CVS Health reported $4.6 billion in 2024 profit including $1.6 billion in the fourth quarter as its health insurance business works to overcome rising medical expenses.

CVS Health’s adjusted fourth-quarter profit handily beat Wall Street’s estimates, even as the drugstore chain and pharmacy benefits manager dealt with rising costs in its insurance division

CVS Health reported a smaller-than-expected drop in fourth-quarter profit on Wednesday as its pace of medical cost increases slowed and revenue at its pharmacy business jumped, sending its shares up more than 12% in premarket trading.