CVS Health Shares Are Trading Higher On Q1 Earnings Beat, Raised FY21 EPS Guidance

CVS Health Corporation (NYSE: CVS) shares moved higher in the premarket after the company reported better than expected Q1 earnings.
Overall revenues increased 3.5% Y/Y to $69.1 billion, driven by growth across all segments. Sales beat a consensus of $68.4 billion.
Operating income and adjusted operating income increased 3.4% and 2.2%, respectively. The increase in operating income and adjusted operating income was primarily due to growth in the Pharmacy Services and Health Care Benefits segments, partially offset by declines in the Retail/LTC segment.
Adjusted EPS of $2.04 grew +7% Y/Y and surpassed the consensus of $1.71.
Guidance: CVS raised its FY21 GAAP diluted EPS guidance range to $6.24 to $6.36 from $6.06 to $6.22 and adjusted EPS guidance range to $7.56 to $7.68 from $7.39 to $7.55.
It reaffirmed the FY21 operating cash flow outlook of $12.0 billion to $12.5 billion.
Price Action: CVS shares are up 3.1% at $80.1 in the premarket trading on the last check Tuesday.