CVS Surpasses Expectations with Robust Pharmacy Operations
Originally Published 2 years ago — by Yahoo Finance
CVS Health Corp reported better-than-expected quarterly profit, driven by strong performance in its drugstores and pharmacy benefit management business, which offset higher-than-expected medical costs at its insurance unit. The company's health services business, including its pharmacy benefit management, saw an 8% growth in revenue, while its pharmacy and consumer wellness segment recorded a 6% revenue growth. CVS' insurance business also performed well, surpassing estimates in premiums, although medical costs were high due to increased utilization of services. Overall, CVS beat analysts' estimates for both product revenue and adjusted profit per share.