UnitedHealth Group Inc. plunged after the company cut its earnings outlook for the year and reported first-quarter earnings below estimates, citing heightened care needs in Medicare that were “far above” what it had planned for.

Shares fell 20% in trading before US markets opened. The health insurance giant said adjusted earnings in 2025 will be $26 to $26.50 a share, down from a previous range of $29.50 to $30 a share.