CVS reports 8% revenue increase during first quarter, spike in pharmacy sales

CVS Health reported a 9 percent increase in sales during the first quarter as customers stocked up on supplies to combat the COVID-19 pandemic. 

The retail pharmacy giant saw its revenue increase 8.3 percent in the first quarter and its pharmacy revenue increase by 4.2 percent, according to a May 6 news release. 

Its earnings per share were $1.91 and total revenue was $66.8 billion in the first quarter. The company said it expects its 2020 earnings to be between $7.04 to $7.17 per share. 

The pandemic caused more customers to order 90-day prescriptions, CVS said, causing its total pharmacy claims processed to increase by 12.4 percent. 

CVS also plans to ramp up COVID-19 testing by opening 1,000 testing sites across the country. 

Read the full earnings report here.

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