CVS Pharmacy reported a positive fourth quarter earning on Wednesday as the company’s revenue and earnings managed to beat the consensus Wall Street expectations. The company’s pharmacy benefit management driven proved to be the key aspect behind the company’s above expectations earnings. The revenue stood at USD 66.9 billion, about 4.6 per cent more than the Refinitiv average consensus of USD 63.97 billion. As for the adjusted earning per share is concerned, CVS’ reported figure of USD 1.73 per share was about 3 per cent more than the expected USD 1.68 per share.
Larry Merlo, CVS’ CEO and Chairman, stated that the company has raised its expectations for 2020 because of the above expectations final quarter earnings. CVS’ expected earning per share for 2020 is now around USD 7.04 to USD 7.17 per share. The company’s total revenue increased by around 23 per cent when compared to revenue during the same quarter last year. It is now USD 66.9 billion as compared to USD 54.4 billion in 2018. The revenue generated from CVS’ health benefits business became almost three times of what it was during the last quarter of 2018. It read USD 17.15 billion in 2019 against USD 6.24 billion in 2018, with the November 2018 acquisition of Aetna finally paying dividends.
Talking about companies that managed to beat the Wall Street expectations for fourth quarter with their earning reports, ridesharing service provider Lyft also announced its quarterly earnings on Tuesday. The company managed to better the Wall Street expectations for the number of active riders and revenue generated. Lyft however reported a below expectations adjusted EBITDA. Lyft’s counterpart Uber announced an unexpected rise in their profitability which has made investors rethink about their investment plans in Lyft, which has already began impacting the company’s shares.
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