CVS joins other retailers in nationwide mask mandate; Fox Biz Flash: 7/16.
CVS Health Corp. profit spiked 55 percent in the three months through June, buoyed by lower benefit costs as insurance policyholders delayed elective surgeries and other medical procedures to avoid infection during the COVID-19 pandemic.
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The Woonsocket, Rhode Island-based pharmacy health care provider earned $2.99 billion, or an adjusted $2.64 per share, as revenue rose 3 percent to $65.3 billion. Wall Street analysts surveyed by Refinitiv were expecting adjusted earnings of $1.93 a share on revenue of $64.2 billion.
“Our earnings in this environment demonstrate the strength of our strategy and the power of our diversified business model,” CEO Larry Merlo said in a statement. The drusgtore chain, which manages prescription-drug benefits through its Caremark subsidiary, expanded into health insurance with its 2018 acquisition of Aetna.
The company raised its full-year 2020 adjusted earnings outlook to a range of $7.14 to $7.27 per share, up from $7.04 to $7.17.
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