CVS Health ( CVS ) will report third-quarter earnings on Wednesday before the market opens, after the pharmacy and healthcare provider had a rocky October that included a CEO change and layoffs, among other cost-cutting measures.

Despite the roughly 30% decline since the beginning of the year, the thirteen analysts tracked by Visible Alpha remain largely bullish on CVS stock, with nine “buy” ratings and four “hold” ratings. However, the $68.69 average price target means analysts expect CVS to recoup some (but not all) of its losses since early 2024. The stock closed Monday at $54.65, down 2%.

Revenue is expected to rise to $93.02 billion for the quarter, up about 3.6% year over year. But net income is expected to fall more than 40% to $1.29 billion, or $1.05 per share, according to Visible Alpha estimates.

Earnings Track CEO Swap, Reports of Possible Breakup

CVS reports its latest earnings results after a turbulent October, which started with reports that a split of the eponymous pharmacies and health insurer Aetna was being considered, after earnings figures in the first two quarters of 2024 disappointed and profit forecasts were repeatedly lowered.

Weeks after it was reported that the company was meeting with hedge fund Glenview Capital Management to discuss possible changes to its operations, CVS said on October 18 that company veteran David Joyner would take over as chief executive officer (CEO). The company also released preliminary third-quarter earnings per share (EPS) projections of 3 cents to 8 cents at the time and said it would provide new full-year guidance based on Wednesday’s earnings call.

CVS shares are down 19% since mid-October.