REUTERS: CVS Health Corp beat estimates for quarterly earnings on Wednesday and raised its full-year adjusted profit forecast as it benefits from its US$69 billion purchase of health insurer Aetna, sending its shares up 5 percent.
The company's upbeat outlook could allay some concerns about reimbursement pressures on the sector, particularly after rival Walgreens Boots Alliance last month spooked investors by cutting its full-year profit forecast.Revenue at CVS's pharmacy benefit management unit rose 3.1 percent to US$33.56 billion, aided by higher prices of brand name drugs and also on increased pharmacy claims.
The drugstore chain operator and pharmacy benefits manager said it earned US$1.62 per share excluding items, beating analysts' average estimate of US$1.50 per share, according to IBES data from Refinitiv. CVS said it now expects adjusted profit per share of US$6.75 to US$6.90 for the full year, compared with its prior forecast of US$6.68 to US$6.88.
The company's net income attributable to the company rose to US$1.42 billion, or US$1.09 per share, from US$998 million, or US$0.98 per share, a year earlier.
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