CVS Reports 35.2 Percent Revenue Increase in Second Quarter, Stock Up 20 Percent

by Alex Tostado

Woonsocket, R.I. — CVS Health Corp. (NYSE: CVS) reported total revenue of $634 billion in the second quarter, a year-over-year increase of 35.2 percent. The company’s net income also rose by 48 percent to roughly $5 billion during the period, suggesting that revenues are rising while costs are remaining relatively flat. The Woonsocket-based pharmacy and convenience store chain, which acquired insurance giant AETNA in late 2018, saw its stock price open at $65.53 per share Wednesday, Aug. 5, giving it a year-to-date increase of nearly 20 percent. CVS announced plans to close 22 underperforming stores during the first quarter but has kept all its U.S. locations open throughout the COVID-19 pandemic as an essential retailer. As of 2019, CVS operated just shy of 10,000 stores across the United States.

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