CVS beats estimates, but cuts full-year profit outlook on higher medical costs
Publishing timestamp: 2024-02-07 09:51:21
Summary
CVS Health reported fourth-quarter revenue and adjusted earnings that exceeded expectations, driven by strength in its health services business. However, the company lowered its full-year profit outlook due to higher medical costs affecting the broader insurance industry. CVS also revised its adjusted earnings forecast for 2024. The company's health services segment performed well, with increased revenue from specialty pharmacy services and recent acquisitions. The health insurance segment also saw growth, but fell short of analysts' estimates. CVS plans to revamp how it prices prescription drugs and is pushing to transform into a larger healthcare company.
Sentiment: MIXED
Keywords: biotechnology, humana inc, health care industry, pharmaceuticals, breaking news, earnings, business news, biotech and pharmaceuticals, business, cvs health corp,
Source: https://www.cnbc.com/2024/02/07/cvs-heath-cvs-q4-2023-earnings.html