CVS and Walgreens were reeling in the early stages of the pandemic, but vaccinations have been a boon to their business
lost revenue as shoppers stayed home and skipped routine medical care. The companies spent hundreds of millions of dollars to roll out testing and vaccination programs.The nation’s largest retail pharmacy chains say consumers coming for vaccines are spending money in stores. Some vaccine recipients are switching their prescriptions to the chain where they got their shots.
“One thing has become crystal clear during the past year of the pandemic: The importance of the pharmacy providing healthcare in the whole community,” Alexander Gourlay, Walgreens co-chief operating officer, said in March as the company lifted its annual forecast, citing revenue from shots and Covid-19 tests and higher vaccine reimbursement rates.
Nearly 18 months after the U.S. recorded its first Covid-19 case, the companies say testing and vaccination against the disease have contributed hundreds of millions of dollars in revenue and are beginning to outweigh the costs of managing the business through the pandemic. CVS shares are up 24% and Walgreens shares are up 34% so far this year, both outpacing the broader market.
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