Stock Groups

CVS Health (CVS) earnings Q3 2021

[ad_1]

One customer is seen walking towards the CVS health Corp. store at downtown Los Angeles on Friday, October 27, 2017.

Bloomberg | Bloomberg | Getty Images

CVS Health on Wednesday beat expectations for fiscal third-quarter earnings as the company got a boost from filling more prescriptions and giving more Covid-19 vaccines.

According to the company, it now expects to earn adjusted earnings per share between $7.70 and $7.80. However, the guidance had been revised downward to $6.13-6.23, compared to $6.35-6.45 before.

Premarket trading saw shares of the company fall by about 1%.

This is what Refinitiv’s analysts surveyed the company to determine what they expected from the company for the period ending Sept. 30.

  • Earnings per share: $1.97 adjusted vs. $1.78 expected
  • Revenue: $73.79 billion vs. $70.49 billion expected

As more people came into the drugstores to purchase vaccines and Covid-19 testing, sales of this chain saw a rise. It claimed that it performed more than 8,000,000 tests during this three-month span and gave more than 11,000,000 shots.

The pharmacy volumes are also higher than they were a year ago. This is because people visit the doctor more often and receive new prescriptions. On a 30 day equivalent basis, total pharmacy claims were processed by 5.3% in this quarter as compared to the previous year. This was before Covid vaccines had been removed. The figure rose nearly to 7% when vaccines were included.

CVS posted third quarter net income of $1.59 Billion, which is $1.20 per share, an improvement from the $1.22 Billion, or 93cs per share, reported the company a year ago.

It earned $1.97 per Share, excluding items. This is more than what analysts polled by Refinitiv expected to earn at $1.78 per Share.

Over expectations of $70.49 trillion, total revenue for three months jumped to $73.79billion (from $67.06 billion one year prior).

CVS stock was up around 33% as of Tuesday’s close. The shares closed at $91.15, a 52 week high, on Tuesday. Company’s The market value of $120.28 million is

Read the company’s press release here.

[ad_2]