Zhitong Finance learned that on Wednesday, CVS Health (CVSplaygalagaonline.US) shares fell. As of press time, the stock fell more than 19% to $54.5. The stock's first-quarter earnings data fell short of expectations and its full-year outlook was lowered. The company's net income fell to $1.11 billion, or 88 cents per share, from $2.14 billion, or $1.65 per share, in the same period last year. After excluding non-recurring items, adjusted earnings per share were $1.31, below FactSet's consensus forecast of $1.69. Revenue rose 3.7% to $88.44 billion, but fell short of FactSet's consensus forecast of $89.33 billion.

For 2024, the company lowered its adjusted earnings per share forecast to "at least $7" from "at least $8.3". As of Tuesday, the stock is down 14.3% so far this year, while the S & P 500 is up 5.6%.