Shares in CVS Health Corp (NYSE:CVS) were under pressure pre-market after the pharmacy giant lowered full-year forecasts due to medical costs.
The impact of the news was partially offset by a second-quarter earnings print that exceeded expectations.
The Woonsocket, Rhode Island-headquartered group posted earnings per share of $1.83, surpassing the $1.73 Wall Street expected. Revenue was $91.23 billion, slightly missing the forecast of $91.5 billion.
Turning to the outlook, CVS now projects adjusted earnings for 2024 between $6.40 and $6.65 per share, down from a previous estimate of at least $7 per share. Analysts had anticipated $6.97 per share.
Ahead of the bell, the stock was off 0.7% at $57.95 having been down 2% earlier.