CVS Health Shares Are Trading Higher On Q1 Earnings Beat, Raised FY21 EPS Guidance

CVS Health Corporation CVS shares moved higher in the premarket after the company reported better than expected Q1 earnings.
Overall revenues increased 3.5% Y/Y to $69.1 billion, driven by growth across all segments. Sales beat a consensus of $68.4 billion.
Operating income and adjusted operating income increased 3.4% and 2.2%, respectively. The increase in operating income and adjusted operating income was primarily due to growth in the Pharmacy Services and Health Care Benefits segments, partially offset by declines in the Retail/LTC segment.
Adjusted EPS of $2.04 grew +7% Y/Y and surpassed the consensus of $1.71.
Guidance: CVS raised its FY21 GAAP diluted EPS guidance range to $6.24 to $6.36 from $6.06 to $6.22 and adjusted EPS guidance range to $7.56 to $7.68 from $7.39 to $7.55.
It reaffirmed the FY21 operating cash flow outlook of $12.0 billion to $12.5 billion.
Price Action: CVS shares are up 3.1% at $80.1 in the premarket trading on the last check Tuesday.

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