Categories Earnings, Health Care

CVS Health Corporation builds on its strong growth in Q3

Building on the strong momentum it has been displaying since the beginning of this year, CVS Health Corporation (NYSE: CVS) on Wednesday posted third-quarter financial results that were ahead of Wall Street targets.

The company said its total revenue shot up 36.5% to  $64.8 billion, exceeding average analysts’ consensus of $63 billion.

 CVS Health Q3 2019 Earnings Infographic

The strong growth in topline helped the healthcare company generate adjusted EPS of $1.84 per share in Q3, which was 7 cents ahead of the street consensus.

“All of our core businesses performed in line with or above expectations, reflecting strong operational execution. As a result, we delivered strong growth and generated robust operating cash flow, which enabled us to continue to deliver while returning capital to our shareholders,” CEO Larry Merlo stated.

READ: Alteryx CFO Kevin Rubin on Q4 outlook, stock sell-off and the possibility of getting acquired

Outlook raised

Thanks to the strong results, the company raised and narrowed its Adjusted EPS guidance range to $6.97 – $7.05 from the prior projection of $6.89 – $7.00.

Meanwhile, outlook on GAAP operating income was slashed to $11.77 billion – $11.95 billion from the earlier range of $11.82 billion – $12.02 billion.

CVS shares gained 1.5% during pre-market hours.

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