CVS Health reports jump in sales despite challenging environment
Published: 07:55 05 Dec 2023 EST
CVS Health Corp (NYSE:CVS) confirmed guidance for adjusted earnings as it reported a solid jump in third-quarter sales.
The company said in the three months ended September 30 that total revenue increased 10.6% to $89.8 billion from the year before, with net income of $2.27 billion compared to a net loss $3.40 billion before.
CVS said Healthcare Benefits sales rose 16.9%, driven by growth across all product lines, with Health Services sales up 8.4% and Pharmacy & Consumer Wellness sales climbing 6.0%.
The company revised its GAAP diluted EPS full-year guidance range to $6.37 to $6.61 from $6.53 to $6.75 before, but confirmed its adjusted EPS guidance range of $8.50 to $8.70.
It also confirmed the cash flow from operations guidance range of $12.5 billion to $13.5 billion.
“Despite a challenging business environment, we continue adapting to the changing needs of our consumers by connecting our care delivery capabilities in communities across the country, broadening access to care and lowering costs,” said Karen Lynch, CVS Health president and chief executive.
Shares in CVS Health rose 2.5% in pre-market trading.