Pandemic Response Bolsters CVS First Quarter Growth

Good News for the local economy. CVS is reporting a good first quarter. According to a financial report released this morning the company reported that it increased its quarterly dividend by 10 percent which resulted in the return of more than 722 million dollars to shareholders. It is the first time since 2017 that the company has repurchased stock.

Officials say the growth of the company has been bolstered by its response during the pandemic. It had administered more than 6 million Covid-19 tests in addition to well over 8 million vaccines.

“Our strategy improves access to affordable, convenient and personalized health care, which benefits consumers and shareholders. We once again showed the power of our purpose and potential, building on our strong momentum and raising full-year guidance as a result,” stated CVS Health President and CEO Karen Lynch.

According to the latest filings, CVS was able to increase revenues by a little more than 11 percent.

Pharmacy sales increased by more than eight percent.

Retail revenues were up by about nine percent.

The company is also reporting a cash flow on three point six billion dollars.

(Photo Credit: John Baibak, Newsradio RI)

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