CVS posts mixed results, holds off on guidance in Joyner’s first earnings report as CEO

CVS Health reported mixed third-quarter results, with higher medical costs impacting its profits. The new CEO, David Joyner, emphasized the importance of credibility and trust with investors. The company did not provide a formal outlook due to ongoing medical cost pressures. Wall Street has lost confidence in CVS after guidance cuts, leading to pressure from investors. CVS named a new president for Aetna and announced restructuring efforts to stabilize the business. Despite challenges, CVS saw an increase in sales, particularly in its pharmacy business. The company is focused on regaining investor trust and managing costs effectively.