WOONSOCKET – CVS Health Corp. earned $727.7 million in the third quarter of 2020, an increase from $703.6 million one year prior, the company reported on Friday.
Earnings per diluted share were 93 cents, compared with $1.17 one year prior.
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Revenue totaled $67.1 billion, a rise from $64.8 billion in the third quarter of 2019.
The increase in revenue was largely attributed to a growth in the company’s Health Care Benefits and Retail/LTC segments.
Same-store revenue increased 5.7% year over year.
“Our strong third quarter results demonstrate continued execution of our long-term, strategic plan that is transforming the way health care is delivered. As an integrated health services provider, we’re developing holistic and innovative solutions that meet the needs of our customers in the community, in the home or in the palm of their hand,” CVS Health CEO and President Larry J. Merlo said in a statement.
“Our comprehensive pandemic response shows the power of a diverse and agile enterprise,” he continued. “We’ve opened more than 4,000 COVID-19 test sites across the country since March, and have administered over 6 million tests. We’re helping businesses and universities safely reopen and we were recently selected to administer COVID-19 vaccinations in long-term care facilities. We’ll continue to play a vital role in our nation’s recovery thanks to the tireless efforts of our nearly 300,000 employees.”
The company also announced Friday that Merlo will retire from his role as president and CEO in February and will be succeeded by Karen S. Lynch.
Segment performance:
Pharmacy Services segment revenue totaled $35.7 million, a decline of $307 million year over year. Total pharmacy claims processed totaled 528.2 billion, an increase of 18.7 million from one year prior.
The company’s Retail/LTC segment reported $22.7 billion in revenue for the quarter, a rise from $21.5 billion one year prior. The segment reported 368.4 million prescriptions filled, a 16.1 million increase year over year.
Health Care Benefits segment revenue totaled $18.7 billion, an increase from $17.2 billion one year prior, driven by membership growth in the segment’s government products and the favorable impact of the reinstatement of the Health Insurer Fee for 2020.
