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CVS Health Raises FY22 Adj. EPS View Above Market - Update

While reporting third-quarter results, CVS Health Corp. (CVS) on Wednesday trimmed its fiscal 2022 outlook for reported earnings, but raised adjusted earnings view above market estimates.

In pre-market activity on the NYSE, CVS shares were gaining around 5.2 percent to trade at $99.50.

For the year, the company now expects earnings per share in a range of $3.12 to $3.22, lower than previously expected $7.23 to $7.43.

Further, the company raised adjusted earnings per share guidance range to $8.55 to $8.65 from previously expected $8.40 to $8.60.

On average, 24 analysts polled by Thomson Reuters expect earnings of $8.55 per share for the year. Analysts' estimates typically exclude special items.

The company also raised its full-year 2022 cash flow from operations guidance range to $13.5 billion to $14.5 billion from $12.5 billion to $13.5 billion.

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