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

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Prescription Drugs,Health Care Industry,Corporate Management

CVS Health on Wednesday posted a miss in third-quarter profit and named executives for two key divisions

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 JoynerShares jumped 13% at the opening bell as markets as a whole surged on an election that will sendJoyner named UnitedHealth executive Steve Nelson as the leader of the company's troubled health insurance wing, Aetna. That appointment is effective immediately.

CVS' insurance business has dragged on the company's performance and many see in Nelson an industry veteran who can provide a needed jolt. 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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