UnitedHealth said its earnings for 2025 will likely fall short of Wall Street’s early expectations, a projection that disappointed investors and underscored worries about the insurance industry’s core Medicare business.

UnitedHealth’s shares dropped as much as 3.9% before US markets opened, as higher medical costs and the Change Healthcare cyberattack weighed on earnings.

UnitedHealth Group provided a 2025 profit forecast below Wall Street estimates on Tuesday as it expects pressure across its government-supported health insurance businesses, and its shares fell 8%.