COVID-19 vaccines and tests for the virus continue to boost CVS Health and the health care giant raised its annual forecast after yet another strong quarter.
FILE - A health worker administers a dose of a Moderna COVID-19 vaccine during a vaccination clinic in Norristown, Pa., Tuesday, Dec. 7, 2021. Moderna on Thursday, April 28, 2022, asked U.S. regulators to authorize low doses of its COVID-19 vaccine for children younger than 6, a long-awaited move toward potentially opening shots for millions of tots by summer.care giant raised its annual forecast after yet another strong quarter.
CVS Health said it also administered more than six million tests in the first quarter, and its drugstores got a boost from customers buying additional test kits to take home as the omicron surge of the virus peaked at the start of the quarter. CVS operates one of the nation’s largest drugstore chains with nearly 10,000 retail locations. It also runs prescription drug plans for big clients like insurers and employers through a large pharmacy benefit management business.That health insurance business has added 674,000 customers since the end of last year. But the segment saw its adjusted operating income drop slightly in the first quarter, partly because medical costs are returning to normal levels.
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