CVS Health Q2 Profit Falls But Beats Estimate, Initiates Restructuring To Cut Costs, Lowers Annual Outlook
Portfolio Pulse from Vandana Singh
CVS Health Corp's Q2 sales increased by 10.3% Y/Y to $88.9 billion, beating the consensus of $86.74 billion. The company's pharmacy and consumer wellness segment saw revenue grow 7.6% to $28.78 billion. The company recorded $496 million in pre-tax charges related to a restructuring program it started during the quarter to cut costs. CVS Health revised GAAP EPS to $6.53-$6.75 from $6.90-$7.12. CVS shares are down 2.30% at $72.25 during the premarket session.
August 04, 2023 | 11:19 am
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CVS Health's Q2 sales beat estimates, but the company has lowered its annual outlook and initiated a restructuring program to cut costs. This has led to a 2.30% drop in premarket trading.
CVS Health's Q2 sales beat estimates, which is a positive signal. However, the company has lowered its annual outlook and initiated a restructuring program to cut costs, which indicates potential challenges ahead. This has led to a negative reaction in the stock market, with shares down 2.30% in premarket trading.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100