People walk by a CVS pharmacy store in Manhattan, New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photobeat Wall Street estimates for quarterly profit on Wednesday as strength in its drugstores and pharmacy benefit management business offset higher-than-expected medical costs at its insurance unit.
The health services business, under which CVS operates the PBM, recorded an 8% growth in revenue to $46.89 billion in the third quarter, partly driven by growth in specialty pharmacy, which provides drugs for complex conditions like arthritis and cancer, as well as increased prices of branded drugs, the company said.
Overall, CVS generated $61.30 billion in product revenue, beating the analysts' average estimate of $60.74 billion, according to LSEG data.
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