Growing prescriptions help push CVS past Q2 expectations

By AP News

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CVS Health thumped second-quarter expectations and hiked its full-year forecast as growing prescription claims and COVID-19 test kits sales helped to offset a drop in vaccinations.

CVS Health thumped second-quarter expectations and hiked its full-year forecast as growing prescription claims and COVID-19 test kits sales helped to offset a drop in vaccinations.

The drugstore chain, pharmacy benefit manager and insurer said Wednesday that it now expects to post adjusted earnings of $8.40 to $8.60 per share this year, a 20-cent hike at both ends of the range from its previous forecast.

Analysts forecast, on average, earnings of $8.35 per share, according to FactSet.

In the second quarter, adjusted earnings totaled $2.40 per share as total revenue rose 11% to $80.64 billion.

Analysts predicted earnings of $2.18 per share on $76.41 billion in revenue.

CVS operates one of the nation’s largest drugstore chains with nearly 10,000 retail locations. It also runs prescription drug plans for big clients like insurers and employers through a large pharmacy benefit management business.

It also provides health insurance for more than 24 million people through its Aetna arm.

Shares of CVS Health Corp., based in Woonsocket, Rhode Island, climbed 2% before the opening bell.

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Industries:
Consumer Discretionary
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CVS Health

Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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