CVS Health missed first-quarter expectations and chopped its 2024 outlook more than a dollar below Wall Street’s forecast
FILE - A sign marks a CVS branch on Tuesday, May 16, 2023, in Pasadena, Calif. CVS Health reports earnings on Wednesday, May 1, 2024 .giant plunged Wednesday morning after the company said it was still struggling with rising costs from care use in its Medicare Advantage business.
CVS Health said it now expects adjusted earnings to be at least $7, down its previous forecast of at least $8.30.The guidance reduction was much more significant than expected, according to Leerink analyst Michael Cherny. He said in a research note that it raises questions about the company’s path to reaching its previously stated goal of double-digit growth in earnings per share next year.
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