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This statistic highlights Rite Aid’s Revenue by Segment, split across Pharmacy Services and Retail Pharmacy, reported on a quarterly basis from 2016 onwards.
Rite Aid is a pharmaceutical company and is innovating across all of its retail and mail order pharmacy channels, including its PBM and suite of pharmacy service solutions.
Rite Aid’s Revenue by Segment
|Revenue by Segment||Q2 2021||Q1 2022||Q2 2022||Contribution in Q2 2022|
(All figures are in billions, except percentages)
Rite Aid’s total revenue was $6.05 billion earned in Q2 2021 to $6.16 billion earned in Q2 2022, marking an increment of 1.81% on a year-on-year basis. However, it has decreased by 0.96% on a quarter-on-quarter basis, as compared to $6.22 billion earned in Q1 2022. The Retail Pharmacy segment contributes majority of the revenue, accounting for 69.30% of the total revenue in Q2 2022, followed by the Pharmacy Services segment contributing 30.70% to the total revenue.
Rite Aid’s revenue can be further bifurcated into the following segments:
Elixir is Rite aid’s mid-market national pharmacy benefits manager (“PBM”), which provides a collection of PBM offerings including technology solutions, postal delivery services, advance pharmacy, network, rebate management, claims judgment, and pharmacy discount programs. It provides services to various customers through its diverse lines of business, including chief health plans, money-making employers, union groups, and state and local governments, on behalf of approximately 3.25 million covered lives. Elixir continues to emphasize its efforts and contributions to its target audience of small to mid-market employers, trade unions, and local health plans, including provider-led health campaigns and government-sponsored Medicaid and Medicare policies.
This segment contributed 30.70% to the company’s total revenue in Q2 2022. However, Rite Aid’s revenue from the Pharmacy Services segment has been on the decline. It has decreased from $2.03 billion earned in Q2 2021 to $1.89 billion earned in Q2 2022, resulting in a decline of 6.8% on a year-on-year basis. It has also decreased by 1.07% on a quarterly basis, as compared to $1.87 billion earned in Q1 2022.
In the Rite Aid retail stores, its greatly trained pharmacists distribute medications according to prescriptions written by doctors and aware its customers of substitute remedies that can enhance traditional options. It offers a wide variety of healthcare services, including overseeing immunizations against COVID-19, the flu, shingles, and more; helping its customers with high diabetes, blood pressure, and cholesterol; providing direction on battling obesity and tobacco addiction; and educating its customers on handling medications and probable side effects.
The majority of Rite Aid’s Revenue is generated through the Retail Pharmacy segment, accounting for 69.30% of the company’s revenue in Q1 2022, amounting to $4.27 billion. It grew by 6.08% on a yearly basis, as compared to $4.01 billion earned in Q2 2022. However, it has declined by 1.83% on a quarterly basis, as compared to $4.35 billion earned in Q1 2022.
Rite Aid Corporation is foremost in delivering health care services and retail pharmaceutical goods to more than 1 million Americans on a regular basis. Its pharmacists are exceptionally positioned to engross with customers and increase their health outcomes. It provides a variety of all-inclusive health products and services for the entire family through more than 2,500 retail pharmacy locations spread across 17 states.
Rite Aid’s pharmacy welfares and services company, Elixir, consists of advanced technology and claims to have settlement software, postal delivery, and advance pharmacy services, network and rebate management, as well as treatment discount programs and Medical insurance for individuals and groups. Through Elixir, its pharmacy benefits manager, the company provides pharmacy aids and services to over 3 million customers nationwide. With a cohesive offering, this rebranded corporate is well placed with mid-market employers and local health plans looking for an alternative to the large, health plan associated PBMs. Moreover, given the linking with Rite Aid’s stores, Elixir has a chance to advance its competitive placement, deliver excellent retail and mail-order pharmacy facilities, and contribute to constructive health outcomes. Elixir contributes to the company’s profitability and presents a significant growth opportunity for Rite Aid. The stock of Rite Aid Corporation goes by the symbol ‘RAD’ and is listed on the New York Stock Exchange (NYSE).
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