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CVS Health
on Wednesday reported third-quarter earnings and revenue that blew past estimates and raised its adjusted profit outlook, as the company sees strength in its insurance unit and retail pharmacy business.
Still, shares of CVS fell more than 3% in premarket trading Wednesday as the company posted a net loss during the quarter, which reflects a $5.7 billion goodwill impairment charge related to the health care services segment’s health care delivery reporting unit.
The quarterly results cap David Joyner’s first full year as CEO of the company, which struggled to drive higher profits and improve its stock performance under its last top executive, Karen Lynch. Joyner’s aggressive efforts to turn the flailing drugstore chain around – from executive reshuffling to cost cuts – already seem to be paying off, with shares up more than 85% for the year.
