CVS reports strong Q3 results, but says pandemic has hurt prescription volume

CVS saw a 3.5 percent increase in overall income over in 2015, but the COVID-19 pandemic hurt its drug store services sector, according to the businesss third-quarter outcomes released Nov. 6..

Maia Anderson –
Friday, November 6th, 2020

7 things to learn about the businesss monetary outcomes:.

The variety of prescriptions filled grew 4.6 percent, however CVS stated prescriptions filled last quarter were negatively affected by the pandemic, which resulted in less brand-new treatment prescriptions. The lowered variety of new therapy prescriptions were partially offset by higher use of 90-day prescriptions and more immunizations.

CVS total profits were $67.1 billion, up 3.5 percent from the year prior.

CVS stated it has doubled its variety of screening websites to more than 4,000 nationwide. It stated it has actually administered more than 6 million COVID-19 tests because March and hired 76,000 new staff members in response to the pandemic..

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The operating income for the pharmacy services section increased by 16.7 percent, primarily driven by the growth in its specialized drug store.

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CVS retail sectors earnings increased 5.9 percent, mostly driven by increased prescription volume and increased diagnostic testing. Those gains were partly balanced out by continued repayment pressure and current introductions of generic drugs, nevertheless.

Discover CVS full Q3 results here..

For its drug store services section, overall income reduced 0.9 percent, primarily due to customer losses and rate compression.

The companys operating earnings increased 11 percent, though net income reduced 20.3 percent compared to last year with CVS paying $766 million in debt.