CVS Health shares Q4 and full-year 2021 success

CVS Health announced its Q4 2021 and full-year 2021 results on Wednesday morning, reporting increases in revenue for both periods.

“We’re engaging millions of customers across our businesses and in our community health destinations, becoming an even bigger part of their everyday health,” said CVS Health president and CEO Karen S. Lynch. “That’s clearly reflected in our performance, but more importantly in our potential.”

CVS’s senior director of store brands Heather Corkery recently spoke at the Store Brands Industry Forum on Nonfood Innovation about how the pandemic has changed the home goods category for the pharmacy retailer.

For the fourth quarter of 2021 ending Dec. 31, 2021, CVS reported total revenues increased to $76.6 billion, up 10.1% compared to the same period last year. Operating income decreased 11.7%, and adjusted operating income increased 40.8%, due to increased prescription and front store volume, along with the administration of COVID-19 vaccinations.

For the entire fiscal year, also ending Dec. 31, 2021, CVS’s total revenue increased by 8.7%, driven by growth across all segments. Operating income decreased by 5.2%, while adjusted operating income increased by 8.1%.

The company highlighted its vaccination program as one of the main drivers of the success. CVS Health said it administered more than 8 million COVID-19 tests and more than 20 million COVID-19 vaccines nationwide in the fourth quarter of 2021. For the full year, the company administered more than 32 million COVID-19 tests and more than 59 million COVID-19 vaccines.

The successful 2021 comes as the company announced plans to shrink and re-evaluate its retail footprint, with plans to close nearly a thousands stores over the next three years.