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CVS Finishes Off Q2 Pharmacy Earnings Season

CVS Health Corp CVS announced better-than-expected earnings for the second quarter. However, its revenue failed to meet the predictions sending the stock down marginally in the pre-market. The company also boosted its full year adjusted EPS outlook.

The pharmacy firm reported GAAP earnings of $0.86, down from $1.12 a share reflecting loss of early extinguishment of debt and acquisition-connected merger costs. However, its adjusted EPS grew 8.3 percent on a YOY basis to $1.32 and came in above the Street analysts' estimations of $1.30 a share.

CVS's net revenues also advanced 17.6 percent to $43.7 billion, which fell short of the Street analysts' predictions of $44.28 billion.

Its President and CEO, Larry Merlo, commented, "Operating profit in the Retail/LTC Segment was in line with expectations while operating profit in the Pharmacy Services Segment exceeded expectations."

Going forward, the company lifted its adjusted EPS forecast to $5.81-$5.89 for the full year from $5.73-$5.88 projected by it earlier. Street is looking for an EPS of $5.82. For the third quarter, the company expects adjusted EPS of $1.55-$1.58 suggesting that the mid-point is higher than the Street analysts' estimation of $1.55 a share.

In the pre-market on Tuesday, shares of the company traded down by $0.49 or 0.52 percent at $93.00.

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