CVS Health beats quarterly profit estimates on lower medical costs

(Reuters) – CVS Health beat quarterly profit estimates on Wednesday, as a decline in hospitalizations from COVID-19 helped bring down medical costs at its Aetna insurance business.

The company posted an adjusted profit of $1.99 per share, above estimates of $1.92 per share, according to Refinitiv IBES data.

CVS reaffirmed its full-year adjusted profit forecast of between $8.70 and $8.90 per share.

(Reporting by Raghav Mahobe and Bhanvi Satija in Bengaluru; Editing by Shinjini Ganguli)