CVS Health has reported strong second quarter profits and revenues, beating analysts’ expectations. CVS reported second quarter profits of $2.95 billion, up from $2.8 billion for the prior year quarter. This brings its profits for the first half of the year to $5.3 billion. CVS also reported strong revenues of $80.6 billion for the second quarter, up from $72.6 billion from the second quarter of 2021. Second quarter revenues bring its revenues for the first half of the year to $157.5 billion.
As a result of these strong earnings, CVS increased its annual profit forecast to between $8.40 and $8.60 a share. In a statement, CVS President and CEO Karen S. Lynch stated that “our differentiated business model helped drive strong results this quarter, with significant revenue growth across all of our business segments.” CVS owns Aetna, one of the nation’s largest health insurers, and Caremark, the nation’s largest pharmacy benefit manager.