CVS Health beat Q4 expectations as it saw an uptick in its sales from providing on-site testing.
The company generated $69.55 billion in Q4 revenue, up from $66.89 billion a year ago. Its adjusted earnings per share were $1.30, which was higher than analysts’ expectations of $1.24 per share.
CVS has been offering COVID-19 testing at many of its brick and mortar locations, which has proven beneficial for in-store sales, which were up 6.6 percent. It has also given more than 3 million vaccines in more than 40,000 long-term care facilities, CNBC reported. The company is now actively expanding vaccination services at its store locations, with the Federal government shipping vaccinations directly to pharmacy stores in 11 states.
CVS’s stock, which has a market value of $97.13 billion, touched a 52-week high in mid-January, reaching $77.23. It reportedly closed at $74.21 on Friday.
“The COVID-19 pandemic presented unique challenges to our business and to the entire health care industry. We utilized the full depth and breadth of our capabilities and our presence in local communities across the country, to play a leadership role in COVID-19 testing and vaccine administration,” said new CVS CEO Karen Lynch. “Our ability to deliver 2020 full-year results above expectations is a testament to the strength of our strategy and the flexibility of our diversified health services model.”