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Investing.com - CVS has once again raised its full-year profit forecast, as the conglomerate said it was boosted by strength at its health care benefits and pharmacy and consumer wellness segments.
Under CEO David Joyner, who took over at the helm of the company in October, CVS has been pushing to cut costs and has reshuffled its executive leadership team as it looks to turn around its fortunes following one of the most challenging periods in its six-decade history.
In a statement, CVS said it has seen "significant and durable recovery"at its Aetna unit, as well as "growth and momentum" at its pharmacy division.
Second-quarter net revenue grew by 8.4% versus a year ago to $98.92 billion, compared to analysts’ estimates of $94.61 billion, fueled by better-than-anticipated results at its health care benefits and health services businesses.
Adjusted earnings per share operating income edged up by 1.7% to $3.81 billion, while earnings per share came in at $1.81 -- both topping Wall Street projections.
Following the returns, CVS said it expects adjusted per-share income to be between $6.30 to $6.40, up from a prior guidance of $6 to $6.20. Cash flow from operations is anticipated to be at least $7.5 billion, versus $7 billion previously.
Shares of CVS ripped higher by more than 8% in premarket U.S. trading on Thursday.