CVS Health Corp reported a 53.7per cent rise in quarterly profit on Wednesday, as lower medical costs in the company's health insurance business ...
REUTERS: CVS Health Corp raised its full-year profit forecast and beat Wall Street expectations for quarterly profit on Wednesday as a drop in non-urgent medical procedures led to fewer claims at its health insurance business.
Shares of the company rose nearly 5per cent premarket after it raised its full-year profit forecast to between US$7.14 per share and US$7.27 per share from US$7.04 per share to US$7.17 per share.Other health insurers including UnitedHealth Group and Anthem Inc have reported a surge in second-quarter profit as fewer patients opted for non-urgent surgeries and procedures due to the pandemic, helping control medical costs.
The medical benefit ratio - the percentage of premiums paid out for medical services - at CVS' health insurance unit fell to 70.3per cent from 84per cent a year earlier.Net income attributable to CVS rose to US$2.98 billion, or US$2.26 per share, in the second-quarter ended June 30, from US$1.94 billion, or US$1.49 per share, a year earlier.Excluding items, the company earned US$2.64 per share, beating estimates of US$1.93, according to IBES data from Refinitiv.
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