CVS Health (CVS) Q1 2022 earnings.

A CVS pharmacy store is seen in the Manhattan neighborhood of New York City, New York.

Shannon Stapleton | Reuters

CVS Health Wednesday surpassed Wall Street expectations for first-quarter earnings and raised its guidance for the year as it saw demand for Covid home testing, prescriptions and more.

The healthcare company said it now expects adjusted earnings per share for 2022 to range from $ 8.20 to $ 8.40 compared to the previous forecast of between $ 8.10 and $ 8.30.

Stocks were up more than 1% in pre-market trading.

Here is what the company reported for the quarter ended March 31, compared to what analysts expected, based on a survey of Refinitiv analysts:

  • Earning per share: $ 2.22 adjusted versus $ 2.15 expected
  • Revenue: $ 76.83 billion versus $ 75.39 billion expected

The healthcare company reported net income of $ 2.31 billion, or $ 1.74 per share, up from $ 2.22 billion, or $ 1.68 per share, a year earlier.

Excluding articles, CVS earned $ 2.22 per share, more than the $ 2.15 per share expected by analysts interviewed by Refinitiv.

Revenue increased to $ 76.83 billion from $ 69.1 billion a year earlier. This exceeded / failed below analysts’ expectations of $ 75.39 billion.

As of Tuesday’s close, CVS shares are down about 7% this year, outperforming the S&P 500’s 12% decline. The shares closed Tuesday at $ 95.98, taking the company’s market value to $ 126. , 04 billion.

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