CVS tops profit estimates amid strength in health services unit
) has reported higher-than-anticipated earnings and revenue in the third quarter, as the health care group was boosted by strength at its pharmacy benefit management and consumer wellness segments.
Rhode Island-based CVS operates one of the U.S.'s biggest pharmacy benefit mangement divisions, or businesses that negotiate drug discounts between insurers and treatment makers. Elevated drug prices and increased prescription volumes spurred on a 6% rise in CVS's pharmacy and consumer wellness division, which dispenses prescriptions at CVS's retail locations and sells a wide range of health products. Growth at the business was limited in part by a reduction in store count and decreased sales of over-the-counter COVID-19 test kits.
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