Shares of CVS Health (NYSE: CVS) have nosedived 28% so far in 2023. The company's business performance has disappointed this year with the bottom line falling by a whopping 37% in the most recent quarter. There was also the recent news that Blue Shield of California would be using other pharmacy benefits managers, limiting its exposure to CVS.

In light of these developments, is the healthcare company in trouble? Or could now be a good time to buy the stock, while pessimism is high?

For the period ended June 30, CVS reported a steep decline in income. Earnings of $1.9 billion were down from the more than $3 billion that the company earned in the same period last year. Although its sales were up over 10%, rising expenses more than wiped out those gains.

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Source Fool.com