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CVS Health CEO Karen Lynch steps down as national chain struggles to right its path
2 months, 1 week ago

CVS Health CEO Karen Lynch steps down as national chain struggles to right its path

LA Times  

Karen Lynch has been replaced as chief executive officer of CVS Health. CVS Health CEO Karen Lynch has stepped down with company shares sinking 19% this year and the healthcare giant struggling on several fronts. Lynch will be replaced by veteran CVS Health executive David Joyner, who will attempt to steer the company through rising costs to its health insurance …

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CVS Health cuts its 2024 forecast a third time, dragged down by health insurance struggles
4 months, 2 weeks ago

CVS Health cuts its 2024 forecast a third time, dragged down by health insurance struggles

Associated Press  

CVS Health chopped its 2024 forecast for a third time this year and changed the leadership of its health insurance business where it continues to struggle with rising costs. Rising claims from the company’s Medicare Advantage coverage have hurt CVS Health for much of this year and contributed to repeated trimmings of its outlook for 2024. Adjusted operating income, which …

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Drugstores tinker with new looks as their usual way of doing business faces challenges
4 months, 2 weeks ago

Drugstores tinker with new looks as their usual way of doing business faces challenges

Associated Press  

America’s drugstores are testing smaller locations and more ways to offer care as price-sensitive shoppers look elsewhere. “Everyone looks at health care and says, ‘Oh yeah, it’s a market that’s ripe for disruption,’” said Neil Saunders, managing director of consulting and data analysis firm GlobalData. “But it isn’t easy to disrupt.” Walgreens CEO Tim Wentworth said recently that his company …

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CVS Health chops 2024 forecast as cost struggles with Medicare Advantage persist
7 months, 3 weeks ago

CVS Health chops 2024 forecast as cost struggles with Medicare Advantage persist

Associated Press  

CVS Health missed first-quarter expectations and chopped its 2024 outlook more than a dollar below Wall Street’s forecast. Shares of the health care giant plunged Wednesday after the company said it was still struggling with rising costs from care use in its Medicare Advantage business. CVS Health had already scaled back 2024 expectations earlier this year as it worked to …

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CVS Health books strong 3Q but the health care giant preaches caution on next year
1 year, 1 month ago

CVS Health books strong 3Q but the health care giant preaches caution on next year

Associated Press  

CVS Health beat third-quarter forecasts thanks partially to its growing pharmacy benefits management side, but the health care giant is cautious about next year. Cowhey said CVS Health should see growth from its core business in 2024 and reap savings from a previously announced cost-cutting program. CVS Health turned a $2.26 billion profit after reporting a loss of more than …

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CVS beats Q1 expectations, cuts outlook after buying spree
1 year, 7 months ago

CVS beats Q1 expectations, cuts outlook after buying spree

Associated Press  

CVS Health turned in a better-than-expected first quarter as revenue grew from all parts of its business. The forecast cut on Wednesday came a day after CVS Health said it completed a roughly $10.6 billion acquisition of primary care provider Oak Street Health that it had just announced in February. After closing the deals, CVS Health said Wednesday that it …

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CVS Health tops forecasts, reserves billions for settlement
2 years, 1 month ago

CVS Health tops forecasts, reserves billions for settlement

Associated Press  

CVS Health booked a third-quarter loss of more than $3 billion after setting aside money for a potential opioid litigation deal but still beat expectations and raised its 2022 forecast. CVS Health also recorded a $2.5 billion loss in the quarter on assets held for sale to write down the company’s struggling Omnicare long-term care business. CVS Health also saw …

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After an 11% profit spike, CVS outlook for 2021 grows rosy
3 years, 7 months ago

After an 11% profit spike, CVS outlook for 2021 grows rosy

Associated Press  

CVS Health hiked its 2021 forecast and beat Wall Street’s first-quarter expectations as a growing insurance business offset hits the health care giant took from a weak cold and flu season. CVS Health said Tuesday that it also delivered more than 23 million COVID-19 tests and 17 million vaccine doses through April, which helped its drugstore business. A weak cough, …

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