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