CVS - Rising Cost For Health Insurers Bites CVS Health's Q1 Profit Stock Tanks | Benzinga
On Wednesday, CVS Health Corp (NYSE:CVS) reported first-quarter sales of $88.4 billion, up 3.7% year over year, missing the consensus of $89.21 billion.
This was largely due to strong growth in the Health Care Benefits and Pharmacy and consumer Wellness segments, partially offset by a decline in the Health Services segment.
Adjusted EPS of $1.31 decreased from $2.20 in the prior year, missing the consensus of $1.69, primarily due to a decline in the Health Care Benefits segment’s operating results, reflecting utilization pressure in the company’s Medicare business.
Adjusted operating income decreased 32.3%.
Also Read: Elevance, CVS Health Are First Medicare Insurers To Cover Novo Nordisk’s Weight Loss Sensation Wegovy.
“The current environment does not diminish our opportunities, ...