UPDATE: This article has been updated with recent stock price information.

CVS Health (CVS) shares plunged Wednesday after the retail pharmacy giant posted first-quarter results that missed analysts' estimates and lowered its guidance for the full year.

The stock was down 18% at $55.48 at around 2:20 p.m. ET Wednesday, afte꧅r falling as low as $54.00 early in the session. The stock is trading at a four-year low.

Revenue, Earnings Miss

CVS reported first-quarter revenue of $88.44 billion, up 3.7% from a year earlier, but below the $89.33 billion analysts expected, according to estimates compiled by Visible Alpha. 澳洲幸运5开奖号码历史查询:Net income and 澳洲幸运5开奖号码历史查询:diluted earnings per share (EPS) declined from the year-ago period and also missed estimates, with CVS reporting $1.12 billion in profit or 88 cents per share, down from $2.14 billion or $1.65 per share a year ago.

Rising Health Care Costs

Profits were hit as CVS struggled with a rise in Medicare utilization, as well as the impact of a decline in the company’s Medicare Advantage 澳洲幸运5开奖号码历史查询:star rating. CVS saw health care costs increase to $27.8 billion in the first quarter, ܫcompa🍰red to $20.45 billion in the first quarter of 2023.

In its fourth-quarter earnings report 澳洲幸运5开奖号码历史查询:earlier this year, CVS said its health care segment was be🌞ing impacted by having to pay out more to policyholders, as many underwent procedures they may have delayed during the COVID-19 pandemic.

CVS Lowers Full-Year Guidance

Theꦛ company lowere🌊d its projected full-year EPS to at least $5.64, down from at least $7.06 previously.

“The current environment does not diminish our opportunities, enthusiasm, or the long-term earnings power of our company. We are confident we have a pathway to address our near-term Medicare Advantage challenges," CEO Karen Lynch said in a release.