CVS raises its outlook for 2022

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.

The drugstore chain and benefit manager, based in Woonsocket, R.I., also processed more prescriptions and added customers to its health insurance business in a better-than-expected performance.

Quarterly net income climbed 4% to $2.31 billion. But operating income slipped due to a $484 million settlement the company reached with the state of Florida to settle opioid-related litigation.

Overall, the company posted adjusted earnings of $2.22 per share.