CVS Health on Wednesday crushed first-quarter expectations and raised its full-year forecast as the company's newly acquired health insurance business boosted results and its pharmacies filled more expensive prescription drugs.

Its stock price jumped 4%.

Here's what the company reported compared with what Wall Street was expecting, based on average analysts' estimates compiled by Refinitiv:

Adjusted earnings per share: $1.62 vs. $1.50 expected

Revenue: $61.65 billion vs. $60.39 billion expected

This was the first full quarter since CVS closed its $70 billion acquisition of health insurer Aetna in November. Revenue for CVS' health-care benefits segment, which also includes CVS' SilverScript business, topped expectations at $17.87 billion.

CVS' retail business also performed better than the Street expected, with same-store sales increasing 3.8%. CVS attributed higher sales in the front of the store to focusing more on health products. In the pharmacy, CVS said selling more expensive branded prescription drugs helped offset more generic drugs and lower payments from insurers.

Drugstores are trying to stay relevant as people shop online more. CVS is testing three stores in Houston called HealthHUBs that include a lab for blood testing and health screenings,wellness rooms for yoga and seminars, dietitians and respiratory specialists.

The concept stores are performing "at or above" CVS' expectations, so the company will expand them and "fill out the Houston market," Merlo said. CVS said it will share more details on its expansion plans at its investor day next month.