By Reuters Staff
(Adds details on CEO change, compares profit with estimates)
Nov 6 (Reuters) – CVS Health on Friday reported a better-than-expected quarterly profit and named Karen Lynch, president of Aetna health insurance unit, as its next chief executive officer.
The company said CEO Larry Merlo will transition from his role in February.
In the third quarter, CVS earned $1.66 per share on an adjusted basis, beating analysts average estimate of $1.33 per share, according to IBES data from Refinitiv.
CVS said in September volumes of prescription drugs it sells at its pharmacies started to return to normal levels as the impact from COVID-19 eased, while demand for seasonal flu vaccinations was also expected to help boost sales.
Revenue in the reported quarter rose 3.5% to $67.06 billion from a year earlier. (Reporting by Manas Mishra in Bengaluru; Editing by Shinjini Ganguli)read more
UPDATE 1-CVS Health names new CEO, beats quarterly profit estimates – Reuters India
