CVS Health Corp on Wednesday raised its full-year profit forecast and reported f...
- CVS Health Corp on Wednesday raised its full-year profit forecast and reported first-quarter earnings that topped Wall Street estimates due to growth in its Aetna health insurance business, and as drug prices fell within its expectations.
Aetna, CVS’s health insurance unit, beat analysts’ consensus by more than a billion dollars in the quarter, helped by its accounting for lower medical costs than anticipated during the fourth quarter. “Consumerism in healthcare is here to stay,” CVS Chief Executive Larry Menlo said. “We are beginning to see this evolution through the HealthHubs. We are not just selling hundreds of products, it’s a combination of products and services.”
Sales of prescription drugs at its pharmacies were hurt as the company gets paid less for filling prescriptions. That was offset by higher volumes and higher prices of brand name drugs. CVS said it now expects full-year adjusted profit of $6.75 to $6.90 per share, compared with its prior forecast of $6.68 to $6.88.
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