RAD - CVS Health posts 1Q beat and raises guidance even as COVID impact wanes

CVS Health (NYSE:CVS) recorded a topline and bottom line beat for the first quarter of 2022 on Wednesday and raised the full year earnings guidance while its contribution to battle the pandemic appeared to be on the wane. In 1Q 2022, the company performed over six million COVID-19 tests and administered more than eight million COVID-19 vaccines compared to more than eight million tests and 20 million vaccines it handled in the preceding quarter when the Omicron variant became dominant. Total revenue for the quarter reached $79.8B with ~11% YoY growth driven by ~13% YoY growth in the Health Care Benefits Segment which generated $23.1B revenue. Medical benefit ratio increased marginally to ~83.5% indicating a trend towards normalized total medical costs. Meanwhile, the medical membership improved by 674K members from the 2021 year-end to 24.5M. Retail/LTC segment posted $25.4B revenue with ~9% YoY growth as prescriptions filled on a 30-day

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CVS Health posts 1Q beat and raises guidance even as COVID impact wanes