CVS Health Cuts Annual Profit Forecast on Acquisition Costs

Reuters2023-05-03

CVS Health Corp cut its full-year profit forecast on Wednesday, due to the impact from costs related to its acquisitions of Signify Health and Oak Street Health.

CVS, like other healthcare companies, has been expanding beyond managing health and pharmacies with new acquisitions, including primary care provider

Oak Street Health and home healthcare service provider Signfiy Health, as it tries to adjust to the decreasing revenue from COVID-related services.

The company's profits had also benefited from lower medical costs at Aetna during the pandemic.

The company now expects 2023 adjusted earnings per share of between $8.50 and $8.70, compared with its previous forecast of between $8.70 to $8.90.

CVS posted an adjusted profit of $2.20 per share in the first quarter, above analysts' average estimate of $2.09 per share, according to Refinitiv data.

Stocks fell over 1% in premarket trading.

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