Rite Aid partners with CDC on COVID-19 vaccine as profits soar
The pharmacy chain has administered over 1M COVID-19 tests
BMO Capital Markets Chief Investments strategist Brian Belski discusses the impact of stimulus relief on the markets and how the S&P 500 is shaping up for unprecedented earnings growth in 2021.
Rite Aid Corp. is partnering with the Centers for Disease Control and Prevention in helping administer COVID-19 vaccines.
"We have administered over one million COVID-19 tests and will be partnering with the CDC to help administer COVID-19 vaccines in our communities,” Rite Aid CEO Heyward Donigan said in a statement alongside the company’s quarterly results.
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The Pfizer/BioNTech vaccine last week received emergency use authorization from the U.S. Food and Drug Administration and Moderna’s vaccine is expected to receive the same status later this week with distribution set to begin immediately. It is not clear when customers will be able to receive a vaccination at Rite Aid pharmacies.
Rite Aid on Thursday morning announced a third-quarter profit of $4.3 million, or an adjusted 40 cents per share, on $6.12 billion of revenue. Wall Street analysts surveyed by Refinitiv were anticipating a 5 cent per-share loss on revenue of $5.84 billion.
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A 12% increase in revenue was driven by growth in the company’s retail pharmacy and pharmacy services segments.
Looking ahead, Rite Aid raised its fiscal year 2021 revenue guidance to between $23.9 billion and $24.2 billion, up from its previous range of $23.5 billion to $24 billion. The company expected to earn 45 cents to 85 cents per share after previously forecasting a loss of 67 cents to a profit of 9 cents.
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Rite aid shares were up 11% this year through Wednesday, trailing the S&P 500’s 15% gain.