UPDATE 1-CVS cuts 2024 profit forecast as medical procedures fuel higher costs

CVS Health lowered its adjusted profit forecast for 2024 on Wednesday after an increase in medical care among older adults in the United States drove up fourth-quarter costs at its insurance business. The healthcare conglomerate cited a late-year rise in medical care, including outpatient procedures among those enrolled in Medicare Advantage plans, under which insurers are paid a set rate to manage healthcare for people 65 and older, or those with disabilities. The new forecast of at least $8.30 per share, from at least $8.50 per share it had forecast in December, factors in the potential for medical costs being elevated in 2024, it said.