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The company expects 2022 full-year adjusted profit between $8.10 and $8.30 per share, the midpoint of which was below analysts’ estimates of $8.24.
Shares of the company were up 2.36% at $95.3 in premarket trading, after it raised its 2021 profit forecast.
The drugstore chain has seen its profit weighed down by higher medical costs in its Aetna (NYSE:AET) insurance businesses due to the pandemic.
However, last month, CVS said it expected volatile medical costs in its health insurance unit to stabilize after the COVID-19 crisis drove them up this year.
CVS raised its current-year adjusted profit forecast to be at least $8.00 per share from prior guidance of $7.90 to $8.00.
