ExtraCare® is now one easy savings membership with two tiersWOONSOCKET, R.I., Jan. 4, 2024 /PRNewswire/ -- CVS Pharmacy®, the retail division of CVS Health® (NYSE: CVS), today announced the evolution of its loyalty program to include two membership tiers: ExtraCare® and ExtraCare Plus™. ExtraCare Plus, the CVS Pharmacy loyalty and membership program formerly known as CarePass, unlocks all the benefits of ExtraCare, plus the new convenience of free same-day delivery of nearly all products in the store in ...

CVS Health (CVS) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Over the past month, shares of this drugstore chain and pharmacy benefits manager have returned +10%, compared to the Zacks S&P 500 composite's +3.4% change. During this period, the Zacks Retail - Pharmacies and Drug Stores industry, which CVS Health falls in, has gained 18.8%. The key question now is: What could b ...

ToplineCVS Caremark, the pharmaceutical subsidiary of CVS Health, announced Wednesday it will replace AbbVie’s Humira from its list of covered drugs with cheaper alternatives for some customers—a move that’s sure to take a chunk out of eye-popping Humira sales that have generated hundreds of billions for AbbVie.Packaging for AbbVie's drug, Humira, is photographed in Houston on July 18, 2014. (AP Photo/David J. ... [+] Phillip, File)Associated Press Key FactsCVS said in a statement that Humira will be remove ...

WOONSOCKET, R.I., Jan. 3, 2024 /PRNewswire/ -- Today CVS Caremark®, a CVS Health® (NYSE: CVS) company, announced the continuation of its efforts to expand adoption of biosimilars. Effective April 1, 2024, Humira® will be removed from our major national commercial template formularies and Humira biosimilars will be covered. Humira will continue to be an option for its customers with Choice and Standard Opt Out commercial formularies. Commercial formularies are the drug lists used by employers, unions and hea ...

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Third quarter 2023 Earnings conference call Karen S. Lynch President and Chief Executive Officer Thomas F. Cowhey Interim Chief Financial Officer November 1, 2023 Cautionary statement concerning forward-looking statements This presentation includes forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation ("CVS Health"). By their nature, all forward-looking statements are not guarantee ...

CVS Health Corporation (NYSE:CVS) Q3 2023 Earnings Conference Call November 1, 2023 8:00 AM ET Company Participants Larry McGrath - SVP & IR Karen Lynch - President, CEO Tom Cowhey - Interim CFO Prem Shah - EVP, Chief Pharmacy Officer, & President, Pharmacy and Consumer Wellness David Joyner - President, Pharmacy Services Conference Call Participants Justin Lake - Wolfe Research Lisa Gill - JP Morgan Nathan Rich - Goldman Sachs Kevin Caliendo - UBS Eric Percher - Nephron Research Elizabeth Anderson - Everco ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to_________ Commission File Number: 001-01011 CVS HEALTH CORPORATION (Exact name of registrant as specified in its charter) Delaware 05-0494040 ...

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Financial Data and Key Metrics Changes - The company reported second quarter adjusted EPS of $2.21 and adjusted operating income of $4.5 billion, representing decreases of approximately 13% and 10% year-over-year respectively [8][21] - Total revenues for the second quarter reached nearly $90 billion, an increase of more than 10% year-over-year [21] - Year-to-date cash flow from operations was $13.3 billion, with expectations for strong full-year cash flow in the range of $12.5 billion to $13.5 billion [22][33] Business Line Data and Key Metrics Changes - In the healthcare benefits segment, revenues grew to $26.7 billion, an increase of nearly 18%, with adjusted operating income of $1.5 billion, a decline of approximately 20% year-over-year [9][23] - The health services segment generated revenues of approximately $46.2 billion, an increase of 7.6% year-over-year, with adjusted operating income growing 3.5% to nearly $1.9 billion [11][24] - The pharmacy and consumer wellness segment reported revenues of $28.8 billion, up nearly 8% year-over-year, with adjusted operating income declining approximately 17% [16][27] Market Data and Key Metrics Changes - Medical membership in the healthcare benefits segment increased to 25.6 million, reflecting broad-based growth across individual exchange, Medicare, and commercial membership [9][22] - The company successfully onboarded more than one million new members in its individual exchange offering, expanding to 12 states [7] Company Strategy and Development Direction - The company is focused on integrating acquired assets from Signify Health and Oak Street Health to enhance patient engagement and drive long-term growth [6][12] - The strategy includes expanding healthcare delivery assets and leveraging existing CVS Health resources to create synergies and improve care outcomes [6][15] - The company plans to open 50 to 60 Oak Street clinics in 2024, increasing access to care for Medicare members [16][75] Management's Comments on Operating Environment and Future Outlook - Management acknowledged emerging headwinds in Medicare Advantage and a changing consumer environment, leading to cautious guidance for 2024 [30][36] - The company reaffirmed its full-year 2023 adjusted EPS guidance range of $8.50 to $8.70, reflecting strong performance in pharmacy services despite challenges in other segments [8][31] - Management expressed confidence in the long-term strategy and the integrated model's ability to enhance patient engagement and care delivery [36] Other Important Information - The company announced a restructuring charge of nearly $500 million associated with cost optimization efforts, expected to generate over $600 million in run-rate savings beginning in 2024 [18][30] - The medical benefit ratio for 2023 is expected to be at the high end of the previous range due to higher Medicare Advantage utilization [31] Q&A Session Summary Question: Impact of changing consumer behavior and Medicare Advantage uncertainty - Management noted a pull-back in consumer behavior in June, reflecting economic volatility, and acknowledged higher than expected Medicare costs due to increased outpatient utilization [38][39] Question: Utilization of GLP1 drugs and its impact on the business - Management confirmed higher levels of GLP1 drug utilization but stated that pricing has been appropriately managed to mitigate risks [51][53] Question: Update on STARs performance and exchange business - Management reported positive internal indicators for STARs performance and continued cautious optimism for the exchange business, which has reached a million members [64][66] Question: Clarification on Medicare Advantage medical loss ratio and guidance changes - Management explained that the increase in guidance was primarily driven by changes in the Medicare MBR, with other lines of business performing in line with expectations [68][70] Question: Restructuring program savings and guidance revision - Management indicated that the restructuring savings would contribute to 2024 guidance, with specific impacts from higher utilization and reduced retail outlook considered in the revision [78]