Vaccine rollout is shot in arm for CVS

Retailer expects up to $500M in Covid-related business

National /
Feb.February 16, 2021 12:15 PM
(iStock)

(iStock)

The vaccine rollout is boosting CVS’s bottom line.

The pharmacy company said it projects a strong 2021 and expects to administer more than 3 million vaccines in about 40,000 long-term facilities, according to Bloomberg.

CVS said it plans to bring in $400 million to $500 million this year from Covid-related business. The pharmacy retailer said Covid testing contributed about $400 million in revenue in the fourth quarter.

In mid December CVS started immunizing nursing home workers and residents, according to Bloomberg. So far, the company said, it has administered about 15 million coronavirus tests.

But even as CVS makes money from the vaccine rollout, it is shedding some underperforming stores. The company said on its earnings call that it closed 22 stores in the first quarter of 2020 following 46 in all of 2019.

CVS’s total revenue grew 4 percent to $69.55 billion from the previous year. It forecast adjusted earnings between $7.39 and $7.55 per share in 2021.

[Bloomberg] — Keith Larsen


Related Articles

arrow_forward_ios
NYSRA president Melissa Fleischut (Photos via iStock, Getty, NYSRA/Illustration by Kevin Rebong for The Real Deal)
Nearly 30% of New York restaurants expect to shutter in coming months
Nearly 30% of New York restaurants expect to shutter in coming months
Gov. Andrew Cuomo's emergency powers are about to go up in smoke (Getty, iStock)
Cuomo to lose shutdown power, but could still extend Covid restrictions
Cuomo to lose shutdown power, but could still extend Covid restrictions
Target CEO Brian Cornell. (Getty)
Internet, shminternet: Target adds, renovates stores as money pours in
Internet, shminternet: Target adds, renovates stores as money pours in
The comedy club argues that if SNL can operate, then they should be allowed to operate too. (Getty)
Manhattan comedy club sues Cuomo over pandemic closures
Manhattan comedy club sues Cuomo over pandemic closures
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Order up: Real estate investors line up to buy drive-throughs
Order up: Real estate investors line up to buy drive-throughs
(iStock/Illustration by Kevin Rebong for The Real Deal)
A year later, deferred rent may be restaurants’ downfall
A year later, deferred rent may be restaurants’ downfall
(iStock/Illustration by Kevin Rebong for The Real Deal)
To boost economy, NYC will invest in rapid Covid test
To boost economy, NYC will invest in rapid Covid test
Auckland, New Zealand and Shenzhen, China (iStock)
Global luxury home sale prices nudged up in 2020
Global luxury home sale prices nudged up in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...