CVS beats on earnings and revenue but lowers profit outlook

Shares fell more than 1% in premarket trading Wednesday.

Here’s what CVS reported compared with Wall Street’s expectations, based on a survey of analysts by Refinitiv:

• Earnings per share: $2.20 adjusted, vs. $2.09 expected
• Revenue: $85.28 billion, vs. $80.81 billion expected

For the quarter ended March 31, CVS posted profit of $2.14 billion, or $1.65 a share, compared with $2.35 billion, or $1.77 a share, a year earlier. Excluding one-time items, the company reported earnings of $2.20 per share for the period.

CVS reported total revenues of $85.28 billion, an 11% increase over the $76.83 billion reported in the first quarter of 2022.

CVS lowered its 2023 adjusted earnings guidance to a range of $8.50 to $8.70, which is 20 cents lower than its previous projection of $8.70 to $8.90.

The company lowered its guidance due to costs associated with its $8 billion acquisition of Signify Health and its $10.6 billion purchase of Oak Street Health, among other items.

This is a developing story. Please check back for updates.