CVS Health Corp. (NYSE: CVS) stock surged in pre-market trading on Wednesday after the healthcare company reported Q3 results with revenues of $81.2 billion, a growth of 10% year-over-year and handsomely beating Street estimates by $4.4 billion.
Adjusted earnings came in at $2.09 per share surpassing consensus estimates of $2.
The company also raised its FY22 guidance and now expects adjusted EPS to range between $8.55 and $8.65 per share from its prior guidance in the range of $8.40 to $8.60 per share.
CVS’s acquisition of Signify Health worth $8 billion is on track to be completed in the first half of next year.
The company also announced that it had reached an agreement in principle to resolve all opioid lawsuits and claims against the company in the United States.
CVS stated in its press release, “If all conditions are satisfied and the non-monetary terms – which still need to be determined – are finalized, CVS Health has agreed it will pay approximately $5 billion ($4.9 billion to states and political subdivisions and approximately $130 million to tribes) over the next ten years beginning in 2023, depending on the number of governmental entities that agree to join the settlement.”
