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CVS Health issues tepid 2022 profit forecast -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Buying baskets are seen in a CVS pharmacy retailer in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kelly

(Reuters) -Drugstore operator CVS Well being Corp (NYSE:) on Thursday issued its adjusted earnings forecast for 2022, which have been largely beneath estimates.

The corporate expects 2022 full-year adjusted revenue between $8.10 and $8.30 per share, the midpoint of which was beneath analysts’ estimates of $8.24.

Shares of the corporate have been up 2.36% at $95.3 in premarket buying and selling, after it raised its 2021 revenue forecast.

The pharmacy chain has seen its revenue weighed down by increased medical prices in its Aetna (NYSE:) insurance coverage companies because of the pandemic.

Nevertheless, final month, CVS stated it anticipated risky medical prices in its medical health insurance unit to stabilize after the COVID-19 disaster drove them up this yr.

CVS raised its current-year adjusted revenue forecast to be at the very least $8.00 per share from prior steerage of $7.90 to $8.00.

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