By Dave Sebastian

 

CVS Health Corp. raised its full-year guidance as it posted higher profit for the second quarter, partly benefiting from deferred elective procedures related to its insurance business amid Covid-19 shelter-in-place measures.

The pharmacy chain now expects earnings of $5.59 a share to $5.72 a share, or $7.14 a share to $7.27 a share on an adjusted basis. It previously expected earnings of $5.47 a share to $5.60 a share, or $7.04 a share to $7.17 a share on an adjusted basis.

It expects cash flow from operations of $11 billion to $11.5 billion for the year, up from $10.5 billion to $11 billion it had previously guided for.

CVS said it projects higher use in its health-care benefits segment for the rest of the year.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

August 05, 2020 07:11 ET (11:11 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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