CVS says it has given more than 3 million coronavirus vaccines, as it posts rising revenues of $269 billion

<p><img src="https://static6.businessinsider.com/image/602bc56cb3c2a800183cce44-2400/cvs-health-covid-19-vaccine-media-gallery-image-05.jpg" border="0" alt="CVS vaccine covid" data-mce-source="CVS"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>CVS posted rising annual revenues on <a href="https://cvshealth.com/news-and-insights/press-releases/cvs-health-reports-results-2020-q4">Tuesday</a>, but revealed a big drop in fourth-quarter income caused by the COVID-19 pandemic.</p><p>The drugstore chain said its total revenues for 2020 were $268.7 billiona 4.6% rise year-over-year.</p><p>It also said its staff had administered more than 3 million COVID-19 vaccines.</p><p>Its fourth-quarter revenue also rose 4% to nearly $70 billion, but its net income dropped by more than 40%. This was caused by the impact of the COVID-19 pandemic and a loss on early extinguishment of debt of $674 million, the company said.</p><p>People bought fewer cough and cold products and ordered fewer seasonal flu prescriptions between September and December, it added.&nbsp;</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/roz-brewer-walgreens-ceo-career-sams-club-starbucks-2021-1'r=gd-sub">Walgreens' new CEO Roz Brewer rose to become the only Black woman running a Fortune 500. Now she faces her toughest challenge yet: helming the struggling pharmacy retailer's vaccine distribution.</a></em></p><p>CVS staff had administered around 15 million COVID-19 tests across the US so far, it added, and more than 3 million COVID-19 vaccines. It had also begun an initial rollout of in-store vaccinations at CVS Pharmacy locations in 11 states, it said.</p><p>In October, the Health and Human Services department announced that CVS and Walgreens would&nbsp;<a href="https://www.hhs.gov/about/news/2020/10/16/trump-aministration-partners-cvs-walgreens-provide-covid-19-vaccine-protect-vulnerable-americans-long-term-care-facilities-nationwide.html" data-analytics-module="body_link" data-analytics-post-depth="60" data-uri="d9a808684b6e95d3eee62f8655134437">become the sole contractors for vast chunks of vaccine rollout</a>&nbsp;across the US, and most states opted into the companies' partnership to get the vaccine into long-term-care facilities.&nbsp;</p><p>The rollout of the coronavirus vaccine could bring huge earnings potential to CVS.</p><p>The company could bring in up to $60 million in gross profit each from vaccinating the elderly in those facilities, as well as <a href="https://www.businessinsider.com/stores-prepare-for-100-million-covid-vaccines-including-cvs-kroger-2021-1" data-analytics-module="body_link" data-analytics-post-depth="60" data-uri="f0125a07070330fe20dd03b46d9cd254">up to $650 million in gross profit from giving out vaccines</a> in stores, analysts at investment firm Jefferies said.</p><p><strong>SEE ALSO:&nbsp;<a href="https://www.businessinsider.com/roz-brewer-salary-signing-bonus-walgreens-ceo-benefits-incentive-2021-2" >Roz Brewer will get a signing bonus worth $25 million when she joins Walgreens as its new CEO, on top of her $1.5 million salary</a></strong></p><p><a href="https://www.businessinsider.com/cvs-vaccine-vaccines-earnings-revenues-income-profit-drugstore-pharmacy-2021-2#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/electric-planes-future-of-aviation-problems-regulations-2020-3">Why electric planes haven't taken off yet</a></p>
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