CVS Reports Strong Q2 Earnings

CVS Health (NYSE: CVS) reported better-than-expected second-quarter results on Wednesday and consequently raised its earnings outlook for the year. The company’s shares rose approximately 5% upon the news.

The health-care company reported earnings of USD2.40 per share, compared to the expected USD2.17 a share. Revenue amounted to USD80.64 Billion, higher than analysts anticipated USD76.37 Billion.

“Despite a challenging economic environment, our differentiated business model helped drive strong results this quarter, with significant revenue growth across all of our business segments. The continued success of our foundational businesses accelerated our strategy to expand access to health services and help consumers navigate to the best site of care. We remain a trusted community health destination for millions of individuals with health products and services that engage customers in all aspects of their health wherever and whenever they need it,” said CVS CEO Karen Lynch.

The results come from various divisions of CVS’ health-care business. The company has a major presence amid its drugstores but also owns insurer Aetna and pharmacy benefits manager CVS Caremark, as well as offers patient care amid MinuteClinics located inside stores.

Acording to Lynch, the company’s strategy of adding on more health services has increased sales and built more customer relationships.