CVS Health (NYSE: CVS) on Wednesday reported fourth-quarter financial results that were stronger than what analysts had anticipated. The company reported earnings of $1.73 per share on revenues of $66.9 billion.
The upbeat results pushed the stock 1.7% higher immediately following the announcement. The stock, which fell to a 7-year-low mid-last year, has been slowly recuperating on the hopes that the company’s adoption of a technology-driven business model would help it better compete with the online counterparts.
Since the beginning of 2020, the stock has grown 9%.
Pharmacy Services, the segment that provides pharmacy benefit management services and accounts for about two-thirds of total revenues, grew 6.2% during the quarter, providing ample fillip to the topline.
CEO Larry Merlo said in a statement, “We are confident that we’re on the right path to delivering significant value for all our stakeholders, which is a testament to the efforts of the nearly 300,000 CVS Health employees who work tirelessly to deliver these results while staying true to our purpose of helping people on their path to better health.”
Meanwhile, the strong results were partly offset by its guidance which were lower than what analysts had estimated.
Fellow drug-retailer Walgreens Boots Alliance Inc. (NASDAQ: WBA) had a dismal start to its new fiscal year. A report published by the company last month revealed a 6% drop in first-quarter earnings to $1.37 per share on revenues of $34.3 billion.
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