is expected to reduce 2024 revenue by $2 billion, although that figure could come down with company mitigation strategies.
The diversified healthcare company also disclosed that it is considering selling its Omnicare long-term care business, after last month announcing it will sell its bswift insurance software developer.CVS said it will repurchase shares to meet the 2024 earnings target it set last year, and that it is still open to acquisitions in healthcare services. Lynch described the company as looking for "the right capabilities at the right time.
CVS forecast adjusted 2023 earnings of $8.70 to $8.90 per share, below Wall Street expectations of $9.06, according to Refinitiv data. "While financial engineering is not the strongest way to meet its previously laid out plans, CVS shareholders will likely appreciate that double-digit earnings growth ... is still possible in 2024 and beyond," Morningstar analyst Julie Utterback said in a note.
CVS raised its 2022 profit forecast to $8.55 to $8.65 per share from it prior outlook of $8.40 to $8.60 on the strong performance of its health insurance and PBM business.
Source: Healthcare Press (healthcarepress.net)
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