THE WHAT? CVS Health has announced its operating results for the three months ended March 31, 2022. The US drugstore giant saw revenues rise 11.2 percent to US$76.83 million.
THE DETAILS Operating dropped 2.4 percent in Q1 versus the prior=year period, primarily due to the establishment of a legal settlement accrual related to the pending agreement with the State of Florida to settle all opoid claims for US$484 million. Adjusted operating income grew 6.6 percent.
THE WHY? Karen S. Lynch, CVS Health President and CEO, reveals, “Our strategy improves access to affordable, convenient and personalized health care, which benefits consumers and shareholders. We once again showed the power of our purpose and potential, building on our strong momentum and raising full-year guidance as a result.”