WOONSOCKET – CVS Health Corp. earned a $7.9 billion profit in 2021, a 10.2% increase year over year, the company reported Wednesday.
Earnings per diluted share were $5.95, compared with $5.47 one year prior.
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“We’re engaging millions of customers across our businesses and in our community health destinations, becoming an even bigger part of their everyday health,” Karen S. Lynch, CVS Health CEO and president, said in a news release. “That’s clearly reflected in our performance, but more importantly in our potential.”
CVS revenue for the year totaled $292.1 billion, an increase of 8.7% year over year.
CVS Health said its biggest revenue generator, the pharmacy benefit management business, processed more pharmacy claims due partly to COVID-19 vaccinations and an increase in new prescriptions compared with the final quarter of 2020.
The company’s pharmacy services segment reported a revenue of $153 billion in 2021, up from $141.9 billion in 2020. Total pharmacy claims processed by the segment for 2021 totaled 2.1 billion, an increase of 131.8 million from a year earlier.
Retail/long-term-care segment revenues totaled $100.1 billion, an increase from $91.1 billion a year prior. The segment had 1.58 billion prescriptions filled, an increase of 123 million year over year.
CVS’ health care benefits segment reported $82.1 billion in revenue for the year, a rise of $6.7 billion from one year prior.
The company also highlighted its COVID-19 response. CVS has been administered COVID-19 tests and vaccinations at locations around the country, including approximately 32 million tests and 59 million vaccines.
For the fourth quarter of 2021, CVS reported a net income of $1.3 billion, up from $973 million in the same period a year ago, a 34.2% increase. Revenue for the quarter was $54 billion, an increase of $4.4 billion – or 8.8%.
CVS noted there was a $1.4 billion “store impairment” charge in the fourth quarter that was partially due to planned retail store closures over the next three years.
The company announced in November that it would close about 900 stores between 2022 and 2024.
