Salem Radio Network News Sunday, May 16, 2021

Business

CVS Health raises 2021 profit outlook on higher drug store sales

(Reuters) -CVS Health Corp reported a first-quarter profit on Tuesday that beat analysts’ estimates and raised its 2021 profit forecast, as the pharmacy chain operator posted higher drug store sales due to COVID-19 vaccinations and testing.

The company has been offering COVID-19 tests and vaccines as part of the ongoing federal program, which CVS hopes will increase footfall at its drug stores.

CVS Health now expects 2021 adjusted profit of between $7.56 and $7.68 per share, from its previous forecast of $7.39 to $7.55 per share.

Total revenue at the company’s drug stores, which sell over-the-counter health products, rose 2.3% for the quarter, also helped by price inflation of branded drugs.

On an adjusted basis, CVS earned $2.04 per share in the quarter ended March 31, above analysts’ estimates of $1.72 per share, according to Refinitiv IBES data.

Total sales rose 3.5% to $69.1 billion.

(Reporting by Manojna Maddipatla and Mrinalika Roy in Bengaluru; Editing by Shounak Dasgupta)

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