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Key Takeaways
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Shares of CVS Health surged as the company's first-quarter results easily topped estimates.
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The pharmacy and health insurance firm lifted its full-year adjusted earnings per share outlook, but lowered its EPS forecast because of certain one-time costs.
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CVS said last month that it would likely top its initial adjusted EPS projection.
CVS Health (CVS) shares powered 7% higher Thursday after the pharmacy and healthcare giant's first-quarter results handily topped estimates.
Revenue grew 7% year-over-year to $94.59 billion, while adjusted earnings per share (EPS) rose more than 70% to $2.25. Each metric came in well above the analyst consensus compiled by Visible Alpha.
The company trimmed its EPS guidance range to $4.23 to $4.43, down from $4.58 to $4.83 previously. However, CVS lifted its adjusted EPS projection to $6.00 to $6.20, up from its previous range of $5.75 to $6.00.
The pharmacy chain and Aetna health insurance operator said it updated its outlook to "reflect strong performance across each of our businesses, while maintaining a cautious view for the remainder of the year in light of continued elevated cost trends and the potential for macro headwinds."
Last month, the company said it would likely meet or exceed that adjusted EPS range, and appointed a new CFO, Brian Newman.
CVS Health shares are up nearly 60% since the start of the year and are trading at their highest level since April 2024.
UPDATE—This article has been updated with the latest share price information.
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