CVS Beats Analyst Estimates, Aided by Pharmacy Services and Claims

Shares of CVS Health (CVS) are rising in Friday trading after the drugstore operator reported better-than-expected first-quarter earnings. CVS reported net income that climbed more than 8% to about $1.2 billion. Excluding items, the company earned $1.14 a share, topping the Thomson Reuters consensus estimate by a penny. Revenue grew 11% to $36.3 billion, also topping forecasts. Aiding results was the company's pharmacy services business, where revenue jumped more than 18% to $23.9 billion. CVS also saw an increase in claims volume, which rose 11%, as claims from its Medicaid business climbed. The company also raised the bottom end of its 2015 earnings forecast by three cents to a range of $5.08 to $5.19 a share.