CVS Health tops Wall Street 2Q forecasts, narrows guidance

CVS Health tops 2Q forecasts books charge of nearly $4B

CVS Health's MinuteClinic is offering video visits through its CVS Pharmacy app in an expansion of a three-year partnership with Teladoc Health.

Analysts predicted earnings of $1.61 per share on $46.32 billion in revenue.

3, 2017, file photo shows a CVS Pharmacy in the Brooklyn borough of NY.

CVS Health (NYSE:CVS) stock was up on Wednesday following the release of its earnings report for the second quarter of 2018.

CVS Health beat Wall Street expectations for the second-quarter, helped by rising prescription sales, though a almost $4 billion charge from one of the company's businesses led to a loss.

CVS Health traded up $2.00, hitting $67.45, during mid-day trading on Wednesday, MarketBeat.com reports.

Net loss attributable to CVS was $2.56 billion, or $2.52 per share, in the second quarter ended June 30, compared with a profit of $1.10 billion, or $1.07 per share, a year earlier. Legacy Advisors LLC now owns 1,800 shares of the pharmacy operator's stock valued at $116,000 after acquiring an additional 1,775 shares during the last quarter. Both figures beat expectations.

The company booked a $3.9 billion charge in the quarter tied to its long-term care business.

The company's results come at a time when PBMs are at the crosshairs of the Trump administration, which last month proposed a rule that would scale back protections now in place that allow rebates between drug manufacturers and insurers and PBMs. It recorded $39 million in costs in the latest quarter in connection with the Aetna deal.

Overall, though, the company had a good quarter, Edward Jones analyst John Boylan said in another research note. He added that the Omnicare charge was a surprise, but he was already expecting modest results from that business. The company says that it now expects earnings per share for the year to range from $6.98 to $7.08. Loop Capital set a $68.00 price objective on shares of CVS Health and gave the stock a hold rating in a report on Monday, May 7th.

CVS reached an agreement in December to buy Aetna for $69 billion in cash and stock. Omnicare provides pharmacy services to nursing homes and other clients. Through its more than 9,800 retail locations, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 94 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan, the company enables people, businesses and communities to manage health in more affordable and effective ways. The stock is still down about 6 percent so far this year.

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