CVS Health shares tumble as much as 13% in premarket trading Wednesday after the drugstore chain cut its adjusted profit and revenue forecast for the full year, citing persistent pressures in its Medicare insurance business. Mizuho calls the guidance cut "worse than expected".
CVS Health reported quarterly earnings of $1.31 per share which missed the analyst consensus estimate of $1.69 by 22.49 percent. This is a 40.45 percent decrease over earnings of $2.20 per share from the same period last year. The company reported quarterly sales of $88.437 billion which missed the analyst consensus estimate of $89.209 billion by 0.87 percent. This is a 3.70 percent increase over sales of $85.278 billion the same period last year.