NEW YORK (AP) – Specialty drugs and retail expansions boosted CVS Health’s first-quarter revenue by 18.9 percent, helping to offset higher costs and push results above Wall Street expectations.
The nation’s second-largest drugstore chain also confirmed its full-year profit outlook, though second-quarter forecasts fall short of expectations.
First-quarter profit fell 6.1 percent during the period to $1.15 billion, or $1.04 per share, mainly on higher costs associated with the acquisition of Omnicare and pharmacies at Target. Excluding certain expenses, the company earned $1.18 per share.
The results topped Wall Street expectations, with the average estimate of 25 analysts surveyed by Zacks Investment Research for earnings of $1.16 per share.
The Woonsocket, Rhode Island-based drugstore chain and pharmacy benefits manager posted a18.9 percent boost in revenue to $43.22 billion in the period, also beating Street forecasts. Twenty-six analysts surveyed by Zacks expected $42.98 billion.