 11.6 million Covid vaccines and 8.5 million Covid tests in the three-month period.
“We outperformed expectations once again and continue to lead the way in changing how, when and where care is delivered for millions of Americans,” CVS Health president and chief executive Karen Lynch said. “Our services are responsive to evolving consumer needs, from administering millions of COVID-19 tests and vaccines to offering primary care accessible from virtually anywhere, and our touch points allow for unmatched impact.”
Total third quarter sales rose 10% $73.8 billion from $67 billion in the year ago period. Net income was $1.59 billion, or $1.20 per share, compared to $1.2 billion or 93 cents a year earlier.
