CVS Health chopped its 2024 forecast for a third time and changed the leadership of its health insurance business where it continues to struggle with rising costs.
CVS Health also said Wednesday that it has been hurt by a drop in quality ratings for those plans and pressure from Medicaid coverage it manages in several states. Store sales outside the pharmacy slumped partially because customers have been buying fewer COVID-19 test kits, CVS Health said. CVS Health Corp. still runs one of the nation’s largest drugstore chains and a huge pharmacy benefit management business that operates prescription drug coverage. It also covers more than 26 million people through its Aetna insurance arm.
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