CVS Health's revenue topped $300 billion in 2022, though profits for the full year did take a hit compared to 2021, according to the company's earnings report released Wednesday.
CVS reported $322.5 billion in revenue for the full year, up 10.4% from $292.1 billion in 2021. Profit declined from $7.9 billion in 2021 to $4.1 billion last year, according to the report. In the fourth quarter, the healthcare giant reported $83.8 billion in revenue as well as $2.3 billion in profit, both of which surpassed Wall Street's expectations, according to analysts at Zack's Investment Research.
By comparison, CVS brought in $76.6 billion in revenue and $2.3 billion in profit in the fourth quarter of 2021.
"2022 was a year of progress for CVS Health," said CEO Karen Lynch on the company's earnings call.
Revenues at the healthcare benefits segment, Aetna, were $23 billion in the fourth quarter, up from $20.7 billion in the prior year quarter. For the full year 2022, Aetna brought in $91.4 billion in revenue, an increase of almost $10 billion from 2021's $82.9 billion haul. Both represent increases of about 11%.
Double-digit revenue increases also extended to the pharmacy services segment, Caremark. The pharmacy benefit management arm brought in $43.7 billion in revenue in the quarter, up from $39.3 billion in the fourth quarter of 2021. The PBM giant also reported $169.2 billion in revenue for the full year, up from $153 billion in 2021.
Revenues also grew in the retail segment, though not by double-digits, according to the report. CVS Pharmacy reported $28.2 billion in revenue for the quarter, up from $27.1 billion in the fourth quarter of 2021. The retail arm accounted for $106.6 billion in revenue for the full year 2022, up from $100.1 billion in 2021.
Medical membership at the end of the year was 24.4 million, including an increase of 548,000 members from Dec. 31, 2021. Lynch said on the call that Aetna is making headway in the exchange business after a disappointing showing in its first year back in the Affordable Care Act's marketplaces and expects to end 2023 with between 900,000 and 1 million people enrolled in its individual market plans.
CVS expects to bring in between $8.70 and $8.90 in earnings per share for 2023.