Solid Q2 Results Help CVS Health (CVS) Defy Market Rout

CVS Health (CVS) reported Q2 results this morning. Specifically, revenues for the period grew 10.3% from the prior year to $88.9 billion and came in over $2 billion above the $86.53 billion consensus estimate as the company continued to benefit from solid growth across all of its segments. This was led by its Health Care Benefits segment where solid demand for all of its products drove a 17.6% rise in revenues to $26.75 billion. CVS’s Health Services and Pharmacy & Consumer Wellness segments also continued to perform well with revenues in the former up 7.6% to $46.22 billion on a favorable pharmacy drug mix, growth in its specialty pharmacy business, brand inflation and contributions from its recent acquisitions of Oak Street Health (OSH) and Signify Health (SGFY), and the latter enjoying the same 7.6% top-line lift to $28.78 billion thanks to greater prescription volumes, a favorable pharmacy drug mix and brand inflation.