CVS cuts outlook, plans $2B cost-cutting effort
CVSCVS Health(CVS) Fox Business·2024-08-07 22:37

CVS Health on Wednesday cut its 2024 earnings outlook and announced its goal to cut 2billionincoststhroughamultiyearproductivityinitiativeasmedicalcostscontinuetorise.CVSreportedthatitsadjustedearningsfortheyearwillnowbeintherangeof2 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 6.65pershare,downfromitsearlierprojectionofatleast6.65 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.As part of its cost-cutting efforts, the retail pharmacy chain ...