CVS Health on Wednesday reported mixed third-quarter results as higher medical costs squeezed its bottom line. The earnings report is CEO David Joyner’s first at the helm of the troubled retail drugstore chain.
The company expects elevated medical costs to continue to pressure its performance this year, “and as a result we are not providing a formal outlook at this time,” a spokesperson told CNBC.
“Establishing credibility and earning the trust of our investors is one of my top priorities as the new leader of CVS Health,” Joyner said in a statement. “To achieve that, any guidance we provide should be achievable, with clear opportunities for outperformance. This is a core principle for me.”
CVS will not give formal 2025 guidance until next year, when the company has better visibility into its changing membership and medical cost baseline for 2024, CFO Tom Cowhey said during an earnings call Wednesday.
Wall Street’s confidence in CVS has soured this year after three straight quarters …