CVS Health Q1 sales of $88.4 billion, up 3.7% Y/Y. Adjusted EPS at $1.31, down from $2.20. Health Care Benefits segment sees strong growth, while Health Services segment faces challenges. Revised 2024 guidance reflects continued pressure on earnings.

CVS Health said it now expects adjusted earnings for 2024 to be at least $7, down its previous forecast of at least $8.30. Analysts had been forecasting earnings of $8.27 per share, according to FactSet.

Adjusted earnings for the year will be at least $7 a share, CVS said in a statement Wednesday, down from the earlier view of at least $8.30. The company also lowered its forecast for cash flow from operations by $1.

Shares of CVS Health Corp. plunged Wednesday toward their biggest selloff in 15 years, after the pharmacy and healthcare-services company missed first-quarter earnings expectations as the Medicare Advantage business weighed heavily on results.

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 Corp slashed its annual profit forecast and missed Wall Street estimates for first-quarter earnings on Wednesday, as elevated demand for medical procedures fueled higher costs at its Aetna health insurance business.

CVS Health Corp. lowered its yearly earnings outlook for the second quarter in a row, as rising medical costs continue to put a strain on the company’s Medicare insurance business.

CVS Health missed first-quarter expectations and chopped its 2024 outlook more than a dollar below Wall Street's forecast. Shares of the health care giant plunged about 17 percent on May 1 after the company said it was still struggling with rising costs from care use in its Medicare Advantage business.