CVS Health is looking to make some big changes, from job cuts to building more Oak Street clinics.
Here are three things to know about where CVS Health stands today that Becker's has reported on since Aug. 1:
1. CVS Health is looking to trim hundreds of millions of dollars from its cost structure while also standing up 50 to 60 more Oak Street Health clinics in 2024.
2. CVS Health posted 10.3 percent higher revenues in its second-quarter earnings released Aug. 2 and beat investor expectations, but the company's net income dropped 37 percent year over year, largely because of company-wide restructuring, acquisition-related expenses, increased medical utilization among older adults and continued pressure on pharmacy reimbursements.
3. CVS Health is eliminating thousands of "non-customer facing positions" across the company, a spokesperson confirmed with Becker's. Five thousand jobs are affected.