By Will Feuer

CVS Health Corp. posted higher sales but swung to a loss in the third quarter, dragged down by charges tied to settlements to resolve opioid-crisis lawsuits brought by states, cities and other governments.

The Woonsocket, R.I.-based company posted a loss of $3.42 billion, compared with a profit of $1.59 billion in the same period a year earlier. On a per-share basis, the company posted a loss of $2.60, compared with a profit of $1.20.

The loss included a $5.2 billion pretax opioid litigation charge and a $2.5 billion pretax loss on assets held for sale related to the Omnicare long-term care business.

Stripping out one-time items, including those two charges, adjusted earnings came to $2.09 a share. Analysts surveyed by FactSet were expecting adjusted earnings of $2 a share.

Sales rose 10% to $81.16 billion. Analysts surveyed by FactSet were expecting sales of $76.74 billion.

In CVS's healthcare benefits segment, revenue rose 9.9% in the quarter to $22.51 billion. The pharmacy-services segment posted an almost 11% increase in sales while the retail business reported sales gains of 6.9%.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

November 02, 2022 07:01 ET (11:01 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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