Overall, CVS posted $46.7 billion net revenue for the second quarter of 2018, up 2.2 percent from the same period a year ago.
Revenue from CVS’ retail pharmacy segment hit $20.7 billion, up 5.7 percent from the same quarter in 2017. The drugstore giant attributes the strong performance to an 8.3 percent increase in pharmacy revenue and a same-store prescription volume surge of 9.5 percent.
In contrast, revenue from front-end sales, including goods like household items or food, grew just 0.2 percent. On a same-store basis, revenue from front-end sales dipped 1 percent. CVS will continue to face heightened pressures in its front of store sales due to companies such as Amazon.
The drugstore chain attributes the loss to a $3.9 billion goodwill impairment charge related to its long-term care business. Last year, CVS Health posted a $1.1 billion profit in the second quarter.
“Our solid performance both in the quarter and year-to-date demonstrates our ability to drive value. It also builds upon a strong foundation for a seamless integration of CVS and Aetna with one goal: to transform the consumer healthcare experience, and by doing so, deliver long-term profitable growth for shareholders,” said CVS President and CEO Larry Merlo.
CVS expects to close its deal with health insurer Aetna in the third quarter of 2018.
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