CVS Health lifts forecast as insurance business, COVID tests boost Q2 profit

CVS Health logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration

Aug 3 (Reuters) – CVS Health Corp (CVS.N) on Wednesday raised its annual profit forecast after strength in its insurance business and sales of COVID-19 over-the-counter test kits helped boost quarterly earnings.

Shares in the largest U.S. pharmacy chain rose about 3% before the bell.

The company’s retail and long-term care segment revenue rose 6.3% to $26.3 billion, as the sale of OTC antigen COVID test kits and the impact of the flu season helped offset the effect of lower COVID-19 vaccinations and diagnostic testing.

Pharmacy chain operators such as CVS have benefited from distributing COVID vaccines and tests during the pandemic, with an Omicron-driven surge in infections driving up demand for its OTC tests…