CVS Health tops 4Q forecasts, reaffirms 2022 outlook

COVID-19 vaccines and tests for the virus helped push CVS Health past fourth-quarter expectations.

But the drugstore chain and pharmacy benefits manager did not raise the 2022 forecast it laid out in December, and shares slid in early-morning trading Wednesday.

CVS Health Corp. posted adjusted earnings of $1.98 per share in the final quarter of 2021, as total revenue grew 10% to $76.6 billion.

Analysts expected earnings of $1.83 per share on $75.66 billion in revenue, according to FactSet.

CVS Health said in December that it expected adjusted earnings of $8.10 to $8.30 per share in 2022.

Analysts expect, on average, earnings of $8.27 per share.

CVS Health operates one of the nation’s largest drugstore chains with nearly 10,000 retail locations. It also runs prescription drug plans for big clients like insurers and employers through a large pharmacy benefit management business in addition to selling insurance.

Company shares shed $1.63 to $109.20 in pre-market trading.