CVS Stock Is Dropping After Earnings Topped Expectations

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CVS Health

stock was falling after reporting better-than-expected earnings Wednesday but confirming full-year guidance that appeared to disappoint.

The company reported revenue of $76.6 billion for the fourth-quarter ending in December, up 10.1% compared with the prior year, beating the FactSet consensus of $75.6 billion. Adjusted earnings per share were $1.98, which topped the FactSet consensus of $1.83.

Same-store sales in the pharmacy segment were up 8.8% from last year and same-store retail sales rose 12.3%. Both were bolstered by the company’s administration of 11 million Covid-19 vaccinations and 8 million tests over the three-month period. 

CVS also confirmed its full-year adjusted EPS guidance range of $8.10 to $8.30. The analyst consensus was for a profit of $8.28. Revenue guidance was also confirmed for $304 billion to $309 billion.

Shares of CVS were down 2.4% in premarket trading to $108.14.

This is a developing story. Check back for updates.

Write to Logan Moore at [email protected]