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3/26, 4:24 PM (Source: TeleTrader)
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CVS sees adverse COVID-19 impact on its business

CVS Health Corporation said on Thursday it expects medical membership and payment collection to suffer due to "customer reductions in force," as well as the "the timing and collectability of payments from customers," amid the COVID-19 pandemic.

US drugstore operator added that it wasn't able to project the actual impact on its business, cash flow and operating results, but added that the economic slump on the global level has damaged its net investment profit.

This announcement came after CVS said earlier, it would pay bonuses, in addition to its plan to hire additional 50,000 people, as it described as "the most ambitious hiring drive" in the company's history.

Breaking the News / BJ