CVS Health raises 2021 earnings outlook, backs 2022 forecast

A customer walks towards the entrance of a CVS Health Corp. store in downtown Los Angeles, California, U.S., on Friday, Oct. 27, 2017.

Christopher Lee | Bloomberg | Getty Images

CVS Health said Tuesday that it has raised its full-year earnings outlook and backed prior guidance for 2022.

The drugstore chain has been getting a boost as customers come into its stores for Covid testing and vaccines during the pandemic.

CVS said it expects full year 2021 earnings to be in a range of $5.87 to $5.92 per share, up from previous expectations of $5.50 to $5.61 per share.

After adjustments, it expects to earn $8.33 to $8.38 per share, up from a prior forecast of at least $8 per share. The new range is above the $8.03 per share that analysts surveyed by Refinitiv are projecting.

CVS also reaffirmed its 2022 forecast, which calls for earnings per share to be between $7.04 and $7.24, and between $8.10 and $8.30 per share, after adjustments.

Analysts have been looking for CVS to earn $8.27 per share, after adjustments, in 2022.

CVS made the announcement in an 8K filing with the Securities and Exchange Commission ahead of a planned meeting with investors Tuesday morning.

Shares were up about 1% in premarket trading on the news.