Its profits took a hit as its insurance benefit payouts rose.Shares of CVS Health (CVS -16.93%) dove Wednesday morning after the diversified pharmacy and health insurance company posted disappointing results in its first-quarter earnings report and cut its guidance for the year.As of 12:01 p.m. ET, the stock was down 17.1%. CVS struggles with Medicare costsTotal revenue rose 3.7% year over year to $88.4 billion, but that fell short of the analyst consensus of $89.2 billion. Revenue from CVS's pharmacy and c ...

CVS Health Corporation (CVS) posted adjusted earnings per share (EPS) of $1.31 in first-quarter 2024, down 40.5% year over year. The metric also missed the Zacks Consensus Estimate by 22.5%. The adjusted EPS figure considers certain asset amortization costs, loss on assets held for sale and other adjustments.On a reported basis, the company’s GAAP earnings were 88 cents compared with the year-ago GAAP EPS of $1.65, down 46.7%.RevenuesRevenues in the first quarter rose 3.7% year over year to $88.44 billion. ...

CVS Health (CVS) stock plummeted more than 18% at the start of Wednesday's trading session after the pharmacy chain disclosed weaker-than-expected earnings and revenue for its first quarter and slashed its full-year outlook.In the three months ended March 31, CVS reported revenue of $88.4 billion, an increase of 3.7% from the year-ago period. The gain was driven by 24.6% top-line growth in the company's Health Care Benefits segment, to $32.2 billion. However, earnings per share (EPS) decreased 40.5% year-ov ...

CVS Health Corporation (NYSE:CVS) Q1 2024 Earnings Conference Call May 1, 2024 8:00 AM ET Company Participants Karen Lynch - President, Chief Executive Officer Tom Cowhey - Chief Financial Officer David Falkowski - Executive Vice President, Chief Compliance Officer Brian Kane - Executive Vice President, President, Aetna Mike Pykosz - Executive Vice President, President of Health Care Delivery Larry McGrath - Senior Vice President of Business Development, Investor Relations Conference Call Participants Justi ...

Financial Performance - Q1 2024 - CVS Health's total revenues increased to $88.4 billion, a 3.7% growth compared to $85.3 billion in Q1 2023[6] - Adjusted earnings per share (EPS) were $1.31, down from $2.20 in Q1 2023[3, 6] - Cash flow from operations was $4.9 billion, compared to $7.4 billion in the same period last year[3, 6] Shareholder Value - The company completed a $3.0 billion accelerated share repurchase transaction, retiring approximately 40 million shares[3, 6] - $840 million was returned to shareholders through quarterly dividends[3, 6] Revised 2024 Guidance - Total revenue is expected to be at least $369.0 billion, a decrease from the previous guidance of at least $371.3 billion[3, 7] - Adjusted EPS guidance lowered to at least $7.00, down from at least $8.30, primarily due to elevated Medicare utilization[3, 7] - Adjusted operating income is projected to be at least $14.75 billion, revised down from at least $16.90 billion[3, 7] Segment Performance - Health Care Benefits - Health Care Benefits revenue increased to $32.2 billion from $25.9 billion in Q1 2023[10] - Adjusted operating income decreased to $0.73 billion from $1.82 billion year-over-year[10] - The medical benefits ratio (MBR) increased to 90.4% compared to 84.6% in the prior year[10] Segment Performance - Health Services - Health Services revenue was approximately $40.3 billion, impacted by the loss of a large client, compared to $44.6 billion in Q1 2023[11] - Adjusted operating income decreased to $1.36 billion from $1.68 billion[11] Segment Performance - Pharmacy & Consumer Wellness - Pharmacy & consumer wellness revenue was approximately $28.7 billion, an increase from $27.9 billion in Q1 2023[12] - Adjusted operating income increased to $1.18 billion from $1.13 billion[12] - Prescriptions filled increased to 417.6 million from 404.8 million[12]

The shares of CVS Health Corp (NYSE:CVS) are plummeting today, down 18% at $55.55 at last glance and earlier as low as $54.04. The company announced first-quarter earnings and revenue that missed estimates, and slashed its 2024 forecast due to higher medical costs. Gapping to four-year lows, CVS is on track for its worst daily percentage drop since 2009. CVS Stock was already on a downtrend headed into today, below all moving averages between the 20- and 320-day trendlines. Since the start of the year, the ...

For the quarter ended March 2024, CVS Health (CVS) reported revenue of $88.44 billion, up 3.7% over the same period last year. EPS came in at $1.31, compared to $2.20 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $89.2 billion, representing a surprise of -0.86%. The company delivered an EPS surprise of -22.49%, with the consensus EPS estimate being $1.69.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street exp ...

CVS Health (CVS) came out with quarterly earnings of $1.31 per share, missing the Zacks Consensus Estimate of $1.69 per share. This compares to earnings of $2.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -22.49%. A quarter ago, it was expected that this drugstore chain and pharmacy benefits manager would post earnings of $2.01 per share when it actually produced earnings of $2.12, delivering a surprise of 5.47%.Over the ...

Key TakeawaysCVS shares tumbled Wednesday following the release of first-quarter results that missed analysts' expectations.The retail pharmacy giant also lowered its full-year guidance for earnings per share.Profits were hit as health care costs rose and CVS said Medicare utilization increased.CVS has struggled with having to pay out more to policyholders of its health insurance businesses as many people underwent procedures they may have delayed during the pandemic. CVS Health (CVS) shares tumbled close t ...

CVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry.Shares of the company dropped 10% in premarket trading.The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from a previous guidance of at least $8.30 per share. Analysts surveyed by LSEG were expecting full-year adjusted profit of $8.28 per share. CVS also cut its ...