CVS Health raised its annual adjusted profit forecast, aided by improved pharmacy revenues, but also announced a $5.73 billion writedown of healthcare businesses including its in-pharmacy MinuteClinics. The $5.73 billion writedown also reflects a restructuring of Oak Street Health, a primary care provider, and diminished value of Signify Health that offers home-based services. Both businesses focus on Medicare, the U.S. government program for older adults and people with disabilities. Like others in the industry, including those run by UnitedHealth Group, these Medicare businesses have been pressured by higher medical services spending and changes in government reimbursement.
Read the full article: CVS Raises Full-Year Forecast, Takes $5.7B Impairment Charge on Health Clinics //
Source: https://finance.yahoo.com/news/cvs-raises-full-forecast-takes-103323204.html