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This statistic highlights CVS’ Revenue By Segment split across Pharmacy Services, Health Care Benefits, Retail/LTC, and Corporate and Other, from 2016 onwards
CVS generates its revenue from the following segments:
|Segment||Q1 2020||Q1 2021||YoY Growth||Revenue Share Q1 2021|
|Health Care Benefits||$19.20||$20.48||6.66%||25.53%|
|Corporate and Other||$0.09||$0.14||50%||0.17%|
(all figures in billions, except percentages)
CVS’ total revenue increased from $77.02 billion in Q1 2020 to $80.20 billion in Q1 2021, marking an increase of 4.13% on a year-on-year basis. During this period, CVS started the COVID-19 vaccine program at its CVS Pharmacy locations in New York, Colorado, Vermont, Illinois, Oklahoma, Minnesota, North Carolina, Kentucky, and other different regions of the United States. The company offers same-day scheduling and walk-in facilities for its COVID-19 vaccine program.
CVS’ revenue from Pharmacy Services rose from $34.98 billion in Q1 2020 to $36.32 billion in Q1 2021, marking an increase of 3.83% on a year-on-year basis. In Q 2021, the Pharmacy Services contributed 45.28% to CVS’ total revenue. In this segment, the revenue growth during this period was driven by specialty pharmacy growth and new business deal wins.
The Pharmacy Services offers a variety of services like clinical services, disease management services, pharmaceutical benefit management solutions, medical spend management, formulary management, and many more. This segment’s clients include insurance companies, trade unions, government organizations, and many more.
Health Care Benefits
CVS’ revenue from the Health Care Benefits segment increased from $19.20 billion in Q1 2020 to $20.48 billion in Q1 2021, a growth of 6.66% on a year-on-year basis. During this period, this segment contributed 25.53% to CVS’ total revenue.
Health Care Benefits segment’s customers include government organizations, labor unions, college students, employer groups, individuals, part-time workers, and many more. The company’s Health Care Benefits segment aims to provide high-quality health care services at affordable prices to its customers.
The Health Care Benefits segment offers a range of services like Health insurance products and services, Medicaid healthcare management products and services, pharmacy, medical health plans, and many other healthcare services.
CVS’ revenue from Retail/LTC rose from $22.75 billion in Q1 2020 to $23.27 billion in Q1 2021, marking an increase of 2.29% on a year-on-year basis. In Q1 2021, the Retail/LTC segment contributed 29.01% to the company’s total revenue.
In the Retail/LTC segment, CVS faces competition from Walmart, Amazon, Rite Aid, PharMerica, Walgreens, and other local retail pharmacy outlets. During the COVID-19 pandemic, CVS provided COVID-19 testing facilities at its pharmacy locations in selected areas through its Return Ready Solution. CVS also operates MinuteClinic, a clinic that offers a variety of health care services through nurse practitioners and assistants. MinuteClinic has collaborations with leading hospitals, clinics, and doctors of the United States and aims to provide quality health care to the community.
Corporate and Other
CVS’ revenue from Corporate and Other segments increased from $0.09 billion in Q1 2020 to $0.14 billion in Q1 2021, a growth of 50% on a year-on-year basis. During this period, this segment contributed 0.17% to CVS’ total revenue. This segment includes the administrative and management expenses of the company.
Consumer Value Stores (CVS) is an American Company offering services like healthcare, pharmacy, vital care, and wellness. The company was founded by Stanley Goldstein, Sidney Goldstein, and Ralph Hoagland in 1963. CVS’ main office is located in Woonsocket, Rhode Island, United States. Karen Lynch is the current President and CEO of the company.
CVS employs more than 300,000 people and operates more than 9,900 retail outlets in different regions of the United States. CVS provides services like pharmacy services, health, and wellness services, health plans, virtual care services, prescription drug coverage, and other health care services to patients in different regions of the United States.
CVS faces tough competition from Anthem, Rite Aid, Medimpact, Humana, PillPack, UnitedHealth Group, and Healthesystems. In November 2018, CVS acquired health care insurance company Aetna.
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* Billed annually, local taxes extra.
* Local taxes extra.