CVS Health (CVS) Q2 2022 results

People walk past a CVS Pharmacy store in the Manhattan borough of New York.

Shannon Stapleton | Reuters

SVC Health Wednesday raised its earnings outlook for the year, after beating Wall Street expectations for the fiscal second quarter.

The healthcare company said it now expects adjusted earnings per share for the full year to be between $8.40 and $8.60, down from its previous estimate of between 8. $20 and $8.40.

The shares rose about 2% in premarket trading.

Here’s what the company reported for the three months ended June 30, compared to what analysts expected, based on an analyst survey by Refinitiv:

  • Earnings per share: $2.40 adjusted vs. $2.17 expected
  • Revenue: $80.64 billion vs. $76.37 billion expected

On an unadjusted basis, CVS reported net income of $2.95 billion, or $2.23 per share, higher than $2.78 billion, or $2.10 per share, a year earlier. Revenue of $80.64 billion also marked a year-over-year increase, versus $72.62 billion over the same period in 2021.

Shares of CVS closed Tuesday at $95.37. Shares of the company have fallen about 8% so far this year.

This is a developing story. Please check for updates.