CVS could soon be your doctor in big health care push
CVS plans to expand into areas like primary care
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CVS Health is the local drugstore for many, and now the chain wants to be your doctor as well.
CEO Karen Lynch said in a statement that this "major evolution" will include expanding into areas like primary care.
The company plans to add advanced primary care centers to its mix of drugstores and "HealthHUB" locations it started introducing a few years ago. Those stores can include employees like dietitians and are already trying to provide more health services to customers.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVS | CVS HEALTH CORP. | 55.81 | -0.27 | -0.47% |
Additionally, the company offered an upbeat 2022 forecast.
Starting in February, the health care giant will increase its annual dividend by 10% from $2 to $2.20. The company also has approved a $10 billion share repurchase program and said it was the first time CVS Health has made either move in about four years.
CVS Health expects adjusted earnings of $8.10 to $8.30 per share next year with revenue goals of as much as $309 billion.
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A sign promoting drive-thru coronavirus tests at a CVS Pharmacy on May 15, 2020, in Bridgewater, Massachusetts. (Maddie Meyer/Getty Images / Getty Images)
"By leaning into our high-growth foundational businesses and expanding our reach in areas like health services and primary care, we have an opportunity to shift care to be more centered around the consumer while capturing a meaningfully greater portion of health care spend," Lynch said.
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Last month, the company announced that it would be shuttering 900 of its roughly 10,000 retail locations over the next three years in order to "ensure it has the right kinds of stores in the right locations for consumers and for the business."
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The Associated Press contributed to this report.