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CVS Health Q3 profit misses estimates, company names new leaders at 2 divisions

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CVS Health Corp. News

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CVS Health on Wednesday posted a miss in third-quarter profit and named executives for two key divisions. The company earned $87 million in the three months ended in September, down 96% from a year ago. Results were weighed down by hefty restructuring charges. On an adjusted basis, earnings per share totaled $1.

FILE - A sign marks a CVS branch on Tuesday, May 16, 2023, in Pasadena, Calif. CVS Health fell short on third-quarter profit, but it posted strong sales and the health care giant shook up leadership under new CEO David Joyner

CVS Health runs one of the nation’s largest drugstore chains and a huge pharmacy benefit management business that operates prescription drug coverage for employers, insurers and other big clients. It also covers nearly 27 million people through its Aetna insurance arm. That involves privately run versions of the federal government’s coverage program mainly for people age 65 and older.

Glenview said last month that CVS Health’s struggles in Medicare Advantage “reflect the poor decisions and risk management of a select few.

 

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