CVS Health boosted its annual forecast after processing more prescriptions and adding hundreds of thousands of customers to its health insurance business in the first quarter.
At the same time, 674,000 members were added to its health insurance businesses since the end of last year. However, the company noted that its adjusted operating income dropped slightly in the first quarter, partly because medical costs are returning to normal levels.
Although the company administered more than 8 million COVID-19 vaccines in the first quarter, it was still a significant drop from the 20 million it administered in the last quarter of 2021, when customers sought boosters and many children began getting the shots.CVS also administered 6 million tests in the first quarter, down from more than 8 million COVID-19 tests in the last quarter of 2021.