CVS Health Corp (NYSE:CVS) stock is trading higher on Thursday after the company reported better-than-expected Q2 earnings and raised its annual guidance.
The company reported second-quarter sales of $98.90 billion on Thursday, beating the consensus of $94.85 billion.
Total revenues increased 8.4% year over year, driven by revenue growth across all segments.
Adjusted earnings of $1.81 per share also beat the analyst estimate of $1.46.
GAAP earnings of $0.80 per share decreased from $1.41 in the prior year, reflecting the impact of two litigation charges associated with CVS’s past business practices.
Operating income decreased 21.8% to $2.38 billion primarily due to $833 million in litigation charges related to two court decisions associated with the company’s past business practices, partially offset by a decrease in acquisition-related integration costs.
Adjusted operating income increased 1.7% to $3.81 billion, driven by increases in the Health Care …