Categories AlphaGraphs, Earnings, Health Care

CVS Health Q1 adj. earnings drop despite revenue growth; guides FY24

Healthcare conglomerate CVS Health Corporation (NYSE: CVS) announced first-quarter 2024 results, reporting higher revenues and a decrease in adjusted earnings.

CVS Health Q1 2024 earnings infographic

March-quarter adjusted profit decreased 40% year-over-year to $1.31 per share. On a reported basis, net income was $1.12 billion or $0.88 per share in Q1, compared to $2.14 billion or $1.65 per share in the prior-year quarter.

Meanwhile, revenues increased 4% year-over-year to $88.4 billion during the three months. Total same-store sales rose 5.3% from last year.

“We remain committed to our strategy and believe that we have the right assets in place to deliver value to our customers, members, patients, and shareholders,” said CVS CEO Karen Lynch.

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