Vaccine rollout is shot in arm for CVS

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

National /
Feb.February 16, 2021 01:00 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


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