REUTERS: CVS Health Corp on Wednesday posted first-quarter profit above Wall Street estimates, as its pharmacy benefits management business and its drugstores benefited from customers stockpiling medicines due to COVID-19 lockdowns.
Sales at CVS's retail unit rose 77per cent to US$22.75 billion, helped by strength in its pharmacies as well as its front-end stores that sell over the counter consumer health products.
The company said its pharmacies benefited as consumers refilled prescriptions early as they prepared for the COVID-19 pandemic.
Excluding items, CVS earned US$1.91 per share, beating estimates of US$1.63 per share, according to IBES data from Refinitiv.
Sales rose 8.3per cent to US$66.76 billion, beating estimates of US$64.10 billion.
The company maintained its 2020 adjusted profit forecast.
Net income rose to US$2.01 billion, or US$1.53 per share, in the quarter ended March 31, from US$1.42 billion, or US$1.09 per share, a year earlier.
(Reporting by Manas Mishra and Trisha Roy in Bengaluru; Editing by Shinjini Ganguli and Supriya Kurane)