CVS Revenue Grows In Q4, But Net Income Takes A Hit

Fourth quarter revenue at CVS Health was up more than 4%, but the company reported declines in net income for the quarter ended December 31.

Total quarterly sales were $97.7 billion, up 4.2% from sales of $93.8 billion in the comparable quarter the previous year. Net income in the quarter was $1.6 billion, down from net income of $2 billion in the previous year. Earnings per share were $1.30, down from earnings per share of $1.58 in the fourth quarter of the prior year.

Company officials said the revenue increase was driven by growth in the Health Care Benefits and Pharmacy & Consumer Wellness segments, partially offset by a decline in the Health Services segment.

“Our integrated model allows us to uniquely deliver a simpler, connected experience that saves time, saves money, and improves health,” said David Joyner, president and CEO of CVS Health. “We have continued to see growth in key areas of our business, including the Pharmacy and Consumer Wellness segment, while we address the industry-wide challenges that have impacted our Health Care Benefits segment.”

For the full fiscal year, total sales were up 4.2% to $372.8 billion. Net income was $4.6 billion, down from net income of $8.4 billion in the comparable quarter the previous year. Earnings per share were $3.66 versus earnings per share of $6.47 in the same quarter the prior year.