CVS Health raises full-year profit forecast on insurance business strength
2022.05.04 14:11
CVS Health logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -CVS Health Corp’s raised its full-year adjusted profit forecast on Wednesday, driven by strong performance at its health insurance and pharmacy benefit management businesses in the first quarter.
Pharmacy chains like CVS have benefited from distribution of COVID-19 vaccines and tests during the pandemic. However, In February, the company said it expected a big decline in COVID vaccination and testing administered at its stores this year.
Net income attributable to the company’s shareholders rose to $2.31 billion, or $1.74 per share, in the first quarter ended March 31, from $2.22 billion, or $1.68 per share, a year earlier.
Revenue rose to $76.82 billion from $69.1 billion a year earlier.
The company now expects 2022 full-year adjusted profit between $8.20 and $8.40 per share, higher than its prior guidance of $8.10 and $8.30 per share.
