Becker's Healthcare August 7, 2024
CVS Health is intensifying its cost-cutting efforts with a new $2 billion initiative, adding to a previous plan to reduce costs by hundreds of millions.
CVS is planning a multiyear program aimed at saving $2 billion by leveraging AI, automation, and streamlining operations, according to company presentation materials cited by Bloomberg reported prior to CVS’ scheduled earnings call Aug. 7.
The Woonsocket, R.I.-based company announced the additional belt-tightening measures Aug. 7 alongside its second quarter earnings, which included another downward revision to its annual outlook — the second in 2024. CVS now forecasts annual adjusted earnings of $6.40 to $6.65 per share, down from at least $7 per share. Cash flow from operations is projected to be around $9 billion,...
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