CVS Health Launches Eli Lilly GLP-1 Partnership, Lifts Outlook as 2Q Profit Increases

Dow Jones
Aug 05
 
 

CVS Health said it will revamp its weight management program through a partnership with Eli Lilly as the company lifted its full-year outlook and reported a nearly threefold increase in its second-quarter profit.

The company on Wednesday said patients will be able to use the CVS Health app to view transparent pricing options for Zepbound and Foundayo, two Lilly GLP-1 treatments, by early in the fourth quarter. Those treatments also may be available for same-day pickup at CVS pharmacies, the company said.

CVS Health also will offer expanded pharmacy support for GLP-1 patients and $29 MinuteClinic online visits for eligible patients to connect with clinicians about GLP-1 treatments.

"Weight management is a deeply personal health journey, and too many people face barriers before they start treatment," said Sid Tenneti, interim president of CVS' pharmacy and consumer wellness segment. "Our collaboration with Lilly is one more way we're expanding direct to consumer access to help eligible patients find options that work best for them."

The company also lifted its full-year outlook, projecting revenue of at least $414 billion and adjusted earnings between $7.90 and $8.10 a share.

CVS had previously projected adjusted earnings of between $7.30 and $7.50 a share on at least $405 billion in revenue. Analysts polled by FactSet are expecting adjusted earnings of $7.45 a share on $408.82 billion in revenue.

The company reported a second-quarter profit of nearly $3 billion, or $2.31 a share, compared with $1.01 billion, or 80 cents a share, a year earlier.

Stripping out certain one-time items, the company reported adjusted earnings of $2.58 a share. Analysts were expecting $1.85 a share.

Revenue rose to $106.1 billion, up from $98.92 billion a year prior. Analysts were expecting $100.03 billion in revenue.

In the health care benefits segment, revenue rose 3.5% to $37.54 billion, driven by an increase in the government business. Health services revenue rose 11.5% to $51.8 billion, and pharmacy and consumer wellness revenue ticked up about 0.7% to $33.82 billion.

 
 

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