CVS raises 2021 earnings outlook, reaffirms 2022 forecast

CVS HEALTH CORP. on Tuesday raised its full-year earnings outlook and reaffirmed guidance for 2022. / AP FILE PHOTO/CAROLYN KASTER

WOONSOCKET – CVS Health Corp. on Tuesday raised its full-year earnings outlook and reaffirmed guidance for 2022.

In December, the health care company announced it will increase its annual dividend by 10% from $2 to $2.20 starting in February. The company also approved a $10 billion share repurchase program and said it was the first time CVS Health has made either move in about four years.

In an 8K filing with the Securities and Exchange Commission ahead of a planned virtual presentation by CEO and President Karen S. Lynch at the J.P. Morgan Healthcare Conference on Tuesday, CVS said it expects full year 2021 earnings to be in a range of $5.87 to $5.92 per share, up from previous expectations of $5.50 to $5.61 per share.

After adjustments, it expects to earn $8.33 to $8.38 per share. That’s up from a prior forecast of at least $8 per share.

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CVS also reaffirmed its 2022 forecast, which calls for earnings per share of between $7.04 and $7.24, and between $8.10 and $8.30 per share, after adjustments. Analysts have been looking for CVS to earn $8.27 per share, after adjustments, in 2022.

The company last month said it is planning to expand into primary care, including developing 250 to 350 primary care facilities across the country by the end of 2024.

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