CVS Health’s annual net income nearly doubled on the back of higher revenue across all its business segments.

The company’s net income surged 93.4 per cent to $8.37 billion last year as revenue rose 10.9 per cent to $357.78 billion.

Revenue grew 15.6 per cent to $105.6 billion in the healthcare benefits segment and increased 10.2 per cent to $186.8 billion in the health services segment.

Its pharmacy and consumer wellness segment’s revenue went up 7.5 per cent to $116.7 billion.

“With a focus on delivering care and value, we had a strong fourth quarter and full year in 2023 as we build a world of health around every consumer,” said CVS Health president and CEO Karen S Lynch.

“We will continue to drive affordable access to care when, where, and how people want, while we improve transparency throughout the health care system.”

Meanwhile, the company downgraded its earnings per share forecast for this year to $7.06, following a review of its recently concluded medical cost trend analysis for the previous year’s fourth quarter and the potential implications for higher medical cost trends in 2024.