CVS Health topped Wall Street expectations for the second quarter and hiked its full-year forecast again, as the health care giant continued to rally under new management from a forgettable 2024.
The company said Thursday it now expects adjusted 2025 earnings to range between $6.30 and $6.40 this year after hiking the forecast to a range of up to $6.20 per share in May.
Analysts have forecast annual forecast earnings of $6.12 per share, according to the data firm FactSet.
In the second quarter, CVS Health reported adjusted earnings of $1.81 per share as revenue grew 8% to $98.9 billion.
Analysts had been looking for earnings of $1.46 per share on $94.51 billion, according to the data firm FactSet.
CVS Health Corp., based in Woonsocket, Rhode Island, runs one of the nation’s largest drugstore chains and a huge pharmacy benefit management business that operates prescription drug coverage for employers, insurers and other big clients. It also covers nearly 27 million people through its Aetna insurance arm.
The company saw revenue growth of 10% or more in all three business segments.
Several health insurance companies have reported disappointing earnings so far for the second quarter, in part due to spikes in care use that turned out higher than the companies anticipated when they set rates for the year.
CVS Health had its own struggles with rising claims last year, when it cut its forecast several times and former CEO Karen Lynch stepped down. David Joyner replaced her and added new executives to the company’s leadership.
Company shares jumped more than 8%, or $5.34, to $67.65 in premarket trading Thursday.
The stock had already advanced 39% so far this year, as of Wednesday’s close. The Standard & Poor’s 500 index has grown 8% over the same span.
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