CVS Health Corporation (CVS) posted adjusted earnings per share (EPS) of $1.83 in the second quarter of 2024, down 17.2% year over year. However, the metric topped the Zacks Consensus Estimate by 5.2%. The adjusted EPS figure considers certain asset amortization costs, loss on assets held for sale and other adjustments.On a reported basis, the company’s GAAP earnings were $1.41, down 4.7% year over year.RevenuesRevenues in the second quarter rose 2.6% year over year to $91.23 billion. However, the top line ...

CVS Health (CVS) came out with quarterly earnings of $1.83 per share, beating the Zacks Consensus Estimate of $1.74 per share. This compares to earnings of $2.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.17%. A quarter ago, it was expected that this drugstore chain and pharmacy benefits manager would post earnings of $1.69 per share when it actually produced earnings of $1.31, delivering a surprise of -22.49%.Over the ...

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Revenue Growth - Total revenues increased by $2.3 billion, or 2.6%, in Q2 2024 compared to the prior year, driven by growth in the Health Care Benefits and Pharmacy & Consumer Wellness segments[183] - Total revenues increased by $5.5 billion, or 3.1%, in the first half of 2024 compared to the prior year, driven by growth in the Health Care Benefits and Pharmacy & Consumer Wellness segments[187] - Total revenues increased by $5.7 billion, or 21.4%, in the three months ended June 30, 2024, driven by growth in the Medicare and Commercial product lines[209] - Total revenues increased by $12.1 billion, or 23.0%, in the six months ended June 30, 2024, driven by growth in the Medicare and Commercial product lines[214] - Total consolidated revenues for the six months ended June 30, 2024, were $179,671 million, compared to $174,199 million for the same period in 2023[199] - Total revenues for the Health Care Benefits segment reached $32,475 million for the three months ended June 30, 2024, up from $26,747 million in the same period of 2023[199] Operating Expenses - Operating expenses rose by $465 million, or 4.7%, in Q2 2024, primarily due to increased expenses to support business growth[183] - Operating expenses increased by $1.2 billion, or 6.0%, in the first half of 2024, largely due to expenses associated with the acquisition of Oak Street Health[188] - Operating expenses increased by $952 million, or 12.1%, in the six months ended June 30, 2024, primarily due to increased expenses to support business growth[216] - Operating expenses increased by $55 million, or 6.9%, in the three months ended June 30, 2024, primarily due to expenses associated with Oak Street Health[225] - Operating expenses increased by $357 million, or 26.8%, in the six months ended June 30, 2024, mainly due to expenses associated with Oak Street Health[231] Operating Income - Operating income decreased by $189 million, or 5.8%, in Q2 2024, mainly due to declines in the Health Care Benefits and Pharmacy & Consumer Wellness segments[184] - Operating income decreased by $1.4 billion, or 20.4%, in the first half of 2024, primarily due to declines in the Health Care Benefits and Health Services segments[189] - Adjusted operating income for the Health Services segment was $1,915 million for the three months ended June 30, 2024, compared to $1,894 million for the same period in 2023[199] - Adjusted operating income decreased by $603 million, or 39.1%, in the three months ended June 30, 2024, primarily due to increased utilization and the impact of Medicare Advantage star ratings[213] - Adjusted operating income decreased by $1.7 billion, or 50.4%, in the six months ended June 30, 2024, primarily due to increased utilization and unfavorable Medicare Advantage star ratings[217] - Adjusted operating income decreased by $296 million, or 8.3%, in the six months ended June 30, 2024, primarily driven by pharmacy client price improvements and the loss of a large client[231] Interest Expense - Interest expense increased by $46 million, or 6.7%, in Q2 2024, attributed to higher debt from long-term debt issued for acquisitions[185] - Interest expense rose by $173 million, or 13.6%, in the first half of 2024, driven by long-term debt issued for acquisitions[190] Tax Rate - The effective income tax rate decreased to 24.3% in Q2 2024 from 25.5% in Q2 2023, primarily due to a state tax settlement[186] - The effective income tax rate increased to 26.2% for the six months ended June 30, 2024, compared to 25.6% for the same period in 2023[191] Membership and Utilization - Medicare Advantage plan membership enrollment exceeded expectations, with elevated utilization levels expected to pressure the Health Care Benefits segment for the remainder of 2024[193] - The Company's Medicaid business is facing medical cost pressures due to higher acuity following member redeterminations, with uncertain timing for offsetting these pressures through state rate updates[193] - Medical membership as of June 30, 2024, was 27.0 million, an increase of 200,000 members compared to March 31, 2024, and an increase of over 1.3 million members compared to June 30, 2023[220] - Total medical membership includes 4,342,000 in Medicare Advantage and 2,090,000 in Medicaid as of June 30, 2024[218] Acquisitions and Investments - The Company completed the acquisition of Signify Health and Oak Street Health in 2023, enhancing its health care delivery capabilities[176] - The Company has made significant investments in acquisitions, including Oak Street Health and Signify Health, to enhance its service offerings[278] Cash and Debt Management - The company had approximately $12.5 billion in cash and cash equivalents as of June 30, 2024[256] - The company repurchased an aggregate of 39.7 million shares of common stock for approximately $3.0 billion during the six months ended June 30, 2024[268] - The company issued $5.0 billion in senior notes on May 9, 2024, for general corporate purposes[263] - As of June 30, 2024, the company's long-term debt was rated "Baa2" by Moody's and "BBB" by S&P, with a stable outlook[265] Market Risks and Strategic Focus - The Company emphasizes that actual results could differ materially from estimates and assumptions used in preparing financial statements[273] - The Company is subject to various risks and uncertainties that could adversely affect its business and financial condition[280] - The Company plans to continue exploring new product development and market expansion strategies[278] - The Company intends to maintain a focus on shareholder value enhancement through strategic initiatives and operational improvements[278]

Exhibit 99.1 CVS HEALTH CORPORATION REPORTS SECOND QUARTER 2024 RESULTS AND REVISES FULL-YEAR 2024 GUIDANCE Financial Highlights • Second quarter total revenues increased to $91.2 billion, up 2.6% compared to the prior year • Second quarter GAAP diluted EPS of $1.41 and Adjusted EPS of $1.83 • Generated year-to-date cash flow from operations of $8.0 billion 2024 Full-Year Guidance • Revised GAAP diluted EPS guidance to a range of $4.95 to $5.20 from at least $5.64 • Revised Adjusted EPS guidance to a range ...

Analyst Estimates for Q2 2024Q1 2024Q2 2023Revenue$91.54 billion$88.44 billion$88.92 billionDiluted EPS$1.3488 cents$1.48Net Income$1.69 billion$1.12 billion$1.91 billion Key Metric: Net Income CVS lowered its projections for full-year earnings per share (EPS) in its last two earnings reports, citing higher-than-expected payouts for insurance claims as Americans undergo procedures covered by insurance at a greater rate than during the pandemic. The company said in each report that it was likely that medi ...

NEW YORK, Aug. 6, 2024 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in CVS Health Corporation ("CVS" or the "Company") (NYSE: CVS) of a class action securities lawsuit.CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of CVS investors who were adversely affected by alleged securities fraud between May 3, 2023 and April 30, 2024. Follow the link below to get more information and be contacted by a member of our team:https://zlk.com/pslra-1/cvs-health-corporation-lawsuit-submission-fo ...

The dividend payments you can receive from these high-yield stocks are yours to keep, regardless of a market correction.The past week has been a rotten one for most portfolios. On Monday, Aug. 5, the benchmark S&P 500 index began the trading session about 3% lower. That led the benchmark index to a loss of about 9.4% from its previous peak on July 16.The S&P 500 index's recent drop is nearly enough to be considered an official correction. Fear that the recent losses could become a full-blown market crash is ...

NEW YORK, Aug. 5, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of CVS Health Corporation (NYSE: CVS).Shareholders who purchased shares of CVS during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.CONTACT US HERE:https://securitiesclasslaw.com/securities/cvs-health-corporation-loss-submission-form-2/?id=93544&from=4CLASS PERIOD: May 3, 2023 ...

In its fiscal third-quarter earnings report to investors in late June, pharmacy chain Walgreens announced plans to close a "significant" number of its 8,600 U.S. stores.CEO Tim Wentworth said only 75% of the chain's locations were making a profit, and that the other one-quarter of them faced the chopping block by 2027.This was just the latest sign of weakness out of the retail pharmacy space following a slew of CVS closures through the end of this year and Rite Aid filing for bankruptcy in October."Pharmacy ...