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CVS Health runs one of the nation’s largest drugstore chains and a huge pharmacy benefit management business that operates prescription drug coverage for employers, insurers and other big clients. It also covers nearly 27 million people through its Aetna insurance arm. The company earned $87 million in the three months ended in September, down 96% from a year ago. Results were weighed down by hefty restructuring charges. On an adjusted basis, earnings per share totaled $1.09, falling short of the average Street forecast of $1.44 per share. Revenue rose 6.3% to $95.43 billion, topping analysts' estimates of $92.72 billion, according to a FactSet survey., that adjusted earnings in the quarter would fall between $1.05 and $1.10 per share.
The performance has drawn criticism from shareholders like the hedge fund Glenview Capital Management, which has said the company was operating well below its potential. On the drugstore side, CVS Health is wrapping up a three-year plan to close about 900 stores, and it said last month it would shutter an additional 271.. Thousands of company employees in Southern California went on a brief strike in October demanding better pay, staffing and more affordable healthcare.
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