CNBC May 1, 2024
Key Points
– CVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations.
– The company also lowered its full-year profit outlook, citing higher medical costs that are dogging the broader U.S. insurance industry.
– Insurers have been seeing medical costs spike as an increasing number of Medicare Advantage patients return to hospitals to undergo procedures they had delayed during the pandemic.
CVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry.
Shares of the company plunged 18% in early trading Wednesday.
The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from...
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