- CVS Health Corp's (NYSE:CVS) Q1 sales increased 11.2% Y/Y to $76.83 billion, beating the consensus of $75.39 billion.
- Adjusted operating income increased 6.6% to $4.48 billion primarily due to increased prescription and front store volume, including the sale of COVID-19 OTC test kits and the impact of COVID-19 vaccinations in the Retail/LTC segment.
- Prescriptions filled increased 5.1% Y/Y on a 30-day equivalent basis to 394.6 million (lower than 419 million in Q4), primarily driven by COVID-19 vaccinations.
- The company administered more than six million COVID-19 tests and over eight million COVID-19 vaccines in Q1, even as people getting COVID boosters slowed down and the U.S. reported a drop in testing.
- The decline in demand for COVID products was offset by membership growth in its healthcare benefits segment, which offers various insurance products and services. The segment sales increased 12.8% to $23.12 billion.
- Adjusted EPS increased 8.8% to $2.22, beating the consensus of $2.15.
- Outlook: CVS Health revised its FY22 GAAP EPS guidance to $6.93 - $7.13 from $7.04 - $7.24. It raised the adjusted EPS outlook to $8.20 - $8.40 from $8.10 - $8.30, compared to the consensus of $8.27.
- The company also confirmed its full-year 2022 cash flow from operations guidance of $12.0 billion - $13.0 billion.
- Price Action: CVS shares are up 1.74% at $97.65 during the premarket session on the last check Wednesday.
- Photo Via Wikimedia Commons
