CVS Health Q4 revenue rises 10% Y/Y; maintains FY22 EPS guidance
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CVS Health (NYSE:CVS) is trading down in pre-market following its Q4 results which beat analysts' estimates.
Q4 total revenues increased 10% Y/Y to $76.6B.
Adjusted operating income increased 40.8% for Q4 and 8.1% for FY 2021, mainly due to increased prescription and front store volume and the administration of COVID-19 vaccinations in the Retail/LTC segment; improved purchasing economics and growth in specialty pharmacy in the Pharmacy Services segment; and gains from anti-trust legal settlements of $126M and $263M recorded in the three months and year ended Dec. 31, 2021, respectively.
The company said, for Q4, the increase was also driven by lower COVID-19 related investments compared to the prior year in the Health Care Benefits segment.
Q4 Pharmacy Services segment revenue increased to $39.34B, compared to $36.36B in Q4 2020.
Health Care Benefits Segment Q4 revenue rose to $20.70B, compared to $19.10B in the prior year period.
Retail/LTC Segment revenue increased to $27.11B, compared to $24.06B in Q4 2020.
Q4 adjusted EPS increased to $1.98, compared to $1.30 in the prior year period. GAAP rose $0.98, compared to $0.75 in Q4 2020.
CVS said it administered more than 8M COVID-19 tests and more than 20M COVID-19 vaccines nationwide in Q4. Walgreens Boots (NASDAQ:WBA) had administered 15.6M COVID-19 vaccinations and performed 6.5M COVID-19 tests in Q1 FY2022.
Interest expense decreased $70M, or 10.3%, due to lower debt in the three months ended Dec. 31, 2021.
Full-Year 2022 Guidance: CVS
confirmed its adjusted EPS guidance range of $8.10 to $8.30. Consensus EPS Estimate for 2022 is $8.27. Confirmed its GAAP EPS from continuing operations guidance range of $7.04 to $7.24.
The Company also revised its full-year 2022 cash flow from operations guidance range to be between $12B and $13B from $12.5B to $13B.
CVS -0.75% pre-market to $110.