CVS shares fall after withdrawing profit view, replacing CEO
Updates
** Shares of CVS Health CVS.N fall 8% to $58.52 in early trading
** Co names longtime executive David Joyner as CEO, replacing Karen Lynch, who stepped down from her position in agreement with the board
** Joyner had served as president of CVS Caremark, the company's pharmacy-benefit manager, and executive vice president of CVS
** Says inlight of elevated medical cost pressures, investors should no longer rely on CVS's previous forecast
** Expects Q3 medical loss ratio - the percentage of premiums spent on medical care - of about 95.2% vs analysts' estimates of 90.95%
** Baird analysts say the earnings update leaves "more questions than answers" and "increases our caution for 2025" for CVS
** CVS expects to report adj. Q3 EPS of $1.05 to $1.10 vs est. of $1.70 - LSEG data
** Co tohold Q3 earnings call on Nov. 6
** Up to last close, stock was down ~20% YTD
Reporting by Sriparna Roy and Bhanvi Satija in Bengaluru
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