12:31 PM EDT, 05/01/2024 (MT Newswires) -- (Updates with stock move in the headline and first paragraph.)

CVS Health's ( CVS ) shares fell 17% in recent Wednesday trading after the pharmacy company reported Q1 adjusted earnings of $1.31 per diluted share, down from $2.20 a year earlier.

Analysts polled by Capital IQ expected $1.70.

Revenue in the quarter ended March 31 rose to $88.4 billion from $85.3 billion. Analysts surveyed by Capital IQ expected $89.2 billion.

The company reduced its 2024 adjusted earnings guidance to at least $7 per diluted share from at least $8.30. Analysts polled by Capital IQ expect $8.27.

Price: 56.20, Change: -11.52, Percent Change: -17.01