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CVS Health Announces Cost-Cutting Measures, Lowers Earnings Outlook

CVS Health Intensifies Cost-Cutting Efforts

CVS Health Lowers 2024 Earnings Outlook

CVS Health has announced a new 2 billion cost-cutting initiative, adding to a previous plan to cut 2 billion in costs by 2024. The company also lowered its 2024 earnings outlook for the third straight quarter.

The cost-cutting measures come as CVS Health faces rising medical costs that have hit its insurance arm, Aetna. The company said it will reduce spending by eliminating jobs, consolidating operations, and renegotiating contracts with suppliers.

CVS Health's new cost-cutting plan includes:

• Reducing administrative expenses by $1 billion
• Closing 900 stores
• Cutting 15,000 jobs
• Renegotiating contracts with suppliers

CVS Health expects the cost-cutting measures to generate $2 billion in savings by 2024. The company also lowered its 2024 earnings outlook to a range of $8.30 to $8.50 per share, down from a previous range of $8.40 to $8.60 per share.

The cost-cutting measures and lowered earnings outlook come as CVS Health faces increasing competition from Amazon and other online retailers. The company is also facing pressure from insurers to lower drug prices.