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 of $6.40 to $6.65 from at least $7.00
Revised cash flow from operations guidance to approximately $9.0 billion from at least $10.5 billion
CEO Commentary
“We have many points of differentiation that position us to win now and into the future. Our innovation is accelerating more transparent pharmacy reimbursement models, increasing the use of biosimilars, and providing better patient outcomes through our connected health care delivery assets. Our integrated model and our strategy are enabling us to execute in a challenging environment and we are delivering the value our customers demand. We are taking action today to ensure we make the most of our many opportunities, including leadership changes in the Health Care Benefits segment.” -Karen S. Lynch, CVS Health President and CEO
WOONSOCKET, R.I., Aug. 7, 2024 /PRNewswire/ — CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended June 30, 2024.
Second quarter GAAP diluted EPS of $1.41 decreased from $1.48 in the prior year and Adjusted EPS of $1.83 decreased from $2.21 in the prior year, primarily due to a decline in the Health Care Benefits segment’s operating results, which reflect continued utilization pressure and the unfavorable impact of the Company’s Medicare Advantage star ratings for the 2024 payment year within the Medicare product line.
The Company revised its full-year 2024 GAAP diluted EPS, Adjusted EPS and cash flow from operations guidance to reflect continued pressure in the Health Care Benefits segment, partially offset by strong performance in the Health Services and Pharmacy & Consumer Wellness segments.