Cigna sees strong annual profit on lower costs, pharmacy benefit strength [Reuters]
CVS Health Corporation (CVS)
Last cvs health corporation earnings: 2/12 06:45 am
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Source: Reuters
costs and strength in its pharmacy benefit management unit helped it beat first-quarter earnings estimates. The company now expects an adjusted profit of at least $28.40 per share in 2024, up 15 cents from its previous forecast. Cigna's forecast lift comes in contrast to CVS Health , which slashed its annual profit forecast on Wednesday, citing higher medical costs, especially for its Medicare Advantage (MA) plans for adults aged 65 and above. Robust demand for medical procedures delayed during the COVID pandemic, especially from older adults, has resulted in increased costs for insurers such as CVS, UnitedHealth and Humana UnitedHealth and Humana are among the larger players in the MA market, compared to Cigna, which has a much smaller presence and is in the process of divesting its Medicare business. The sale of Cigna's MA unit to Health Care Service Corp remains on track and is expected to close in the first quarter of 2025, the company said. Cigna's medical care ratio,
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CVS
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- 5/1/24 - Miss
CVS
Sec Filings
- 5/9/24 - Form 8-K
- 5/8/24 - Form 8-K
- 5/8/24 - Form 424B2
- CVS's page on the SEC website