CVS Health raised its earnings outlook, beat investor expectations and saw double-digit revenue growth across most lines of business in the second quarter, according to the company's earnings report published Aug. 3.
"Despite a challenging economic environment, our differentiated business model helped drive strong results this quarter, with significant revenue growth across all of our business segments," President and CEO Karen Lynch said in the report.
Here are 9 takeaways from the report:
1. Total revenues were $80.6 billion, an 11 percent increase from $72.6 billion year over year.
2. Operating costs were $76.1 billion, an 11.4 percent increase from $68.3 billion year over year.
3. Net income was $2.96 billion, a 6.1 percent increase from $2.79 billion year over year.
Health care benefits
4. Total revenues were $22.8 billion, an 11.2 percent increase from $20.5 billion year over year.
5. Medical membership as of June 30 was 24.4 million members. That is 922,000 more members compared to June 30, 2021, but 90,000 fewer than the first quarter because the company recently divested from its Thailand business.
6. Total revenues were $42.8 billion, an 11.7 percent increase from $38.3 billion year over year. This was driven by increased pharmacy claims and growth in specialty pharmacy and brand inflation.
7. There were 584.3 million claims processed, a 3.9 percent increase from 562.2 million year over year. The increase was mostly driven by new business and increased utilization from an extended cold and flu season.
8. Total revenues were $26.3 billion, a 6.5 percent increase from $24.7 billion year over year. This was due to increased store sales, including COVID-19 tests, an extended cold and flu season and pharmacy brand inflation.
9. There were 400.8 million prescriptions filled in the second quarter, a 1.6 percent increase from 394.4 million filled year over year.