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CVS Health raises 2021 earnings outlook, backs 2022 forecast

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A customer walks towards the entrance of a CVS Health Corp. store in downtown Los Angeles, California, U.S., on Friday, Oct. 27, 2017.
Christopher Lee | Bloomberg | Getty Images

CVS Health said Tuesday that it has raised its full-year earnings outlook and backed prior guidance for 2022.

The health-care company’s sales have benefited as customers come to its stores for Covid testing and vaccines during the pandemic. CVS is also adding more medical services to stores and weaving together other parts of its business. For example, it encourages people with its health insurance, Aetna, to visit urgent care clinics inside of its drugstores.

CVS said it expects full year 2021 earnings to be in a range of $5.87 to $5.92 per share, up from previous expectations of $5.50 to $5.61 per share.

After adjustments, it expects to earn $8.33 to $8.38 per share, up from a prior forecast of at least $8 per share. The new range is above the $8.03 per share that analysts surveyed by Refinitiv are projecting.

CVS also reaffirmed its 2022 forecast, which calls for earnings per share to be between $7.04 and $7.24, and between $8.10 and $8.30 per share, after adjustments.

Analysts have been looking for CVS to earn $8.27 per share, after adjustments, in 2022.

CVS made the announcement in an 8K filing with the Securities and Exchange Commission ahead of a planned virtual presentation at the J.P. Morgan Healthcare Conference on Tuesday morning.

Shares were up more than 1% in premarket trading on the news.

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