CVS quarterly profit soars nearly 54% on lower medical costs

(Reuters) – CVS Health Corp reported a 53.7% rise in quarterly profit on Wednesday, as lower medical costs in the company’s health insurance business helped it weather a hit to sales at its drugstores due to coronavirus lockdowns.

Net income attributable to CVS rose to $2.98 billion, or $2.26 per share, in the second-quarter ended June 30, from $1.94 billion, or $1.49 per share, a year earlier.

Sales rose to $65.34 billion from $63.43 billion.

(Reporting by Manas Mishra in Bengaluru; Editing by Shinjini Ganguli)