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CVS Health reported third quarter earnings Wednesday morning that beat Wall Avenue’s expectations.
Here is how the pharmacy big carried out in comparison with Wall analysts’ estimates, in keeping with Refinitiv:
- Earnings per share $2.09 vs. $1.99, anticipated.
- Income $81.16 billion vs. $76.75 billion, anticipated.
The outcomes mark a ten% 12 months over 12 months income improve and the third consecutive quarter wherein CVS beat earnings expectations.
The corporate on Wednesday additionally introduced a multi-billion greenback settlement referring to its position within the opioid disaster. Based on CVS, the settlement resolves all current claims in opposition to the corporate referring to opioid distribution.
The corporate raised its full 12 months outlook for the second consecutive quarter. Now, the corporate expects an adjusted earnings per share for the complete 12 months of between $8.55 and $8.65, up from the vary of $8.40 to $8.60 that it introduced in August atop wholesome site visitors and Covid-related anti-viral drug gross sales.
CVS encompasses a big swath of well being care companies, together with its prescription and over-the-counter drugs gross sales, its MinuteClinic affected person care companies and its pharmacy advantages supervisor, CVS Caremark. The corporate additionally owns Aetna, a managed medical insurance firm.
The retailer has signaled a renewed give attention to well being care this quarter, announcing its purchase of Signify, an at-home well being care firm, for $8 billion in September. The transfer mirrors Amazon and Walgreens personal expansions additional into well being care companies. Amazon is acquiring OneMedical, a sequence of boutique physician’s workplaces, for $3.9 billion. Walgreens is presently opening docs workplaces in a partnership with VillageMD.
CVS stated it could pay $5 billion over the following 10 years to states, tribes and others to settle opioid claims. The settlement would cowl all claims relating the retailers’ contribution to the opioid epidemic, in keeping with the corporate. Walmart and Walgreens reportedly settled alongside CVS, in keeping with Reuters.
In September, CVS agreed to pay a $82.5 million settlement to West Virginia for its position in fueling the opioid disaster within the Mountain State. The pharmacy was accused of lax oversight of the prescription tablets it bought.