Health Plan Weekly

Amid Headwinds, CVS Beats Street’s 3Q Earnings Estimate

  • Nov 04
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    Nov 04, 2022

    CVS Health Corp., the parent company of insurance firm Aetna, reported solid results in the third quarter, beating Wall Street earnings projections. However, the company also acknowledged headwinds including declining Medicare Advantage Star Ratings, the loss of Centene Corp.'s PBM business, a major legal settlement over opioid overprescribing, and losses posted by newly acquired divisions.  

    The insurer reported $2.09 in adjusted earnings per share (EPS), beating the Wall Street consensus projection of $2.00. Executives project an end-of-year adjusted EPS of $8.55 to $8.65, slightly up from a previous projection of $8.40 to $8.60. Total revenues across the firm increased by 10% year over year to $81.2 billion.  

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    • Peter Johnson

    Peter has worked as a journalist since 2011 and has covered health care since 2020. At AIS Health, Peter covers trends in finance, business and policy that affect the health insurance and pharma sectors. For Health Plan Weekly, he covers all aspects of the U.S. health insurance sector, including employer-sponsored insurance, Medicaid managed care, Medicare Advantage and the Affordable Care Act individual marketplaces. In Radar on Drug Benefits, Peter covers the operations of (and conflicts between) pharmacy benefit managers and pharmaceutical manufacturers, with a particular focus on pricing dynamics and market access. Before joining AIS Health, Peter covered transportation, public safety and local government for various outlets in Seattle, his hometown and current place of residence. He graduated with a B.A. from Colby College.

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