Shares of CVS Health Corp. CVS,
had changed little in premarket trading on Tuesday, after the drugstore and health benefits company reported fourth-quarter earnings and revenues that exceeded expectations. Net income fell to $ 973 million, or 74 cents a share, from $ 1.75 billion, or $ 1.34 a share, in the same period a year ago. Excluding one-time items, adjusted earnings per share declined from $ 1.73 to $ 1.30, but surpassed the FactSet consensus of $ 1.24. Total sales were up 4.0% to $ 69.55 billion, above the FactSet consensus of $ 68.73 billion. Among CVS’s business segments, they all exceeded expectations, with pharmacy services revenue declining 1.9% to $ 36.36 billion amid continued pricing pressure, retail / long-term care revenue increasing 6.6% to $ 24.06 billion and health benefits revenues up 11.4% to $ 19.10 billion. For 2021, CVS expects adjusted earnings per share of $ 7.39 to $ 7.55, compared to the FactSet consensus of $ 7.54. The company said it has administered more than 3 million COVID-19 vaccines in more than 40,000 long-term care facilities. The stock is up 1.0% in the last three months, while the S&P 500 SPX,
is up 8.5%.