CVS Health reports $2.1B in profit in Q1

CVS Health reported $2.1 billion in profit in the first quarter of 2023, according to the company's earnings, posted May 3.

"We delivered another strong quarter while executing on the strategy we outlined in December 2021, leading to the close of the Signify Health acquisition followed quickly by Oak Street Health. These additions are core to our strategy and will help unlock future growth as we push further into value-based care, which prioritizes keeping people healthy," CVS President and CEO Karen Lynch said in the report.

Here are four other key metrics regarding the company's financial performance in the first quarter:

1. Total revenues in the first quarter were $85.3 billion, an 11 percent increase year over year.

2. Operating income in the first quarter was $3.4 billion, a 2.8 percent decrease year over year.

3. Net income was $2.1 billion in the first quarter, down from $2.4 billion year over year.

4. The company lowered its year-end guidance to a range of $8.50 to $8.70 in earnings per share.

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