‘Frustrating quarter’: CVS Health predicts medical costs will be higher in the second half of the year

The company also announced a multi-year plan to save $2 billion in costs through measures such as streamlining its operations and using artificial intelligence and automation across its business.

CVS Health said on Wednesday that high demand for medical care among older adults hit second-quarter results, a trend that continued into July, causing it to slash its 2024 earnings forecast.