PR Newswire
WOONSOCKET, R.I., May 1, 2024
First Quarter Highlights
2024 Full-Year Guidance
CEO Commentary
"The current environment does not diminish our opportunities, enthusiasm, or the long-term earnings power of our company. We are confident we have a pathway to address our near-term Medicare Advantage challenges. We remain committed to our strategy and believe that we have the right assets in place to deliver value to our customers, members, patients, and shareholders." -Karen S. Lynch, CVS Health President and CEO
WOONSOCKET, R.I., May 1, 2024 /PRNewswire/ -- CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended March 31, 2024.
Financial Results Summary | |||||
| Three Months Ended March 31, | ||||
In millions, except per share amounts | 2024 | | 2023 | | Change |
Total revenues | $ 88,437 | | $ 85,278 | | $ 3,159 |
Operating income | 2,271 | | 3,446 | | (1,175) |
Adjusted operating income (1) | 2,957 | | 4,370 | | (1,413) |
Diluted earnings per share | $ 0.88 | | $ 1.65 | | $ (0.77) |
Adjusted EPS (2) | $ 1.31 | | $ 2.20 | | $ (0.89) |
First quarter revenues of $88.4 billion increased by 3.7% compared to the prior year, reflecting strong growth in the Health Care Benefits and Pharmacy & Consumer Wellness segments, partially offset by a decline in our Health Services segment.
First quarter GAAP diluted EPS of $0.88 decreased from $1.65 in the prior year and Adjusted EPS of $1.31 decreased from $2.20 in the prior year, primarily due to a decline in the Health Care Benefits segment's operating results, reflecting utilization pressure in the Company's Medicare business.
Recognizing the potential for continued elevated medical cost trends in the remainder of 2024, the Company revised its full-year 2024 GAAP diluted EPS, Adjusted EPS and cash flow from operations guidance to reflect the assumption that the majority of this pressure will persist throughout 2024.
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" beginning on page 11 and endnotes beginning 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 used in this release to the most directly comparable GAAP financial measure.
Consolidated first quarter results | ||||||
| | Three Months Ended March 31, | ||||
In millions, except per share amounts | | 2024 | | 2023 | | Change |
Total revenues | | $ 88,437 | | $ 85,278 | | $ 3,159 |
Operating income | | 2,271 | | 3,446 | | (1,175) |
Adjusted operating income (1) | | 2,957 | | 4,370 | | (1,413) |
Net income | | 1,124 | | 2,142 | | (1,018) |
Diluted earnings per share | | $ 0.88 | | $ 1.65 | | $ (0.77) |
Adjusted EPS (2) | | $ 1.31 | | $ 2.20 | | $ (0.89) |
For the three months ended March 31, 2024 compared to the prior year:
Health Care Benefits segment
The Health Care Benefits segment offers a full range of insured and self-insured ("ASC") medical, pharmacy, dental and behavioral health products and services. The segment results for the three months ended March 31, 2024 and 2023 were as follows:
| | Three Months Ended March 31, | ||||
In millions, except percentages | | 2024 | | 2023 | | Change |
Total revenues | | $ 32,236 | | $ 25,877 | | $ 6,359 |
Adjusted operating income (1) | | 732 | | 1,824 | | (1,092) |
Medical benefit ratio ("MBR") (3) | | 90.4 % | | 84.6 % | | 5.8 % |
Medical membership (4) | | 26.8 | | 25.5 | | 1.3 |
See the supplemental information on page 16 for additional information regarding the performance of the Health Care Benefits segment.
Health Services segment
The Health Services segment provides a full range of pharmacy benefit management ("PBM") solutions, delivers health care services in its medical clinics, virtually, and in the home, and offers provider enablement solutions. The segment results for the three months ended March 31, 2024 and 2023 were as follows:
| | Three Months Ended March 31, | ||||
In millions Werbung Mehr Nachrichten zur CVS Health Corp. Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. |