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Business

Joey Solitro

CVS Stock Plunges as Medicare Advantage Costs Spike

CVS Medicare Advantage Medicare CVS Health Karen Lynch Health Care Benefits

Outside of a CVS Pharmacy at night with store sign lit up in red.

CVS Health (CVS) stock plummeted more than 18% at the start of Wednesday's trading session after the pharmacy chain disclosed weaker-than-expected earnings and revenue for its first quarter and slashed its full-year outlook.

In the three months ended March 31, CVS reported revenue of $88.4 billion, an increase of 3.7% from the year-ago period. The gain was driven by 24.6% top-line growth in the company's Health Care Benefits segment, to $32.2 billion.

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