May 2, 2024- Shares of CVS Health Corp suffered the biggest drop in 15 years, according to MarketWatch, after the pharmacy/healthcare-services company missed first quarter earnings expectations. The Medicare Advantage business weighed heavily on the business results.
CVS said it now expects 2024 adjusted earnings of at least $7.00 per share, down from its prior view of at least $8.30. CVS said it anticipates the surge in medical procedures that fueled higher costs for its Aetna health insurance unit to persist through the year, according to Reuters.