CVS Health exceeded Wall Street's expectations with its 2019 fourth-quarter results, released Feb. 12, boosted largely by its pharmacy benefit management business.
The retail pharmacy giant reported revenues of $66.9 billion, up from the expected $63.97 billion.
CVS's health benefits business more than doubled its revenue from $6.24 billion in the last quarter of 2018 to $17.5 billion for the 2019 fourth quarter. The results are likely due to the company acquiring Aetna in November 2018.
Its pharmacy unit also went up 4.1 percent, with $37 billion in revenue in the fourth quarter, compared to $34 billion the year before.
Thanks to the better-than-expected results, the company raised its outlook for 2020, saying it now expects 2020 earnings between $7.04 per share and $7.17 per share.
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