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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.

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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