Healthcare conglomerate CVS Health Corporation (NYSE: CVS) announced second-quarter 2023 results, reporting lower earnings despite an increase in revenues.
June quarter adjusted profit declined 13% year-over-year to $2.21 per share. On a reported basis, net income was $1.91 billion or $1.48 per share, compared to $3.04 billion or $2.29 per share in the prior-year quarter.
Meanwhile, the company’s revenues increased 10% year-over-year to $88.9 billion during the three-month period. Total same-store sales rose 10.9% from last year.
“Our diversified business model delivered strong results this quarter. We continue to execute on our strategy to expand access to health services across our care delivery channels and strengthen our engagement with consumers to improve their health and well-being,” said CVS CEO Karen Lynch.