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

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CVS and other insurers have seen medical costs spike as many Medicare Advantage patients return to hospitals to undergo procedures they delayed during Covid.

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

The company said its new outlook assumes that higher medical costs in its insurance business during the first quarter will persist throughout the year. CVS owns health insurer Aetna. Here's what CVS reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:CVS reported net income of $1.12 billion, or 88 cents per share, for the first quarter. That compares with net income of $2.14 billion, or $1.65 per share, for the same period a year ago.

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