CVS Beats Earnings and Revenue Expectations, But Lowers Profit Guidance

CVS Health reported first-quarter results that beat earnings and revenue expectations, but the company lowered its full-year profit guidance due to costs related to recent acquisitions. The company's health services segment saw revenue growth of 12.6 percent, driven by an increase in pharmacy claims processed. The health insurance segment's revenue grew by 12 percent, and total membership in CVS medical plans increased by 1.1 million. The retail segment's revenue grew by 7.8 percent, driven by an increase in prescriptions filled. CVS lowered its 2023 adjusted earnings guidance to a range of $8.50 to $8.70, which is 20 cents lower than its previous projection.