CVS Health tops 2Q profit forecasts, spurred by acquisitions

CVS Health beat second-quarter earnings expectations and nudged its 2016 forecast higher after the drugstore chain and pharmacy benefits manager reaped gains from a couple of deals and its sales of pricey specialty drugs rose.

The Woonsocket, Rhode Island, company said Tuesday that acquisitions of Omnicare Corp. and a separate purchase of the pharmacy and clinic business of retail giant Target Corp. helped revenue for its retail/long-term care business.

[...] new business and specialty drug claims pushed sales up 21 percent to $29.5 billion in the company's pharmacy benefits management segment.

CVS Health Corp. runs the nation's second-largest drugstore chain and has more than 9,600 locations globally, counting the Target business.

The Omnicare deal gave CVS Health national reach in dispensing prescription drugs to assisted living and skilled nursing homes, long-term care facilities, hospitals and other care providers.