Key TakeawaysThe S&P 500 fell 0.3% on Wednesday, May 1, 2024, as the Federal Reserve held interest rates steady and Chair Jerome Powell discounted the likelihood of an imminent rate hike.CVS shares plunged after the pharmacy giant missed estimates and cut guidance amid higher health care costs and Medicare reimbursement pressures.Bio-Techne shares soared as the biotech firm posted better-than-expected results, lifted by strength in the diagnostics and genomics segment. Major U.S. equities indexes were mixed ...

The volatile consumer healthcare sector showed up big in CVS’ Q1 earnings Wednesday (May 1), with solid revenue from its store operations but a warning about revenue projections due to its foray into the insurance sector. By the numbers, CVS Health reported first-quarter revenues of approximately $88 billion, marking a 4% increase year-over-year. However, the more concerning figure was the adjusted earnings per share (EPS) of $1.31, well below analysts’ projections of about $1.69, according to the Associate ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Its profits took a hit as its insurance benefit payouts rose.Shares of CVS Health (CVS -16.93%) dove Wednesday morning after the diversified pharmacy and health insurance company posted disappointing results in its first-quarter earnings report and cut its guidance for the year.As of 12:01 p.m. ET, the stock was down 17.1%. CVS struggles with Medicare costsTotal revenue rose 3.7% year over year to $88.4 billion, but that fell short of the analyst consensus of $89.2 billion. Revenue from CVS's pharmacy and c ...

CVS Health Corporation (CVS) posted adjusted earnings per share (EPS) of $1.31 in first-quarter 2024, down 40.5% year over year. The metric also missed the Zacks Consensus Estimate by 22.5%. The adjusted EPS figure considers certain asset amortization costs, loss on assets held for sale and other adjustments.On a reported basis, the company’s GAAP earnings were 88 cents compared with the year-ago GAAP EPS of $1.65, down 46.7%.RevenuesRevenues in the first quarter rose 3.7% year over year to $88.44 billion. ...

CVS Health (CVS) stock plummeted more than 18% at the start of Wednesday's trading session after the pharmacy chain disclosed weaker-than-expected earnings and revenue for its first quarter and slashed its full-year outlook.In the three months ended March 31, CVS reported revenue of $88.4 billion, an increase of 3.7% from the year-ago period. The gain was driven by 24.6% top-line growth in the company's Health Care Benefits segment, to $32.2 billion. However, earnings per share (EPS) decreased 40.5% year-ov ...

CVS Health Corporation (NYSE:CVS) Q1 2024 Earnings Conference Call May 1, 2024 8:00 AM ET Company Participants Karen Lynch - President, Chief Executive Officer Tom Cowhey - Chief Financial Officer David Falkowski - Executive Vice President, Chief Compliance Officer Brian Kane - Executive Vice President, President, Aetna Mike Pykosz - Executive Vice President, President of Health Care Delivery Larry McGrath - Senior Vice President of Business Development, Investor Relations Conference Call Participants Justi ...

First quarter 2024 May 1, 2024 Earnings conference call Karen S. Lynch Thomas F. Cowhey President and E x ecutive Vice President and Chief Executive Officer Chief Financial Officer ...

The shares of CVS Health Corp (NYSE:CVS) are plummeting today, down 18% at $55.55 at last glance and earlier as low as $54.04. The company announced first-quarter earnings and revenue that missed estimates, and slashed its 2024 forecast due to higher medical costs. Gapping to four-year lows, CVS is on track for its worst daily percentage drop since 2009. CVS Stock was already on a downtrend headed into today, below all moving averages between the 20- and 320-day trendlines. Since the start of the year, the ...

For the quarter ended March 2024, CVS Health (CVS) reported revenue of $88.44 billion, up 3.7% over the same period last year. EPS came in at $1.31, compared to $2.20 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $89.2 billion, representing a surprise of -0.86%. The company delivered an EPS surprise of -22.49%, with the consensus EPS estimate being $1.69.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street exp ...