Accelerating momentum by way of mixed energy and innovation of main companies

While CVS Health’s enterprise segments proceed to achieve success and worthwhile on their very own, there’s a sizable alternative to proceed strengthening these connections and create incremental worth for the general firm.

A notable instance was the current enchancment of Aetna’s Medicare Advantage Star Ratings. In only a yr, by leveraging the ability of the corporate’s cross-enterprise property and executional excellence, Aetna was in a position to obtain 87% of their members in 4 star plans or higher for the 2025 plan yr, a restoration from 21% within the earlier yr.

“This achievement was due to the work across our Aetna, CVS Pharmacy, and CVS Caremark colleagues. Even more important than our ratings, these teams worked together to help members improve medication adherence and overcome barriers such as costs and transportation,” mentioned Lynch. “Our strong performance in this area shows how we can quickly unite our businesses to achieve important common goals.”

Reiterating 2023 monetary steering, asserting 2024 full-year projections 

CVS Health interim CFO Tom Cowhey will element the corporate’s 2024 monetary outlook, capital deployment technique, and long-term outlook and progress targets. The firm’s distinctive mixture of property gives CVS Health with clear alternatives for long-term outperformance, together with by way of Medicare Advantage margin restoration, incorporating Star Ratings, beginning in 2025; CVS CostVantage, the corporate’s new retail pharmacy pricing mannequin; elevated affected person enrollment in Oak Street Health; expanded product choices by way of Signify Health; and enhanced progress in core companies from new choices in well being care supply.

“By broadening our portfolio of integrated products and services, we expect to create a path to sustainable, profitable growth,” Cowhey mentioned. “Our powerful cash generation capabilities will support our strategic goals, prudent capital deployment, and attractive return profile – while also providing opportunities for meaningful long-term outperformance.”

2023 Guidance

Today, the corporate is reiterating its 2023 steering as shared on its November 1, 2023 earnings name:

•  Total revenues: $351.5 to $357.3 billion
• Operating earnings: $13.6 to $14.0 billion
• Adjusted working earnings: $17.2 to $17.6 billion
• GAAP diluted earnings per share (“EPS”): $6.37 to $6.61
• Adjusted EPS: $8.50 to $8.70
• Cash move from operations: Upper-end of $12.5 to $13.5 billion

2024 Guidance

The firm is initiating its 2024 full-year projections:

• Total revenues: At least $366.0 billion
• Operating earnings: At least $15.0 billion
• Adjusted working earnings: At least $17.2 billion
• GAAP diluted EPS: At least $7.26
• Adjusted EPS: At least $8.50
• Cash move from operations: At least $12.5 billion

Announcement of elevated quarterly dividend

CVS Health has introduced that its board of administrators has authorised a quarterly dividend of sixty-six and a half cents ($0.665 cents) per share, an approximate 10% enhance from sixty and a half cents ($0.605 cents) per share. The dividend is payable on February 1, 2024, to holders of file on January 22, 2023.

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About CVS Health

CVS Health^® is the main well being options firm, delivering care like nobody else can. We attain extra individuals and enhance the well being of communities throughout America by way of our native presence, digital channels and over 300,000 devoted colleagues — together with greater than 40,000 physicians, pharmacists, nurses and nurse practitioners. Wherever and at any time when individuals want us, we assist them with their well being — whether or not that’s managing power ailments, staying compliant with their medicines or accessing reasonably priced well being and wellness providers in essentially the most handy methods. We assist individuals navigate the well being care system — and their private well being care — by bettering entry, decreasing prices and being a trusted accomplice for each significant second of well being. And we do all of it with coronary heart, each day. Follow @CVSHealth on social media.

Cautionary Statement Concerning Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 gives a secure harbor for forward-looking statements made by or on behalf of CVS Health. Statements on this press launch which can be forward-looking embrace, however are usually not restricted to, references to CVS Health Corporation’s precedence areas for strategic progress, monetary outlook, long-term progress targets, capital deployment, Ms. Lynch’s quotations, Mr. Cowhey’s citation, Mr. Shah’s citation, Mr. Pykosz’s citation, the data underneath the headings “Reiterating 2023 financial guidance, announcing 2024 full-year projections”,  together with “2023 Guidance” and 2024 Guidance”, “Introducing CVS CostVantage, a more transparent and sustainable model for retail pharmacy”, “Launching CVS Healthspire Services to define Health Services segment”, “Accelerating momentum through combined strength and innovation of leading businesses” and the data included within the endnotes and reconciliations.  By their nature, all forward-looking statements are usually not ensures of future efficiency or outcomes and are topic to dangers and uncertainties which can be troublesome to foretell and/or quantify. Actual outcomes could differ materially from these contemplated by the forward-looking statements as a result of dangers and uncertainties as described in our Securities and Exchange Commission (“SEC”) filings, together with these set forth within the Risk Factors part and underneath the heading “Cautionary Statement Concerning Forward-Looking Statements” in our most just lately filed Annual Report on Form 10-Ok, our Quarterly Reports on Form 10-Q for the quarterly intervals ended March 31, 2023, June 30, 2023, and September 30, 2023 and our Current Reports on Form 8-Ok.

You are cautioned to not place undue reliance on CVS Health’s forward-looking statements. CVS Health’s forward-looking statements are and might be primarily based upon administration’s then-current views and assumptions concerning future occasions and working efficiency, and are relevant solely as of the dates of such statements. CVS Health doesn’t assume any obligation to replace or revise forward-looking statements, whether or not on account of new info, future occasions, uncertainties or in any other case.

Non-GAAP Financial Measures

This press launch incorporates sure non-GAAP monetary measures, together with adjusted working earnings and adjusted earnings per share. In accordance with SEC laws, you’ll find the definitions of the non-GAAP gadgets talked about, in addition to the reconciliations to essentially the most straight comparable GAAP measures, beneath on this press launch.

Media contact

Ethan Slavin
860-273-6095
Ethan.Slavin@CVSHealth.com

Investor contact

Larry McGrath
800-201-0938
InvestorInfo@CVSHealth.com