CVS Health’s profits took a dip in the second quarter of 2021, where the healthcare giant posted $2.8 billion in earnings.
In the prior-year quarter, CVS Health brought in $3 billion in profit, according to its earnings report (PDF) released Wednesday. The results beat the Street, according to Zacks Investment Research.
While profits are down slightly compared to the second quarter of 2020, the company is still on par for the first half of the year, bringing in $5 billion in profit. It also reported $5 billion in profit for the first half of 2020.
Major health insurers have across the board seen their earnings decline year over year this quarter, as second-quarter 2020 profits soared amid lower care utilization due to COVID-19.
CVS also reported $72.6 billion in revenue for the quarter, up from $65.3 billion in the second quarter of 2020. This also surpassed Wall Street’s expectations, according to Zacks.
Revenues for the first half of the year are also up, according to the release, reaching $141.7 billion. By comparison, CVS brought in $132.1 billion in revenue for the first half of 2020.
“We delivered another quarter of strong results and once again raised our outlook for the year,” said CVS Health CEO Karen Lynch in a statement. “This quarter was highlighted by broad sales and earnings outperformance, as well as sequential operating margin improvement.”
“We continue to play a critical role in helping America prevail against the pandemic while demonstrating the effectiveness of our unique business model, which is focused on meeting customer needs through innovations that make health care more local, affordable and connected,” Lynch said.
The healthcare giant said it administered more than 6 million COVID-19 tests and 17 million vaccines for the virus in the second quarter.
As a result of its performance, CVS Health raised its full-year guidance to between $6.35 and $6.45 in earnings per share.