CVS Raises Forecast as Pharmacy Acquisitions Pad Sales
- Pharmacy revenue offsets decline in front-of-store sales
- Full-year adjusted earnings will be $5.81 to $5.89 a share
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CVS Health Corp. beat analysts’ earnings estimates in the second quarter and raised its full-year forecast, as recent deals to add pharmacies and a nursing home drugs business helped grow revenue at the drugstore and pharmacy benefit management company.
Earnings this year, excluding one-time items, will be $5.81 to $5.89 a share, up from the company’s earlier forecast of $5.73 to $5.88 a share. In the second quarter, adjusted earnings were $1.32 a share, Woonsocket, Rhode Island-based CVS said in a statement, compared with the $1.30 average of analysts’ estimates compiled by Bloomberg.