US: CVS Health Q1 Boosted By Acquisitions

CVS Health has reported a strong rise in revenue for its fiscal first quarter, helped in part by its acquisition of Target’s pharmacy operations.

For the quarter, revenues jumped up 18.9% to $43.2bn, with like-for-like sales up 4.2%. Operating profit grew by 2.0% to $2.2bn, but net profit was down 6.1% to $1.1bn, hurt by acquisition-related costs.

CVS said it is making good progressing integrating the Target pharmacies, with around half already converted to the CVS Pharmacy brand. It expects to complete the same by end-summer 2016.