After an 11% profit spike, CVS outlook for 2021 grows rosy

CVS store. File photo by Steve Klamkin WPRO News

The Associated Press 

CVS Health hiked its 2021 forecast and beat Wall Street’s first-quarter expectations as a growing insurance business countered hits the health care giant took from a weak cold and flu season.

The company covered more people through Medicaid and Medicare Advantage, and adjusted operating earnings from health insurance jumped nearly 20% in the quarter.

CVS Health, based in Woonsocket, also delivered more than 23 million COVID-19 tests and 17 million vaccine doses through April, which helped its drugstore business.

But the on-going pandemic also hurt sales of drugs and products that help customers deal with colds and the flu.