Pharmacy Retailer CVS Health Backs Away From Annual Forecast, Names New CEO

On Friday, CVS Health Inc (NYSE:CVS) appointed longtime executive David Joyner as its new president and CEO, replacing Karen Lynch amid the company’s ongoing financial struggles.

Joyner, previously president of CVS Caremark and an executive vice president at the company, steps into this leadership role as Roger Farah, CVS’s board chairman, assumes the executive chair position.

The company warned that its upcoming third-quarter earnings, set for release on November 6, will miss Wall Street projections.

The company revealed preliminary third-quarter 2024 adjusted EPS of $1.05-$1.10, compared to the consensus of $1.70. Analysts expect sales of $92.73 billion.

Results for the third quarter include charges to record premium deficiency reserves (PDRs), primarily related to the company’s Medicare and Individual Exchange businesses inside its Health Care Benefits segment, of approximately $1.1 billion, which lowered ...