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CVS Has Big Problem As Amazon Launches Pharmacy Business




Sunday 22 November 2020

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Jeff Bezos’ Amazon Launches Direct Competitor To CVS

Amazon Pharmacy launched Tuesday. The initial launch caused shares of CVS and Walgreens to fall.

CVS stock has lost 9.7% of its value this week.

Walgreens stock fell even more – losing 14.3%.

For CVS, the Woonsocket-based super healthcare retailer, the coronavirus pandemic has transformed the business.

Now Amazon Pharmacy is offering customers the ability to use a pharmacy profile on the company’s site to add insurance information, manage prescriptions, and pay for drugs online – just another way Amazon is building a business. deeper relationship with customers, just as their acquisition of Whole Foods has allowed them to integrate into the lives of millions of affluent grocery buyers.

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Wall Street isn’t convinced CVS can compete

Wall Street reaction

MarketWatch reports that Bank of America analysts believe CVS can compete with Amazon.

“In the end, we have said time and again that businesses across the channel must adapt to a changing landscape, and we see CVS as being better positioned in that direction given the Aetna merger and both the broader business offering and revenue diversification than a medicine / pharmacy services / retail offering, ”analysts wrote in a Tuesday note.

Bank of America values ​​CVS shares at a buy with a price target of $ 83.

Over the past two years, CVS has acquired insurance giant Aetna, has been able to transform its online and delivery business in response to the virus, and recently announced the appointment of a new CEO Karen Lynch who will take over in February.

But, Wall Street has not been responsive. Since the first of the year, CVS shares have fallen 10.4%.

In contrast, Amazon has been like Pac-Man gobbling up business and the stock has responded.

Amazon’s stock has increased 63% since the start of the year.

Barron’s writes that Amazon’s challenge is nothing new and could be over-excited.

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Karen Lynch takes over CVS in February.

“Investors are overreacting. Amazon entered the pharmacy business two years ago, with its purchase of PillPack. Tuesday’s announcement of free shipping and discount cards adds nothing that isn’t available at CVS and Walgreens. UBS analyst Eric Sheridan sees Amazon’s move as a way to add value to its Prime membership program and capture more of its members’ spending, ”Barron’s reports.

CVS’s financial performance has been strong. CVS Health President and CEO Larry Merlo, when announcing the company’s third quarter results last month, said, “Our strong third quarter results demonstrate the continued execution of our long-term strategic plan that transforms the way health care is delivered. As an integrated health service provider, we develop holistic and innovative solutions that meet the needs of our clients in the community, at home or in the palm of their hand. “

“Our overall response to the pandemic shows the power of a diverse and agile business,” he continued. “We have opened more than 4,000 COVID-19 testing sites across the country since March and administered more than six million tests. We are helping businesses and universities reopen safely and we were recently selected to administer COVID-19 vaccines in We will continue to play a vital role in our country’s recovery through the tireless efforts of our nearly 300,000 employees. . “

For the third quarter, total CVS revenue increased to $ 67.1 billion, up 3.5% from the previous year.

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CVS HQ ​​in Woonsocket

Rhode Island Impact

For Rhode Island, the stakes are high, as CVS is the state’s largest private employer.

The good news is that a more tech-driven CVS can be a driving force in creating more tech jobs in Rhode Island. CVS won’t need more retail stores in Utah, it will need more tech strategists here to transform and compete with one of the most dominant tech companies in the world.

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  • CVS Has Big Problem As Amazon Launches Pharmacy Business

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