CVS Health tops Q2 earnings estimates and raises guidance

CVS Health Corp.
posted earnings that topped estimates Wednesday and again raised its guidance. Woonsocket, RI.-based CVS posted net income of $2.791 billion, or $2.10 a share, for the quarter, down from $2.986 billion, or $2.26 a share, in the year-earlier period. Adjusted per-share earnings came to $2.42, ahead of the $2.07 FactSet consensus. Revenue rose to $72.6 billion from $65.3 billion to also beat the $70.2 billion FactSet consensus. Front store same-store sales rose 12.0% and pharmacy same-store sales were up 12.4%. The company administered more than 6 million COVID-19 tests in the quarter and nearly 18 million vaccines across the U.S. CVS is raising its full-year guidance and now expects EPS to range from $6.35 to $6.45, up from earlier guidance of $6.24 to $6.36. It expects adjusted EPS to range from $7.70 to $7.80, up from prior guidance of $7.56 to $7.68. Shares were up 0.6% premarket and have gained 23% in the year to date, while the S&P 500
has gained 17.8%.

Leave a Comment