CVS said Wednesday that it's launching a multi-year productivity initiative. It also cut its outlook for the year as its health care benefits segment continues to face pressure.
CVS Health on Wednesday cut its 2024 earnings outlook and announced its goal to cut $2 billion in costs through a multi-year productivity initiative as medical costs continue to rise. CVS reported that its adjusted earnings for the year will now be in the range of $6.40 to $6.65 per share, down from its earlier projection of at least $7 per share. This change reflects the "continued pressure in the Health Care Benefits segment," the company said.
Total revenues in the health services segment decreased 8.8% for the three months ended June 30 compared with the same period a year ago, which the company largely attributed to the loss of a large client and continued pharmacy client price improvements. CEO Karen Lynch said in a statement that the company's integrated model and strategy enables the company "to execute in a challenging environment.
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