As demand for COVID-19 testing and vaccination declines, CVS Health must prove it can continue to grow and retain customers, CNBC reported February 9.
Pandemic-related services drove CVS sales and customer engagement as the pharmacy administered more than 32 million COVID-19 tests and more than 59 million COVID-19 vaccines. But as cases in the country decline, CVS will have to work to maintain its ambitions to become a healthcare destination, according to the report.
During an earnings call on Feb. 9, CVS chief financial officer Shawn Guertin said he expects COVID-19 vaccines to drop 70-80% and in-store testing to drop 40%. 50%, compared to 2021.
The only exception comes in home COVID-19 tests, which the company sold more than 22 million in its fourth quarter.
But, Karen Lynch, CEO of CVS, said on the earring call, the pandemic has only strengthened customer loyalty to the pharmacy and increased digital customers of CVS’s website. at 40 million.
“Our work to test and vaccinate America against Covid is a powerful example of the relationship we’re building with consumers, leading to new customers seeking a range of other health services at CVS Health,” said Ms. Lynch.
In 2018, CVS acquired health insurer Aetna and owns pharmaceutical benefits manager Caremark. CVS has also closed about 900 stores, with plans to open primary care clinics. If CVS can maintain the momentum of the pandemic with customers, it can reap the benefits of long-term growth to achieve its healthcare aspirations, according to the report.