CVS Well being raises full 12 months steerage as Q2 income soar amid COVID-19 response

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CVS Well being raked in almost $Three billion in revenue within the second quarter because it continues to ramp up choices to reply to the COVID-19 pandemic.

The drug retailer and pharmacy profit administration large beat Wall Road expectations because it reported earnings of $2.98 billion — or $2.26 per share — up from $1.94 billion, or $1.49 per share, a 12 months earlier.

Wall Road analysts surveyed by Zacks Funding Analysis predicted earnings of $1.93 per share on $64.5 billion in income.

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Its second quarter revenues of $65.Three billion within the quarter ending June 30, up about 3% from $63.four billion the identical quarter a 12 months earlier. 

“We’ve got a robust basis of medical experience, information analytics and digital capabilities, and unmatched client and neighborhood attain which has allowed us to quickly deliver our technique to life at an unprecedented time,” mentioned CVS Well being CEO Larry Merlo in a press release.

RELATED: Merlo: CVS seeing huge will increase in telehealth use, residence prescription supply because of COVID-19

“The setting surrounding COVID-19 is accelerating our transformation, giving us new alternatives to display the facility of our built-in choices and the flexibility to ship care to customers in the neighborhood, within the residence and within the palm of their hand which has by no means been extra necessary,” he mentioned.

Amongst these alternatives, CVS Well being opened greater than 1,800 take a look at websites at drive-thru areas and launched “Return Prepared,” a business-to-business testing program. 

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