By Dean Seal
Shares of CVS Health jumped after the company reported a strong first quarter and agreed to open up access to Novo Nordisk's weight-loss medication at more affordable prices.
The stock was up 8.7% at $72.51 ahead of the opening bell, putting them on track for a 52-week high. Shares were trading at $56.31 this time a year ago.
The healthcare heavyweight said Thursday that its pharmacy-benefit manager CVS Caremark has partnered with the Danish drugmaker Novo Nordisk and will start giving preference to Wegovy for its members starting on July 1.
The company also reported adjusted earnings of $2.25 a share on $94.59 billion in revenue for the first quarter. Analysts polled by FactSet had been expecting $1.70 a share on $93.66 billion in revenue.
The top line grew from increases in its Medicare line, including better Medicare Advantage star ratings for 2025, the company said.
CVS said it plans to exit the individual exchange business in which Aetna independently operates Affordable Care Act plans for 2026.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 01, 2025 09:20 ET (13:20 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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