CVS profit down 44% in Q4

CVS Health saw its profit drop by 44.2 percent in the fourth quarter of 2020, thanks in part to negative effects related to the COVID-19 pandemic. 

Four things to know:

1. CVS' fourth-quarter revenues totaled $69.6 billion, up from $66.9 billion in the same period of 2019. CVS said the increase was primarily driven by its healthcare benefits business through Aetna and its retail segments.

2. CVS' operating income, which was down 16.9 percent year over year, was negatively affected by the COVID-19 pandemic in its health insurance and retail businesses.

3. CVS ended the fourth quarter with a $973 million profit, down 44.2 percent from $1.7 billion in the fourth quarter of 2019.

4. During its fourth-quarter earnings call Feb. 16, CVS said its Aetna subsidiary plans to get back into the ACA marketplace business for 2022, according to CNBC.

More articles on payers:
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Outgoing UnitedHealth CEO to get pay for 2 years
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