CVS notes first-time COVID-19 vaccines are rising after a dip
CVS's revenue went up 11.1%, partially due to an increase in vaccinations
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Pharmacy giant CVS announced an uptick in COVID-19 vaccinations during the second quarter, which in combination with testing, drove almost one-third in increased revenues in the three months leading up to June 2021, compared to the year prior.
CVS stated in a press release Wednesday that it has seen an increase in vaccinations after a dip. The company said that it has administered 30 million vaccines; 17 million of which were administered in the second quarter.
The press release also states that CVS’s revenue was $72.6 billion, up 11.1% from 65.3 billion in 2020’s second quarter due to the return of pre-pandemic normalcy.
Pharmacy giant CVS announced an uptick in COVID-19 vaccinations during the second quarter, which in combination with testing, drove almost one-third in increased revenues in the three months leading up to June 2021, compared to the year prior. (iStock / iStock)
CVS BOOSTS WAGES AS PROFITS RISE ON COVID-19 VACCINATIONS, TESTS
CVS’s pharmacy claims processed also rose 11.2% on a 30-day equivalent basis in the second quarter, CVS notes that the increase is driven from the increases of net new business, new therapy prescriptions and COVID-19 vaccinations.
The rise in COVID-19 vaccinations accounted for 2.8% on a 30-day equivalent basis of total pharmacy claims alone.
Operating income and adjusted operating income decreased by 0.7%. CVS says that the decrease is partially offset by an increase in prescription and storefront volume, COVID-19 vaccinations, and diagnostic testing.
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Growing fears of the highly contagious delta variant of COVID-19 as well as growing vaccination mandates, including a mandate of federal employees by President Joe Biden to get vaccinated.
According to White House COVID-19 response coordinator Jeff Zients, COVID-19 vaccines are seeing a positive trend. He cited lower vaccinated states like Louisiana seeing a 302% increase in newly vaccinated people — Mississippi rose 250%, along with Alabama at 215%, and Arkansas increasing to 206%.
Fox News' Kayla Rivas contributed to this article