CVS boosts outlook as prescription demand outweighs COVID vaccine dip
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CVS Health boosted its annual forecast after processing more prescriptions and adding hundreds of thousands of customers to its health insurance business in the first quarter.
During the first three months of the year, the number of prescriptions filled increased 5.1% on a 30-day equivalent basis compared with the same time last year, which was "primarily driven by increased utilization and the impact of a weaker cough, cold and flu season experienced in the prior year," the company announced in its earnings report Wednesday.
CVS, RITE AID, WALGREENS OFFERING EXTRA COVID BOOSTER SHOT NATIONWIDE
CVS HEALTH CORP.
At the same time, 674,000 members were added to its health insurance businesses since the end of last year. However, the company noted that its adjusted operating income dropped slightly in the first quarter, partly because medical costs are returning to normal levels.