- CVS Health Corp's (NYSE: NYSE:CVS) Q2 sales increased 11% Y/Y to $80.6 billion, beating the consensus of $76.37 billion.
- Prescriptions filled increased 1.6% on a 30-day equivalent basis, driven by increased utilization and the impact of an extended cough, cold, and flu season, partially offset by decreased COVID-19 vaccinations.
- Excluding the impact of COVID-19 vaccinations, prescriptions filled increased 4.6% on a 30-day equivalent basis.
- Total pharmacy claims processed increased 3.9% on a 30-day equivalent basis and up 5.7%, excluding COVID-19 vaccinations.
- Retail sales were bolstered by increased prescription and front-store volume, which included at-home Covid-19 testing kits. Retail sales reached $26.29 billion (+6.3%).
- Adjusted EPS was $2.40, beating the consensus of $2.17.
- Outlook: CVS Health raised the adjusted EPS outlook to $8.40 - $8.60, up from previous guidance of $8.20 - $8.40, compared to the consensus of $8.36.
- The company also raised FY22 cash flow from operations guidance to $12.5 - $13.5 billion compared to $12 - $13.0 billion expected earlier.
- Price Action: CVS shares are up 4.01% at $99.19 during the premarket session on the last check Wednesday.
Read at Benzinga