Shares of CVS Health are down over 12% in premarket trading due to the Q1 2024 earnings miss. The adjusted EPS came in at $1.31, below the expected $1.69, and revenue at $88.44 billion below the $89.21 billion expectation.
CVS reduced its 2024 profit forecast to at least $7.00 from $8.30 due to increased medical costs in its insurance unit. This surge is from postponed procedures now taking place, impacting the company's bottom line.
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