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Rising Cost For Health Insurers Bites CVS Health's Q1 Profit, Stock Tanks

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, ...