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This chart highlights CVS’ Revenue Breakdown, split between Premiums, Products, and Services, from 2019 onwards.
CVS Health Corp is an American multinational health services company. The company sells prescription drugs and a wide range of general merchandise, including over-the-counter drugs, beauty products, and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy and Longs Drugs retail stores and online through CVS.com. It is headquartered in Woonsocket, Rhode Island.
|Business Vertical||Q1 2020||Q2 2020||Q3 2020||Q4 2020||Q1 2021||Contribution in Q1 2021|
(All figures in billions, except percentages)
CVS Health Corporation recognizes revenue from premiums in the month in which the enrollee is entitled to receive his/her health care services.
Premiums contributed about 28% of the company’s total revenue in Q1 2021. There was a 7.6% increase in the company’s revenue from this business vertical, from $17.62 billion in Q4 2020 to $18.96 billion in Q1 2021. This also corresponded to a 7.4% increase compared to Q1 2020, where the company earned $2.57 billion.
CVS in this business vertical earns its revenue by selling products of various categories such as Vitamins, Baby & Child, Beauty & Skin Care, Personal Care, Diet & Nutrition, Health & Medicine, Home Health Care, and Household & Grocery.
Products are the major source of revenue for CVS Health Corp during Q1 2021 and contribute $47.39 billion, making up about 69% of the total earnings. The revenue during this period saw a fall of 4% as compared to Q4 2020 when $49.59 billion were earned. But there was a 0.86% increase when compared to Q1 2020 where $47.00 billion were earned.
CVS Health Corp offers health & wellness services, prescription drug coverage, virtual care services, and health plans.
Services contributed about 3% of the company’s total revenue in Q1 2021. There was a 17% increase in the company’s revenue from this business vertical, from $2.10 billion in Q4 2020 to $2.45 billion in Q1 2021. This also corresponded to a 25% increase compared to Q1 2020, where the company earned $1.95 billion.
Despite the COVID 19 pandemic, the total revenue of CVS has increased from $66.59 billion to $68.80 billion, between Q1 2020 and Q1 2021, which was a 3% increase. This increase was driven by net new business, growth in speciality pharmacy, product mix, and brand inflation, partially offset by continued price compression and a weak cold, cough, and flu season.
The total revenue of CVS Health Corp is expected to increase further as the unlock process continues since the company announced that they would be installing 25 vending machines in high traffic areas like college campuses, airports, and bus terminals. The first kiosks will be located in Boston’s South Station Bus Terminal and LaGuardia Airport and will carry personal items such as healthy snack foods, batteries, deodorant, and toothpaste.
CVS Health Corp is a public limited company, founded by Sidney Goldstein, Stanley Goldstein, and Ralph Hoagland, in 1963. CVS Health Corporation’s key managerial persons are Karen S. Lynch (President and CEO), Eva C. Boratto (CFO), Troyen A. Brennan(CMO), and Neela Montgomery (Vice President). As of 2019, the number of employees of the company worldwide was 10,000. The common stocks of CVS Health Corporation are listed on the New York Stock Exchange under the trading symbol “CVS”. The competitors of CVS Health Corporation are Rite Aid, UnitedHealth Group, PillPack, Humana, Walgreens Boots Alliance, Anthem, MedImpact, and Health systems. CVS Health Corporation ranked 13th on the Fortune Global 500 list and 5th on the Fortune 500. In 2018, CVS Health Corporation completed the acquisition of Aetna. In 2014, the company announced it would stop selling cigarettes and tobacco products in all of its CVS/pharmacy stores. Subsidiaries of CVS Health Corp are CVS Pharmacy, CVS Caremark, CVS Specialty, Drogaria Onofre, Accordant, Coram, Well partner, Encompass Rx, Long Drugs, Omnicare, and Navarro Discount Pharmacies. The company acquired 541 stores from Long Drugs Stores Corp in Hawaii, Nevada, and California.
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