CVS 2Q Sales Lifted by Retail Gains
August 04 2021 - 7:08AM
Dow Jones News
By Matt Grossman
CVS Health Corp. Wednesday logged greater sales year over year
and a larger-than-expected adjusted profit in the latest quarter as
Covid-19 tests and vaccinations boosted results for the company's
retail stores.
The Woonsocket, R.I.-based pharmacy company logged
second-quarter earnings of $2.10 a share, compared with $2.26 a
share in the same three-month period a year earlier. Net income
attributable to the company was $2.78 billion, down from $2.98
billion in 2020's second quarter.
Adjusted earnings, stripped of one-time items, were $2.42 a
share. Analysts polled by FactSet had been forecasting an adjusted
profit of $2.07 a share.
Revenue rose to $72.62 billion, from $65.34 billion in the
year-ago quarter. Analysts were expecting revenue of $70.24
billion.
CVS said it administered 17 million Covid-19 vaccines in the
quarter, as well as 6 million Covid-19 tests.
Increased prescription volume, Covid-19 vaccinations, diagnostic
tests and front-of-store sales helped push retail revenue higher by
14% to $24.73 billion. Pharmacy-services and healthcare-benefits
revenue also climbed year over year.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
August 04, 2021 06:58 ET (10:58 GMT)
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