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Wednesday, August 02, 2023 8:07:44 AM
By: Investing.com | August 2, 2023
(Reuters) - CVS Health Corp reported better-than-expected second-quarter earnings on Wednesday, and said it had begun implementing a restructuring program to cut costs after a recent spree of acquisitions.
The company has been expanding beyond health insurance and pharmacies with its buyouts of primary-care provider Oak Street Health and home healthcare services firm Signify Health.
CVS Health (NYSE:CVS), which completed the acquisitions earlier this year, has flagged higher-than-expected transaction and integration costs related to the deals.
The company said it recorded $496 million in pre-tax charges related to a restructuring program it started during the quarter to rein in costs.
CVS, which has a large retail pharmacy chain, a health insurance business and a pharmacy benefit management (PBM) unit, has said it would pause acquisitions in the near term but may look at "additional opportunities" over a longer timeframe.
Excluding items, the company reported a profit of $2.21 per share, above analysts' average estimate of $2.11 per share, boosted by strength in its PBM unit, which negotiates drug prices with manufacturers.
Sales at CVS' health services segment, which contains its PBM unit, rose 7.6% to $46.22 billion in the reported quarter compared with a year earlier.
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