(Reuters) – CVS Health on Tuesday forecast 2024 revenue above Wall Street estimates and an in-line profit as the company expects to benefit from its expansion into health services and strength in its health insurance business.
Shares of the healthcare conglomerate were up nearly 3% in premarket trading.
The healthcare conglomerate also said it was bringing its portfolio of health services such as doctors clinics and pharmacies under an umbrella brand called CVS Healthspire.CVS forecast revenue of at least $366 billion, ahead of analysts’ average estimate of $345.81 billion, according to LSEG data.
The company’s 2024 adjusted profit forecast of at least $8.51 per share was largely in line with Wall Street estimates.
(Reporting by Leroy Leo in Bengaluru; Editing by Devika Syamnath)
