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CVS Health beats quarterly profit estimates on PBM unit strength – One America News Network

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(Reuters) -CVS Health Corp beat Wall Street estimates for quarterly profit on Wednesday, boosted by strength in its pharmacy benefit management unit and lower-than-expected medical costs in its health insurance business.

CVS has been focusing on the integration of healthcare services business Signify and primary-care provider Oak Street to broaden the scope of its offerings. It completed their acquisition earlier this year.

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The company said it recorded $496 million in pre-tax charges related to a restructuring program it started during the quarter.

Excluding items, the company reported a profit of $2.21 per share, above analysts’ average estimate of $2.11 per share, according to Refinitiv data.

(Reporting by Khushi Mandowara and Bhanvi Satija in BengaluruEditing by Vinay Dwivedi)

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