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pharmacy client price improvementsCNBC
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79% Informative
The drugstore chain expects 2024 adjusted earnings of $ 6.50 to65 per share, down from a previous guidance of at least $7 per share.
It marks the third consecutive quarter that the company has lowered its 2024 profit guidance.
CVS said its new outlook reflects continued pressure on its health insurance segment, which is seeing increased medical costs and the "unfavorable impact" of the company's Medicare Advantage star ratings.
The company also said Aetna President Brian Kane , the top executive at the insurance unit, will leave the company.
CVS 's health services segment generated $42.17 billion in revenue for the quarter , down nearly 9% compared with the same quarter in 2023 .
Pharmacy and consumer wellness division booked $29.84 billion in sales for the first quarter .
That unit dispenses prescriptions in CVS ' more than 9,000 retail pharmacies and provides other pharmacy services.
VR Score
90
Informative language
96
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53
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