CVS raises full-year forecast after beating second-quarter expectations


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CVS

People walk by a CVS Pharmacy store in the Manhattan borough of New York City.
Shannon Stapleton | Reuters

CVS Health on Wednesday lifted its earnings outlook for the year, after beating Wall Street’s expectations for the fiscal second quarter.

The health-care company said it now expects adjusted earnings per share for the full year to come in between $8.40 and $8.60, compared with its earlier estimate of between $8.20 and $8.40.

Shares rose about 2% in premarket trading.

Here’s what the company reported for the three-month period ended June 30, compared with what analysts were expecting, based on a survey of analysts by Refinitiv:

Earnings per share: $2.40 adjusted vs. $2.17 expectedRevenue: $80.64 billion vs. $76.37 billion expected

On an unadjusted basis, CVS reported net income of $2.95 billion,or $2.23 per share,higher than the $2.78 billion, or $2.10 per share, a year earlier. Revenue of $80.64 billion likewise marked a year-over-year increase, up from $72.62 billion in the same period in 2021.

Shares of CVS closed on Tuesday at $95.37. The company’s shares have fallen about 8% so far this year.

This is a developing story. Please check back for updates.


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