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CVS Sees Big Gains
Description
CVS Health Corp ($CVS@US) increased its full-year adjusted earnings forecast on Wednesday on the strength of COVID-19 vaccinations and tests. The company is beating analyst estimates, especially as employers across the country begin to mandate vaccination for employees. Competitor Walgreens Boots Alliance also said that it plans to see massive gains on the back of the COVID-19 vaccine and testing. CVS said that it has administered over 8 million tests and 11 million vaccines in just the 3rd quarter. Initially, the company cut its expectations for testing and vaccination in August. Many consumers don’t realize that CVS Health also operates insurance and benefits, management divisions. The health insurance unit saw a 9.5% increase in sales to just under 20 and a half-billion dollars. Revenue for the pharmacy benefits program rose over 9%, and the company earned $1.97 per share, far surpassing previous estimates of $1.78 per share. With this adjustment, the company expected to $7.90 to $8 per share for the full year, around 20 cents per share above expectations.
Keywords & Tags
#earnings
#finance
#biotech
#covid
#vaccine
#COVID-19
#inflation
#business
#pandemic
#earnings season
#analysts
#revenue
#economic recovery
#big pharma
#vaccination
#medicine
#Delta variant
#pharmaceutical
#profit
#prescription drugs
#infections
#economic growth
#hospitalizations
#deaths
#CVS
#pharmacy
#analyst estimates
#annual report
#quarterly results
#quarterly report
#medical experts
#economic outlook
#Retailer Grows
#COVID Vaccines
#Tests
#mandate
#Walgreens Boots Alliance
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