CVS Health Corporation (CVS) shares tumbled 5.13% in pre-market trading on Wednesday, despite the company raising its full-year adjusted profit forecast. The sharp decline comes as investors grapple with a mixed bag of third-quarter results that included a significant impairment charge and signs of challenges in its healthcare delivery segment.

The pharmacy giant reported a net loss of $3.13 per share for the third quarter, primarily due to a $5.73 billion goodwill impairment charge related to its Health Care Delivery reporting unit. This charge reflects a restructuring of Oak Street Health, a primary care provider, and diminished value of Signify Health, which offers home-based services. Both businesses focus on Medicare, which has been under pressure from higher medical services spending and changes in government reimbursement.

Despite these challenges, CVS raised its forecast for adjusted full-year earnings to between $6.55 and $6.65 per share, up from the previous outlook of $6.30 to $6.40. The company cited new customers acquired from its purchase of Rite Aid pharmacies and strong performance in its Caremark pharmacy benefit business. However, investors seem more focused on the underlying issues in the healthcare delivery segment, as evidenced by the company's decision to reduce the number of new primary care clinics it plans to open in 2026 and beyond.