CVS posts big earnings miss, cuts profit outlook on higher medical costs

CVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations.

CVS also cut its unadjusted earnings guidance to at least $5.64 per share, down from at least $7.06 per share. Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry. But investors have become more concerned about the runaway costs associated with those plans, which cover

CVS booked sales of $88.44 billion for the quarter, up nearly 4% from the year-earlier period. That increase was driven by its pharmacy business and insurance unit.

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Health insurer stocks slide as final Medicare Advantage rates disappointThe rate adds more pressure on insurers already grappling with high medical costs and uncertainty after the cyberattack on UnitedHealth Group's tech unit.
منبع: CNBC - 🏆 12. / 72 ادامه مطلب »