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Shares of CVS sank on Wednesday after the drugstore operator reiterated rather than raise its earnings forecast for this year, despite posting profit that beat expectations.

CVS Health benefited from higher demand for COVID-19 vaccines and at-home tests due to the Omicron variant.

It administered more than 20 million vaccines across the U.S. during the quarter, a significant jump from the last quarter.

CVS made around $4 billion in extra revenue from providing vaccines and tests in 2021, but has warned that demand for them will wane this year.

The company's CFO said on the earnings call that the retailer expects to administer 70-80% fewer vaccines in 2022, and 40-50% fewer tests.

So it maintained its earlier forecast for adjusted earnings in 2022, which was lower than what analysts' expected.