CVS Health Corp has revised its 2024 profit forecast downwards for the second consecutive quarter, citing escalating medical costs as the primary reason. The company reported a significant miss in its first-quarter earnings, with adjusted EPS at $1.31 compared to the estimated $1.69 and sales reaching $88.437 billion against expectations of $89.209 billion. This adjustment reflects the impact of higher demand for non-urgent medical procedures on its health insurance business. The firm anticipates that these elevated medical cost trends will persist throughout the year, affecting its financial performance. CVS shares dropped 12.2% in pre-market trading.