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CVS Health Reports Mixed Q2 Earnings, Lowers 2024 Outlook, Reshuffles Segment Management
During the premarket session on Wednesday, CVS Health Corp (NYSE:CVS) stock fell after the company reported mixed second-quarter earnings and cut annual profit guidance. The stock has been volatile since.
The company reported second-quarter sales of $91.23 billion, missing the consensus of $91.51 billion.
Total revenues increased 2.6%, primarily driven by growth in the Health Care Benefits and Pharmacy & Consumer Wellness segments, partially offset by a decline in the Health Services segment.
Adjusted EPS of $1.83 decreased from $2.21 in the prior year, beating the consensus of $1.73. The fall is primarily due to a decline in the Health Care Benefits segment’s operating results, which reflect continued utilization pressure and the unfavorable impact of the company’s Medicare Advantage star ratings ...