CVS Health exceeds profit expectations due to strong PBM unit.

(Reuters) -CVS Health Corp Beats Expectations with Strong Quarterly Profit

CVS Health Corp has exceeded Wall Street’s​ expectations for quarterly​ profit,⁣ driven by the⁢ success ‌of its pharmacy benefit management unit and lower-than-anticipated medical costs in its health insurance business.

CVS has been actively expanding‌ its healthcare services by integrating Signify, a healthcare services business, and Oak Street, ‌a primary-care provider. The completion of these acquisitions earlier this year has allowed ​CVS to broaden⁤ its offerings.

The company also reported $496 million in pre-tax charges ⁣related to a restructuring program ‍initiated during‍ the quarter.

Excluding these charges, CVS reported a profit of $2.21 per share,‌ surpassing analysts’ average estimate of $2.11⁤ per share, according to Refinitiv data.

(Reporting by Khushi Mandowara⁢ and Bhanvi Satija in BengaluruEditing by Vinay Dwivedi)

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