CVS Health has reported strong full year and fourth quarter 2022 profits and revenues, with its health benefits sector Aetna reporting double-digit revenue growth.
CVS reported full year profits of $4.1 billion and full year revenues of $322.5 billion, a 10.4% increase from 2021 revenues of $292.1 billion. CVS also reported strong profits of $2.3 billion and revenues of $83.8 billion in the fourth quarter of 2022, beating analysts’ expectations.
Revenues were also strong at Aetna across all product lines. CVS reported that Aetna’s full year 2022 revenues were $91.4 billion, up from $82.9 billion in 2021, an increase of approximately 11%. Aetna’s fourth quarter revenues were $23 billion, up from $20.7 billion in the prior year quarter, which was also an increase of approximately 11%.
CVS’s medical membership increased by 548,000 members from December 31, 2021, up to 24.4 million members, with growth primarily in its Medicare and commercial products.
On an earnings call, CVS Health’s CEO Karen Lynch characterized 2022 as “a year of progress for CVS Health.”