CVS reported almost $3 billion in second quarter 2022 income as all of its enterprise segments from … [+]
Getty Photos
CVS reported almost $3 billion in quarterly income as all of its enterprise segments from well being plans and drugstores to in-store clinics grew, the corporate stated Wednesday.
CVS Wednesday reported internet revenue of $2.95 billion, or $2.23 a share, in comparison with $2.78 billion or $2.10 cents within the year-ago quarter. CVS gross sales jumped 11% to $80.6 billion within the firm’s second quarter.
CVS, which owns the nation’s third-largest well being insurer in Aetna, stated the rise in income bought a lift from well being plan membership, which elevated by 922,000 members to 24.4 million as of June 30, “reflecting will increase throughout all product traces,” the corporate stated in its second quarter earnings report.
CVS Well being’s income contributed to the corporate’s determination to lift its monetary outlook for the remainder of 2022 with adjusted earnings per share now anticipated to be within the vary of $8.40 to $8.60 in comparison with an earlier forecast of $8.20 to $8.40.
“Regardless of a difficult financial atmosphere, our differentiated enterprise mannequin helped drive sturdy outcomes this quarter, with important income progress throughout all of our enterprise segments,” CVS Well being chief government Karen S. Lynch stated. “The continued success of our foundational companies accelerated our technique to broaden entry to well being companies and assist customers navigate to the very best website of care.”
The technique so as to add extra healthcare companies helped enhance income by 6.3% to $26.3 billion within the firm’s retail and long-term care enterprise section “primarily pushed by elevated prescription and entrance retailer quantity, together with the sale of COVID-19 over-the-counter check kits and the impression of an prolonged cough, chilly and flu season in comparison with the prior yr, in addition to pharmacy model inflation,” the corporate stated in its second quarter earnings report.
In the meantime, CVS stated it paid down $1.5 billion of long-term debt within the quarter “whereas returning $740 million to shareholders by dividends throughout the three months ended June 30, 2022.”
Debt was a priority of Wall Avenue analysts and traders when CVS purchased Aetna almost 4 years in the past however CVS has “repaid a internet $22.5 billion of long-term debt” for the reason that shut of the acquisition in November 2018, CVS stated Wednesday.
