CVS Health Corp reported upbeat second-quarter earnings on Wednesday, and said it had begun implementing a restructuring program to cut costs after a recent spree of acquisitions, sending its shares up over 2% in premarket trading.
reported upbeat second-quarter earnings on Wednesday, and said it had begun implementing a restructuring program to cut costs after a recent spree of acquisitions, sending its shares up over 2% in premarket trading.
As part of the restructuring program it started during the quarter to rein in costs, CVS said it would reduce its workforce and stop providing services related to clinical trials. CVS, which said most of the restructuring was expected to be completed by year-end, trimmed its earnings per share outlook to between $6.53 and $6.75, from $6.90 to $7.12 forecast earlier.CVS, which has a large retail pharmacy chain, a health insurance business and a pharmacy benefit management unit, has said it would pause acquisitions in the near term but may look at "additional opportunities" over a longer timeframe.
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