The rush to fill medicine cabinets and pantries ahead of the rapidly spreading COVID-19 pandemic fueled surging profits at CVS Health during its first quarter.
The outbreak also lifted the health care giant’s insurance business because patients delayed or cancelled elective surgeries and used the health care system less.
Net income jumped 41% to a little more than $2 billion. Earnings excluding one-time items totaled $1.91 per share, easily beating Wall Street per-share projections of $1.63, according to a survey by Zacks Investment Research.
Revenue climbed 8% to $66.76 billion, also topping analysts estimates of $63.13 billion. CVS Health operates one of the nation’s largest drugstore chains with around 9,900 retail locations.