By Will Feuer

CVS Health Corp. cut its full-year earnings guidance to reflect opioid-settlement charges incurred in the recently ended quarter as well as other charges, but raised its 2022 guidance for earnings on an adjusted basis.

The Woonsocket, R.I.-based company said it now expects full-year earnings of $3.12 a share to $3.22 a share, down from prior guidance of $7.23 a share to $7.43 a share.

Adjusted earnings, which exclude one-time items, including the charges tied to the opioid settlements, are now expected to be between $8.55 a share and $8.65 a share for the year, up from a prior range of $8.40 a share to $8.60 a share.

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

In addition to the opioid charges, the company said the adjustments also reflect amortization, losses on assets held for sale and the gain on the sale of PayFlex Holdings Inc.

Shares of CVS rose almost 5% in premarket trading to $99.30.

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

(END) Dow Jones Newswires

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

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