CVS Health Corp. reported quarterly results on Wednesday that beat analysts’ estimates on higher demand for COVID-19 tests and vaccinations due to the Omicron variant, while the drugstore operator also reaffirmed its annual earnings forecast.
The company administered over 8 million COVID-19 tests and more than 20 million COVID-19 vaccines across the United States during the quarter.
Despite robust demand for vaccines and tests, CVS maintained its earlier forecast for adjusted earnings between $8.10 and $8.30 per share in 2022.
The midpoint of the outlook range was lower than analysts’ estimates of $8.28 per share, according to Refinitiv IBES data.
The company in December warned of a significant decline in COVID-19 vaccinations and tests this year.
On an adjusted basis, CVS earned $1.98 per share, compared with estimates of $1.93.
Net income attributable to the company’s shareholders rose 34 percent to $1.31 billion, or 98 cents per share, in the fourth quarter ended Dec. 31.
Revenue rose 10 percent to $76.60 billion, compared with estimates of $75.67 billion.
