World News

CVS says membership, payment collection hit by coronavirus

(Reuters) – U.S. drugstore operator CVS Health Corp <CVS.N> said on Thursday its medical membership and payment collection have been hit due to the coronavirus pandemic, although it cannot reasonably estimate the impact on its businesses, cash flows or operating results.

The company also said deterioration of U.S. and global economies has hurt its net investment income.

Earlier this week, CVS said it was hiring 50,000 employees across the United States to assist patients and customers with the outbreak.

The company along with rival Express Scripts Inc announced they were putting in place measures to prevent hoarding of malaria drug hydroxychloroquine and other treatments being tried against the new coronavirus.

(Reporting By Mrinalika Roy in Bengaluru; Editing by Anil D’Silva)