On a Wednesday earnings call, Chief Financial Officer Shawn Guertin said CVS' 2022 forecast assumes there won't be a fourth Covid shot and another wave of cases. His price target for CVS stock is $120, about 13% above where it is currently trading. However, he said, the company appears to have a sense of urgency as it looks for primary-care companies to acquire. He said sales will likely decelerate before that health-care services strategy kicks in. "You've already hooked them, so you have to find a way to make them stay." "There's no denying 'Hey, we have an opportunity here where we have people coming to the stores'" he said. "Our work to test and vaccinate America for Covid is a powerful example of the relationship we're building with consumers, which leads to new customers seeking a range of other health services at CVS Health," she said on a Wednesday earnings call.īrian Tanquilut, an analyst for Jefferies, said the company has a larger audience for those health services - if it can keep customers engaged. She said CVS now serves 40 million customers digitally, an increase of about 10% over the past six months. Visits to CVS' website grew to more than 2 billion in 2021, up nearly 55% over the prior year. And it plans to open primary care clinics where customers can visit a doctor.Ĭhief Executive Karen Lynch said the global health crisis deepened loyalty and increased use of the company's website and app. It is overhauling its store footprint, closing about 900 locations and adding more medical services to others. The company acquired health insurer Aetna in 2018 and owns pharmacy benefits manager Caremark. That decline is causing some states, including New York, to lift indoor mask mandates.Īs pandemic tailwinds wind down, CVS will have to show it can deliver on ambitions to become more of a health-care destination. is 234,941, a 46% drop from a week ago, according to data compiled by Johns Hopkins University. The seven-day average of daily new cases in the U.S. However, Covid cases have fallen significantly across the country. Some customers tossed items in their baskets, got prescriptions filled or signed up for the drugstore's loyalty program as they went to stores for a shot. That has translated to higher sales and new shoppers, too. Employers' vaccine mandates and the authorization of vaccines for kids between ages 5 and 11 also lifted demand in the fall and winter. Its vaccination volume peaked in the fourth quarter - with more than 20 million shots - as Americans prepared for holiday gatherings and the omicron variant spread across the country, encouraging more people to get booster shots.
CVS has administered more than 32 million Covid tests and more than 59 million Covid vaccines. Pandemic-related services have driven foot traffic and sales for the pharmacy chain over the past year.
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