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Wednesday, November 03, 2021 8:48:19 AM
By: TheStreet | November 3, 2021
• CVS lifted its full-year profit outlook following stronger-than-expected third quarter earnings that included $73.8 billion in total group revenues.
CVS Health Corp. (CVS) posted stronger-than-expected third quarter earnings Wednesday, and lifted its 2021 profit forecast, as COVID vaccinations powered solid gains in retail and pharmacy sales.
CVS said adjusted earnings for the three months ending in September were pegged at $1.97 per share, up 18.7% from the same period last year and firmly ahead of the Street consensus forecast of $1.78 per share. Group revenues, CVS said, rose 10% from last year to $73.8 billion, again topping analysts' estimates of a $70.5 billion tally.
Same sore sales were up 9.6% from last year, CVS said, while pharmacy store sales rose 8.8%, both benefiting from the group's administering of 11 million COVID vaccinations and a further 8 million tests over the three month period.
Looking into the final months of the 2021 financial year, CVS lifted its forecast for adjusted earnings, which it now sees in the region of $7.90 to $8.00 per share, a 20 cents per share improvement from its prior forecast, with cash flow from operations in the region of $13 billion to $13.5 billion.
"We outperformed expectations once again and continue to lead the way in changing how, when and where care is delivered for millions of Americans," said CEO Karen Lynch. "Our services are responsive to evolving consumer needs, from administering millions of COVID-19 tests and vaccines to offering primary care accessible from virtually anywhere, and our touchpoints allow for unmatched impact."
CVS shares were marked 0.7% lower in pre-market trading immediately following the earnings release to indicate an opening bell price of $90.50 each.
Pharmacy Services revenues rose 9.4% to $39.05 billion, CVS said, Retail sales rose 10% to $25 billion, "primarily driven by the administration of COVID-19 vaccinations and diagnostic testing, increased prescription and front store volume."
The group's healthcare benefits division saw sales rise 9.5% to $20.5 billion as it added Aetna's operations to its legacy business.
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