Pharmacy retailer CVS Health (NYSE:CVS) has reported better than expected second-quarter earnings and raised its forecast for the year as shopping patterns normalize.
The company, which operates a network of retail pharmacy outlets across the U.S., said its business has begun to normalize as customers buy more items in the front of the store and pharmacists fill more prescriptions.
Same-store sales rose 12.3% in the second quarter, compared with a year ago. CVS Health said it administered nearly 17 million COVID-19 vaccines and more than six million tests in the second quarter.
For the three months ended June 30, CVS Health reported earnings per share of $2.42 U.S. compared to $2.06 U.S. that had been expected.
The company’s revenue jumped to $72.62 billion U.S. from $65.34 billion U.S. a year earlier, and topping analysts’ expectations of $70.3 billion U.S. of revenue in the second quarter.
CVS Health reported second-quarter net income of $2.78 billion U.S., or $2.10 U.S. per share, down from $2.98 billion U.S., or $2.26 U.S. per share a year earlier.
Looking forward, the company raised its guidance for the year, saying it expects 2021 earnings will range between $6.35 U.S. and $6.45 U.S. per share.
CVS Health’s stock is up 23% year-to-date at $84 U.S., bringing the company’s market capitalization to $110.59 billion U.S.
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