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Mittwoch, 05.08.2020 12:35 von PR Newswire | Aufrufe: 178

CVS Health Reports Second Quarter Results; Diversified Assets Deliver Strong Enterprise Results

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PR Newswire

WOONSOCKET, R.I., Aug. 5, 2020

WOONSOCKET, R.I., Aug. 5, 2020 /PRNewswire/ --

Continued Responsiveness to COVID-19:

Ongoing support for employees, clients and communities across the country
Opened more than 1,800 test sites at drive-thru locations to date and continue to partner with federal, state and local officials
Launched Return Ready^SM, a comprehensive COVID-19 business-to-business testing program
Consumer-driven health care model increases access to products and services

Second Quarter Year-over-Year Highlights:

Total revenues increased 3.0% to $65.3 billion
GAAP operating income increased 40.5% to $4.7 billion
Adjusted operating income ⁽¹⁾ increased 32.2% to $5.3 billion
GAAP diluted earnings per share of $2.26
Adjusted EPS ⁽²⁾ of $2.64

Year-to-date Highlights:

Generated cash flow from operations of $10.4 billion

2020 Full Year Guidance:

Raised GAAP diluted EPS guidance range to $5.59 to $5.72 from $5.47 to $5.60
Raised Adjusted EPS ⁽²⁾ guidance range to $7.14 to $7.27 from $7.04 to $7.17
Raised cash flow from operations guidance range to $11.0 billion to $11.5 billion from $10.5 billion to $11.0 billion

CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended June 30, 2020.

CVS Health President and CEO Larry J. Merlo stated, "We're a health innovation company that is built to meet the evolving needs of the millions we serve every day. That's been made clear as we continue to navigate the health, social and economic impacts of COVID-19. Our earnings in this environment demonstrate the strength of our strategy and the power of our diversified business model.

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CVS Health Corp.

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"We have a strong foundation of clinical expertise, data analytics and digital capabilities, and unmatched consumer and community reach which has allowed us to rapidly bring our strategy to life at an unprecedented time. The environment surrounding COVID-19 is accelerating our transformation, giving us new opportunities to demonstrate the power of our integrated offerings and the ability to deliver care to consumers in the community, in the home and in the palm of their hand which has never been more important. We have stayed true to our purpose of helping people on their path to better health, and we remain focused on creating value for all our stakeholders."

A summary of the Company's response to the COVID-19 pandemic is included on page six.

^{_____________________________________________}

The Company presents both GAAP and non-GAAP financial measures in this press release to assist in the comparison of the Company's past financial performance with its current financial performance. See "Non-GAAP Financial Information" on page 12 and endnotes (1) and (2) on page 22 for explanations of non-GAAP financial measures presented in this press release. See pages 13 through 14 and page 21 for reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Consolidated Second Quarter Results

	Three Months Ended June 30,						Six Months Ended June 30,
*In millions, except per share amounts*	2020		2019		Change		2020		2019		Change
Total revenues	$	65,341	$	63,431	$	1,910	$	132,096	$	125,077	$	7,019
Operating income	4,680		3,332		1,348		8,138		6,022		2,116
Adjusted operating income ⁽¹⁾	5,328		4,031		1,297		9,441		7,626		1,815
Net income	2,986		1,931		1,055		4,998		3,358		1,640
Diluted earnings per share	$	2.26	$	1.49	$	0.77	$	3.79	$	2.58	$	1.21
Adjusted EPS ⁽²⁾	$	2.64	$	1.89	$	0.75	$	4.55	$	3.51	$	1.04
Enterprise prescriptions ^{(3) (4)}	690.3		685.5		4.8		1,436.9		1,365.3		71.6

Total revenues increased 3.0% in the three months ended June 30, 2020 compared to the prior year driven by growth across all segments. Total revenues in the three months ended June 30, 2020 were impacted by the COVID-19 pandemic, which adversely affected revenues in the Retail/LTC and Pharmacy Services segments primarily as a result of reduced new therapy prescriptions due to lower provider visits in the three months ended June 30, 2020, as well as reduced front store revenues in the Retail/LTC segment due to shelter-in-place orders.
Operating income and adjusted operating income increased 40.5% and 32.2%, respectively, in the three months ended June 30, 2020 compared to the prior year. The increase in both operating income and adjusted operating income was primarily due to the impact of the COVID-19 pandemic, which resulted in reduced benefit costs due to the deferral of elective procedures and other discretionary utilization in the Health Care Benefits segment, partially offset by reduced volume and increased operating expenses associated with the Company's COVID-19 pandemic response efforts in the Retail/LTC segment.
Net income increased 54.6% in the three months ended June 30, 2020 compared to the prior year primarily due to the higher operating income described above, partially offset by higher income tax expense associated with the increase in pre-tax income.
The effective income tax rate was 24.6% for the three months ended June 30, 2020 compared to 25.5% for the three months ended June 30, 2019. The decrease in the effective income tax rate was primarily due to the favorable resolution of several state and local income tax matters in the three months ended June 30, 2020, partially offset by the reinstatement of the non-deductible Health Insurer Fee ("HIF") for 2020.

Pharmacy Services Segment

The Pharmacy Services segment provides a full range of pharmacy benefit management solutions to employers, health plans, government employee groups and government sponsored programs. The segment results for the three and six months ended June 30, 2020 and 2019 were as follows:

Three Months Ended
June 30,

Six Months Ended
June 30,

In millions

2020

2019

Change

2020

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