CVS Raises Forecast as Testing, Vaccinations Drive Quarter (1)

May 4, 2021, 12:03 PM

CVS Health Corp. raised its full-year earnings forecast as first-quarter results beat expectations on the strength of Covid-19 testing and vaccinations that helped the company overcome a weak cough, cold and flu season.

  • Adjusted net income for 2021 will be $7.56 to $7.68 a share, CVS said. The company had earlier forecast a range of $7.39 to $7.55.
  • Adjusted earnings rose from a year earlier to $2.04 a share, though beating the $1.71 a share expected by Wall Street analysts. Revenue of $69.1 billion beat analysts’ average estimate.

Key Insights

  • CVS has given more than 17 million Covid-19 shots in...

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