CVS reports strong Q2 results, boosted by lack of elective surgeries

CVS reported strong second quarter results Aug. 5 and raised its outlook for the year, boosted by the lack of elective surgeries during the COVID-19 pandemic. 

The retail pharmacy giant beat analysts' expectations for earnings, and revenue and shares were up about 3 percent in premarket trading, according to CNBC

CVS reported $65.3 billion in revenue compared to $63.4 billion a year prior, and a net income of $2.98 billion for the second quarter, up from $1.94 billion the year prior.

"The environment surrounding COVID-19 is accelerating our transformation, giving us new opportunities to demonstrate the power of our integrated offerings and the ability to deliver care to consumers in the community, in the home and in the palm of their hand which has never been more important," CEO Larry Merlo said.

CVS got a boost from the lack of elective surgeries, which resulted in reduced benefit costs for its Aetna division. 

But prescription volume fell by 1.1 percent compared to a year prior as fewer people went to physicians and got new prescriptions. 

Front store revenues also dropped 4.6 percent compared to last year as more people stayed home due to shelter-in-place orders. 

Find CVS' full second quarter results here

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