• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    CVS HEALTH CORPORATION REPORTS FIRST QUARTER 2025 RESULTS AND UPDATES FULL-YEAR 2025 GUIDANCE

    5/1/25 6:30:00 AM ET
    $CVS
    Retail-Drug Stores and Proprietary Stores
    Consumer Staples
    Get the next $CVS alert in real time by email

    First Quarter Financial Highlights

    • Total revenues increased to $94.6 billion, up 7.0% compared to prior year
    • GAAP diluted EPS of $1.41 and Adjusted EPS of $2.25
    • Generated cash flow from operations of $4.6 billion

    Operational Highlights

    • CVS Health to exit the individual exchange business
    • Aetna® introduces new solutions to ease the patient and provider experience
    • CVS Caremark® makes formulary update to improve access to GLP-1 drugs

    2025 Full-Year Guidance

    • Revised GAAP diluted EPS guidance range to $4.23 to $4.43 from $4.58 to $4.83
    • Raised Adjusted EPS guidance range to $6.00 to $6.20 from $5.75 to $6.00
    • Raised cash flow from operations guidance to approximately $7.0 billion from approximately $6.5 billion

    CEO Commentary

    "As we aim to be the most trusted health care company in America, we are driving greater care, value, and service from our integrated, industry-leading businesses. Thanks to a resolute focus on customers, our colleagues across CVS Health delivered positive results across our Health Care Benefits, Health Services and Pharmacy & Consumer Wellness segments, as we continue to build a world of better health around the 185 million consumers we are privileged to serve."

    — David Joyner, CVS Health President and CEO

    WOONSOCKET, R.I., May 1, 2025 /PRNewswire/ -- CVS Health Corporation (NYSE:CVS) today announced operating results for the three months ended March 31, 2025.

    Financial Results Summary



    Three Months Ended

    March 31,

    In millions, except per share amounts

    2025



    2024



    Change

    Total revenues 

    $         94,588



    $         88,437



    $           6,151

    Operating income

    3,374



    2,271



    1,103

    Adjusted operating income (1)

    4,579



    2,957



    1,622

    Diluted earnings per share

    $             1.41



    $             0.88



    $             0.53

    Adjusted EPS (2)

    $             2.25



    $             1.31



    $             0.94

    First quarter GAAP diluted EPS of $1.41 increased from $0.88 in the prior year and Adjusted EPS of $2.25 increased from $1.31 in the prior year, primarily due to an increase in the Health Care Benefits segment's operating results, which reflects favorable year-over-year impact of prior-year development and improved underlying performance in Medicare, including the impact of improved Medicare Advantage star ratings for the 2025 payment year.

    The Company updated its full-year 2025 GAAP diluted EPS, Adjusted EPS and cash flow from operations guidance to reflect strong performance across each of our businesses, while maintaining a cautious view for the remainder of the year in light of continued elevated cost trends and the potential for macro headwinds.

    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 12 and endnotes beginning on page 23 for explanations of non-GAAP financial measures presented in this press release. See pages 14 through 15 and page 22 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

    2025



    2024



    Change

    Total revenues 

    $  94,588



    $  88,437



    $    6,151

    Operating income

    3,374



    2,271



    1,103

    Adjusted operating income (1)

    4,579



    2,957



    1,622

    Net income

    1,782



    1,124



    658

    Diluted earnings per share

    $      1.41



    $      0.88



    $      0.53

    Adjusted EPS (2)

    $      2.25



    $      1.31



    $      0.94

    For the three months ended March 31, 2025 compared to the prior year:

    • Total revenues increased 7.0% driven by revenue growth across all segments.
    • Operating income increased 48.6% primarily due to the increase in adjusted operating income described below and the absence of a $100 million opioid litigation charge recorded in the prior year. These increases were partially offset by a $387 million litigation charge related to a jury verdict against Omnicare and a $247 million pre-tax loss on the wind down and sale of Accountable Care assets, both recorded during the three months ended March 31, 2025.
    • Adjusted operating income increased 54.9% driven by increases across all operating segments. See pages 3 through 6 for additional discussion of the adjusted operating income performance of the Company's segments.
    • Interest expense increased $69 million, or 9.6%, due to higher debt in the three months ended March 31, 2025, primarily as a result of long-term debt issued in May and December of 2024.
    • The effective income tax rate increased to 31.9% compared to 28.9% primarily due to the impact of a litigation charge recorded in the three months ended March 31, 2025.

    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, 2025 and 2024 were as follows:



    Three Months Ended

    March 31,

    In millions, except percentages

    2025



    2024



    Change

    Total revenues

    $  34,810



    $  32,236



    $    2,574

    Adjusted operating income (1)

    1,993



    732



    1,261

    Medical benefit ratio ("MBR") (3)

    87.3 %



    90.4 %



    (3.1) %

    Medical membership (4)

    27.1



    26.8



    0.3

    • Total revenues increased 8.0% for the three months ended March 31, 2025 compared to the prior year primarily driven by increases in the Medicare product line, including the impact of improved Medicare Advantage star ratings for the 2025 payment year.
    • Adjusted operating income increased $1.3 billion for the three months ended March 31, 2025 compared to the prior year primarily driven by the favorable year-over-year impact of prior-year development, as well as improved underlying performance in Medicare, including the impact of improved Medicare Advantage star ratings for the 2025 payment year. These increases were partially offset by the premium deficiency reserve described below.
    • During the first quarter of 2025, the Company recorded a premium deficiency reserve of $448 million within its individual exchange product line related to anticipated losses for the 2025 coverage year. The $448 million premium deficiency recorded was comprised of $17 million of operating expenses related to the write-off of unamortized acquisition costs and $431 million of health care costs.
    • The MBR decreased to 87.3% in the three months ended March 31, 2025 compared to 90.4% in the prior year driven by the favorable year-over-year impact of prior-year development, as well as improved underlying performance in Medicare, including the impact of improved Medicare Advantage star ratings for the 2025 payment year. These decreases were partially offset by the $431 million (130 basis points) premium deficiency reserve recorded as health care costs described above.
    • Medical membership as of March 31, 2025 of 27.1 million remained relatively consistent compared with December 31, 2024, reflecting membership declines in the individual exchange and Medicare product lines, which were largely offset by an increase in Commercial ASC membership.
    • Prior years' health care costs payable estimates developed favorably by $1.6 billion during the three months ended March 31, 2025. This development is reported on a basis consistent with the prior years' development reported in the health care costs payable table in the Company's annual audited financial statements and does not directly correspond to an increase in 2025 operating results.
    • Days claims payable were 43.2 days as of March 31, 2025, a decrease of 0.8 days compared to December 31, 2024. The decrease was primarily driven by pharmacy costs, partially offset by the impact of the premium deficiency reserve recorded as health care costs in the first quarter of 2025 described above.
    • The Company decided to exit the individual exchange business where Aetna independently operates ACA plans for 2026. This decision is consistent with others taken this year to focus the Company's portfolio. The Company is best able to serve members through its other health benefit solutions, which offer access to quality care, affordable health benefits and exceptional service. The Company will continue delivering superior service and support to its individual exchange members through 2025 and residual activities in 2026.
    • Aetna has introduced an approach to bundling approvals for prior authorizations for certain cancer-related scans and tests, making it one upfront approval instead of multiple approvals over a period of months. In addition, a new Aetna Clinical Collaboration program partners with hospitals to support members as they change care settings, reducing readmissions and improving outcomes.

    See the supplemental information on page 17 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 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, 2025 and 2024 were as follows:



    Three Months Ended

    March 31,

    In millions

    2025



    2024



    Change

    Total revenues

    $  43,462



    $  40,285



    $    3,177

    Adjusted operating income (1)

    1,603



    1,363



    240

    Pharmacy claims processed (5) (6)

    464.2



    462.9



    1.3

    • Total revenues increased 7.9% for the three months ended March 31, 2025 compared to the prior year primarily driven by pharmacy drug mix, growth in specialty pharmacy and brand inflation. These increases were partially offset by continued pharmacy client price improvements.
    • Adjusted operating income increased 17.6% for the three months ended March 31, 2025 compared to the prior year primarily driven by improved purchasing economics and pharmacy drug mix. These increases were partially offset by continued pharmacy client price improvements.
    • Pharmacy claims processed remained relatively consistent on a 30-day equivalent basis for the three months ended March 31, 2025 compared to the prior year primarily driven by increased utilization, largely offset by the impact of an additional day in 2024 due to the leap year.
    • CVS Caremark is partnering with Novo Nordisk to significantly increase access to Wegovy, a GLP-1 drug, for its members at a more affordable price. The Company is taking a formulary action on July 1, 2025 to prefer Wegovy for its members. The Company will enhance the value of these new medications by combining them with additional lifestyle clinical support as part of the CVS Weight Management program offered to clients through CVS Caremark.

    See the supplemental information on page 18 for additional information regarding the performance of the Health Services segment.

    Pharmacy & Consumer Wellness segment

    The Pharmacy & Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations, provides ancillary pharmacy services including pharmacy patient care programs, diagnostic testing and vaccination administration, and sells a wide assortment of health and wellness products and general merchandise. The segment also provides pharmacy services to long-term care facilities and pharmacy fulfillment services to support the Health Services segment's specialty and mail order pharmacy offerings. The segment results for the three months ended March 31, 2025 and 2024 were as follows:



    Three Months Ended

    March 31,

    In millions

    2025



    2024



    Change

    Total revenues

    $  31,912



    $  28,725



    $    3,187

    Adjusted operating income (1)

    1,313



    1,177



    136

    Prescriptions filled (5) (6)

    435.5



    417.6



    17.9

    • Total revenues increased 11.1% for the three months ended March 31, 2025 compared to the prior year primarily driven by pharmacy drug mix and increased prescription volume. These increases were partially offset by continued pharmacy reimbursement pressure.
    • Adjusted operating income increased 11.6% for the three months ended March 31, 2025 compared to the prior year primarily driven by increased prescription volume and improved drug purchasing. These increases were partially offset by continued pharmacy reimbursement pressure and the impact of softening consumer demand in the front store in the three months ended March 31, 2025.
    • Prescriptions filled increased 4.3% on a 30-day equivalent basis for the three months ended March 31, 2025 compared to the prior year primarily driven by increased utilization, partially offset by the impact of an additional day in 2024 due to the leap year.
    • Same store prescription volume(6)(12) increased 6.7% on a 30-day equivalent basis for the three months ended March 31, 2025 compared to the prior year.
    • CVS Pharmacy is the first retail pharmacy in the NovoCare pharmacy network. This will enable CVS Pharmacy to provide convenient, safe and affordable access to Wegovy for eligible patients at its more than 9,000 community health locations across the country.

    See the supplemental information on page 19 for additional information regarding the performance of the Pharmacy & Consumer Wellness segment.

    2025 Full-year guidance

    The Company revised its full-year 2025 GAAP diluted EPS guidance range to $4.23 to $4.43 from $4.58 to $4.83 and raised its 2025 Adjusted EPS guidance range to $6.00 to $6.20 from $5.75 to $6.00. The Company also raised its full-year 2025 cash flow from operations guidance to approximately $7.0 billion from approximately $6.5 billion.

    The adjustments between full-year 2025 GAAP diluted EPS and Adjusted EPS include amortization of intangible assets, net realized capital losses, acquisition-related integration costs, the loss on the wind down and sale of Accountable Care assets, the Omnicare litigation charge, office real estate optimization charges and the corresponding income tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health.

    Teleconference and webcast

    The Company will be holding a conference call today for investors at 8:00 a.m. (Eastern Time) to discuss its first quarter results. An audio webcast of the call will be broadcast simultaneously for all interested parties through the Investor Relations section of the CVS Health website at http://investors.cvshealth.com. This webcast will be archived and available on the website for a one-year period following the conference call.

    About CVS Health

    CVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of March 31, 2025, the Company had more than 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics, a leading pharmacy benefits manager with approximately 88 million plan members, and a dedicated senior pharmacy care business serving more than 800,000 patients per year. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including highly rated Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.

    Cautionary statement concerning 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. Statements in this press release that are forward-looking include, but are not limited to, the information under the headings "2025 Full-year guidance", "CEO Commentary" and "Financial Results Summary" and the information included in the reconciliations and endnotes. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements due to the risks and uncertainties described in our Securities and Exchange Commission ("SEC") filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K, our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 and our Current Reports on Form 8-K.

    You are cautioned not to place undue reliance on CVS Health's forward-looking statements. CVS Health's forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.

    - Tables Follow -

     

    CVS HEALTH CORPORATION

    Condensed Consolidated Statements of Operations

    (Unaudited)





    Three Months Ended

    March 31,

    In millions, except per share amounts

    2025



    2024

    Revenues:







    Products

    $      57,669



    $      53,724

    Premiums

    32,820



    30,391

    Services

    3,579



    3,868

    Net investment income

    520



    454

    Total revenues

    94,588



    88,437

    Operating costs:







    Cost of products sold

    51,057



    48,073

    Health care costs

    29,135



    27,803

    Operating expenses

    11,022



    10,290

    Total operating costs

    91,214



    86,166

    Operating income

    3,374



    2,271

    Interest expense

    785



    716

    Other income

    (28)



    (25)

    Income before income tax provision

    2,617



    1,580

    Income tax provision

    835



    456

    Net income

    1,782



    1,124

    Net income attributable to noncontrolling interests

    (3)



    (11)

    Net income attributable to CVS Health

    $        1,779



    $        1,113









    Net income per share attributable to CVS Health:







    Basic

    $         1.41



    $         0.88

    Diluted

    $         1.41



    $         0.88

    Weighted average shares outstanding:







    Basic

    1,261



    1,260

    Diluted

    1,264



    1,267

     

    CVS HEALTH CORPORATION

    Condensed Consolidated Balance Sheets

    (Unaudited)

    In millions

    March 31,

    2025



    December 31,

    2024

    Assets:







    Cash and cash equivalents

    $           10,076



    $             8,586

    Investments

    2,578



    2,407

    Accounts receivable, net

    39,625



    36,469

    Inventories

    17,385



    18,107

    Other current assets

    3,527



    3,076

    Total current assets

    73,191



    68,645

    Long-term investments

    28,906



    28,934

    Property and equipment, net

    12,856



    12,993

    Operating lease right-of-use assets

    15,704



    15,944

    Goodwill

    91,203



    91,272

    Intangible assets, net

    26,570



    27,323

    Separate accounts assets

    1,924



    3,311

    Other assets

    5,231



    4,793

    Total assets

    $         255,585



    $         253,215









    Liabilities:







    Accounts payable

    $           16,534



    $           15,892

    Pharmacy claims and discounts payable

    25,797



    24,166

    Health care costs payable

    15,112



    15,064

    Accrued expenses and other current liabilities

    22,369



    20,810

    Other insurance liabilities

    1,570



    1,183

    Current portion of operating lease liabilities

    1,909



    1,751

    Short-term debt

    1,259



    2,119

    Current portion of long-term debt

    4,411



    3,624

    Total current liabilities

    88,961



    84,609

    Long-term operating lease liabilities

    14,594



    14,899

    Long-term debt

    59,040



    60,527

    Deferred income taxes

    3,664



    3,806

    Separate accounts liabilities

    1,924



    3,311

    Other long-term insurance liabilities

    4,873



    4,902

    Other long-term liabilities

    5,419



    5,431

    Total liabilities

    178,475



    177,485









    Shareholders' equity:







    Preferred stock

    —



    —

    Common stock and capital surplus

    49,837



    49,661

    Treasury stock

    (36,735)



    (36,818)

    Retained earnings

    63,768



    62,837

    Accumulated other comprehensive income (loss)

    59



    (120)

    Total CVS Health shareholders' equity

    76,929



    75,560

    Noncontrolling interests

    181



    170

    Total shareholders' equity

    77,110



    75,730

    Total liabilities and shareholders' equity

    $         255,585



    $         253,215

     

    CVS HEALTH CORPORATION

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)





    Three Months Ended

    March 31,

    In millions

    2025



    2024

    Cash flows from operating activities:







    Cash receipts from customers

    $       90,809



    $       84,997

    Cash paid for inventory, prescriptions dispensed and health services rendered

    (48,433)



    (44,824)

    Insurance benefits paid

    (28,477)



    (24,894)

    Cash paid to other suppliers and employees

    (8,690)



    (9,677)

    Interest and investment income received

    497



    407

    Interest paid

    (1,012)



    (1,043)

    Income taxes paid

    (138)



    (63)

    Net cash provided by operating activities

    4,556



    4,903









    Cash flows from investing activities:







    Proceeds from sales and maturities of investments

    3,534



    2,153

    Purchases of investments

    (3,552)



    (3,545)

    Purchases of property and equipment

    (743)



    (705)

    Acquisitions (net of cash and restricted cash acquired)

    (20)



    (25)

    Other

    19



    28

    Net cash used in investing activities

    (762)



    (2,094)









    Cash flows from financing activities:







    Commercial paper borrowings (repayments), net

    (859)



    2,519

    Repayments of long-term debt

    (743)



    (18)

    Repurchase of common stock

    —



    (3,027)

    Dividends paid

    (840)



    (840)

    Proceeds from exercise of stock options

    144



    203

    Payments for taxes related to net share settlement of equity awards

    (11)



    (31)

    Other

    (23)



    (33)

    Net cash used in financing activities

    (2,332)



    (1,227)

    Net increase in cash, cash equivalents and restricted cash

    1,462



    1,582

    Cash, cash equivalents and restricted cash at the beginning of the period

    8,884



    8,525

    Cash, cash equivalents and restricted cash at the end of the period

    $       10,346



    $       10,107

     

    CVS HEALTH CORPORATION

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)





    Three Months Ended

    March 31,

    In millions

    2025



    2024

    Reconciliation of net income to net cash provided by operating activities:







    Net income

    $         1,782



    $         1,124

    Adjustments required to reconcile net income to net cash provided by operating

    activities:







    Depreciation and amortization

    1,154



    1,138

    Stock-based compensation

    126



    137

    Loss on sale of subsidiary

    236



    —

    Deferred income taxes and other items

    (169)



    (217)

    Change in operating assets and liabilities, net of effects from acquisitions:







    Accounts receivable, net

    (3,053)



    3,008

    Inventories

    722



    1,660

    Other assets

    (1,101)



    (2,836)

    Accounts payable and pharmacy claims and discounts payable

    2,619



    (1,410)

    Health care costs payable and other insurance liabilities

    364



    2,253

    Other liabilities

    1,876



    46

    Net cash provided by operating activities

    $         4,556



    $         4,903

    Non-GAAP Financial Information

    The Company uses non-GAAP financial measures to analyze underlying business performance and trends. The Company believes that providing these non-GAAP financial measures enhances the Company's and investors' ability to compare the Company's past financial performance with its current and expected future performance. These non-GAAP financial measures, which are included in this press release and which may be referred to on the conference call discussing the Company's first quarter financial results, are provided as supplemental information to the financial measures presented in this press release and discussed on the conference call that are calculated and presented in accordance with GAAP. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP. The Company's definitions of its non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies.

    Non-GAAP financial measures such as consolidated adjusted operating income, adjusted earnings per share ("EPS") and adjusted income attributable to CVS Health exclude from the relevant GAAP metrics, as applicable: amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance.

    For the periods covered in this press release, the following items are excluded from the non-GAAP financial measures described above, as applicable, because the Company believes they neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance:

    • The Company's acquisition activities have resulted in the recognition of intangible assets as required under the acquisition method of accounting which consist primarily of trademarks, customer contracts/relationships, covenants not to compete, technology, provider networks and value of business acquired. Definite-lived intangible assets are amortized over their estimated useful lives and are tested for impairment when events indicate that the carrying value may not be recoverable. The amortization of intangible assets is reflected in operating expenses within each segment. Although intangible assets contribute to the Company's revenue generation, the amortization of intangible assets does not directly relate to the underwriting of the Company's insurance products, the services performed for the Company's customers or the sale of the Company's products or services. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of the Company's acquisition activity. Accordingly, the Company believes excluding the amortization of intangible assets enhances the Company's and investors' ability to compare the Company's past financial performance with its current performance and to analyze underlying business performance and trends. Intangible asset amortization excluded from the related non-GAAP financial measure represents the entire amount recorded within the Company's GAAP financial statements, and the revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. Intangible asset amortization is excluded from the related non-GAAP financial measure because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised.
    • The Company's net realized capital gains and losses arise from various types of transactions, primarily in the course of managing a portfolio of assets that support the payment of insurance liabilities. Net realized capital gains and losses are reflected in net investment income (loss) within each segment. These capital gains and losses are the result of investment decisions, market conditions and other economic developments that are unrelated to the performance of the Company's business, and the amount and timing of these capital gains and losses do not directly relate to the underwriting of the Company's insurance products, the services performed for the Company's customers or the sale of the Company's products or services. Accordingly, the Company believes excluding net realized capital gains and losses enhances the Company's and investors' ability to compare the Company's past financial performance with its current performance and to analyze underlying business performance and trends.
    • During the three months ended March 31, 2025 and 2024, the acquisition-related integration costs relate to the acquisitions of Signify Health and Oak Street Health. The acquisition-related integration costs are reflected in operating expenses within the Corporate/Other segment.
    • During the three months ended March 31, 2025, the loss on the wind down and sale of Accountable Care assets represents the pre-tax loss on the divestiture of the Company's Medicare Shared Savings Program ("MSSP") operations, which the Company sold in March 2025, as well as costs incurred in connection with the commencement of the wind down of the Company's Accountable Care Organization Realizing Equity, Access and Community Health ("ACO REACH") operations during the first quarter of 2025. The loss on Accountable Care assets is reflected in operating expenses within the Health Services segment.
    • During the three months ended March 31, 2025, the Omnicare litigation charge relates to an April 2025 jury verdict finding Omnicare, L.L.C. (f/k/a Omnicare, Inc. "Omnicare") and CVS Health Corporation liable for damages in connection with alleged violations of the federal False Claims Act related to dispensing practices by Omnicare from 2010, prior to its acquisition by the Company in 2015, through 2018. Damages were found only with respect to Omnicare. The Omnicare litigation charge is reflected in operating expenses within the Pharmacy & Consumer Wellness segment. The judgment will not be final until the Court enters penalties at a later date. The Company intends to appeal the verdict once the judgment is entered.
    • During the three months ended March 31, 2025, the office real estate optimization charges primarily relate to the abandonment of leased real estate and the related right-of-use assets and property and equipment in connection with the Company's evaluation of corporate office real estate space in response to its ongoing flexible work arrangement. The office real estate optimization charges are reflected in operating expenses within each segment.
    • During the three months ended March 31, 2024, the opioid litigation charge relates to a change in the Company's accrual related to ongoing opioid litigation matters.
    • The corresponding tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health and Adjusted EPS above. The nature of each non-GAAP adjustment is evaluated to determine whether a discrete adjustment should be made to the adjusted income tax provision.

    See endnotes (1) and (2) on page 23 for definitions of non-GAAP financial measures. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are presented on pages 14 through 15 and page 22.

     

    Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures



    Adjusted Operating Income

    (Unaudited)



    The following are reconciliations of consolidated operating income (GAAP measure) to consolidated adjusted

    operating income, as well as reconciliations of segment GAAP operating income (loss) to segment adjusted operating

    income (loss):





    Three Months Ended March 31, 2025

    In millions

    Health Care

    Benefits



    Health

    Services



    Pharmacy &

    Consumer

    Wellness



    Corporate/

    Other



    Consolidated

    Totals

    Operating income (loss) (GAAP measure)

    $          1,674



    $       1,227



    $                864



    $          (391)



    $            3,374

    Amortization of intangible assets

    294



    144



    60



    1



    499

    Net realized capital (gains) losses

    21



    (15)



    —



    15



    21

    Acquisition-related integration costs

    —



    —



    —



    45



    45

    Loss on Accountable Care assets

    —



    247



    —



    —



    247

    Omnicare litigation charge

    —



    —



    387



    —



    387

    Office real estate optimization charges

    4



    —



    2



    —



    6

    Adjusted operating income (loss) (1)

    $          1,993



    $       1,603



    $            1,313



    $          (330)



    $            4,579





    Three Months Ended March 31, 2024

    In millions

    Health Care

    Benefits



    Health

    Services



    Pharmacy &

    Consumer

    Wellness



    Corporate/

    Other



    Consolidated

    Totals

    Operating income (loss) (GAAP measure)

    $              428



    $       1,213



    $            1,113



    $          (483)



    $            2,271

    Amortization of intangible assets

    294



    150



    64



    —



    508

    Net realized capital losses

    10



    —



    —



    8



    18

    Acquisition-related integration costs

    —



    —



    —



    60



    60

    Opioid litigation charge

    —



    —



    —



    100



    100

    Adjusted operating income (loss) (1)

    $              732



    $       1,363



    $            1,177



    $          (315)



    $            2,957

     

    Adjusted Earnings Per Share

    (Unaudited)



    The following are reconciliations of net income attributable to CVS Health to adjusted income attributable to CVS

    Health and calculations of GAAP diluted EPS and Adjusted EPS: 





    Three Months Ended

    March 31, 2025



    Three Months Ended

    March 31, 2024

    In millions, except per share amounts

    Total

    Company



    Per

    Common

    Share



    Total

    Company



    Per

    Common

    Share

    Net income attributable to CVS Health (GAAP measure)

    $      1,779



    $        1.41



    $      1,113



    $        0.88

    Amortization of intangible assets

    499



    0.39



    508



    0.40

    Net realized capital losses

    21



    0.02



    18



    0.01

    Acquisition-related integration costs

    45



    0.04



    60



    0.05

    Loss on Accountable Care assets

    247



    0.19



    —



    —

    Omnicare litigation charge

    387



    0.30



    —



    —

    Office real estate optimization charges

    6



    0.01



    —



    —

    Opioid litigation charge

    —



    —



    100



    0.08

    Tax impact of non-GAAP adjustments

    (140)



    (0.11)



    (142)



    (0.11)

    Adjusted income attributable to CVS Health (2)

    $      2,844



    $        2.25



    $      1,657



    $        1.31

















    Weighted average diluted shares outstanding





    1,264







    1,267

    Supplemental Information

    (Unaudited)

    The Company's segments maintain separate financial information, and the Company's chief operating decision maker (the "CODM") evaluates the segments' operating results on a regular basis in deciding how to allocate resources among the segments and in assessing segment performance. The CODM evaluates the performance of the Company's segments based on adjusted operating income. Adjusted operating income is defined as operating income (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance as further described in endnote (1). The CODM uses adjusted operating income as its principal measure of segment performance as it enhances the CODM's ability to compare past financial performance with current performance and analyze underlying business performance and trends.

    The following are reconciliations of financial measures of the Company's segments to the consolidated totals:

    In millions

    Health Care

    Benefits



    Health

    Services (a)



    Pharmacy &

    Consumer

    Wellness



    Corporate/

    Other



    Intersegment

    Eliminations (b)



    Consolidated

    Totals

    Three Months Ended























    March 31, 2025























    Total revenues

    $     34,810



    $   43,462



    $         31,912



    $        133



    $        (15,729)



    $      94,588

    Adjusted operating

    income (loss) (1)

    1,993



    1,603



    1,313



    (330)



    —



    4,579

    March 31, 2024























    Total revenues

    $     32,236



    $   40,285



    $         28,725



    $        115



    $        (12,924)



    $      88,437

    Adjusted operating

    income (loss) (1)

    732



    1,363



    1,177



    (315)



    —



    2,957

    ______________________

    (a)

    Total revenues of the Health Services segment include approximately $3.7 billion and $3.4 billion of retail co-payments for the three months ended March 31, 2025 and 2024, respectively.

    (b)

    Intersegment revenue eliminations relate to intersegment revenue generating activities that occur between the Health Care Benefits segment, the Health Services segment, and/or the Pharmacy & Consumer Wellness segment.

     

    Supplemental Information

    (Unaudited)



    Health Care Benefits segment



    The following table summarizes the Health Care Benefits segment's performance for the respective periods:





    Three Months Ended

    March 31,



    Change

    In millions, except percentages and basis points ("bps")

    2025



    2024



    $



    %

    Revenues:















    Premiums

    $ 32,808



    $ 30,379



    $    2,429



    8.0 %

    Services

    1,615



    1,504



    111



    7.4 %

    Net investment income

    387



    353



    34



    9.6 %

    Total revenues

    34,810



    32,236



    2,574



    8.0 %

    Health care costs

    28,637



    27,458



    1,179



    4.3 %

    MBR (Health care costs as a % of premium revenues) (3)

    87.3 %



    90.4 %



    (310)

    bps

    Operating expenses

    $   4,499



    $   4,350



    $        149



    3.4 %

    Operating expenses as a % of total revenues

    12.9 %



    13.5 %









    Operating income

    $   1,674



    $      428



    $    1,246



    291.1 %

    Operating income as a % of total revenues

    4.8 %



    1.3 %









    Adjusted operating income (1)

    $   1,993



    $      732



    $    1,261



    172.3 %

    Adjusted operating income as a % of total revenues

    5.7 %



    2.3 %









    Premium revenues (by business):















    Government

    $ 24,902



    $ 21,716



    $    3,186



    14.7 %

    Commercial

    7,906



    8,663



    (757)



    (8.7) %



    The following table summarizes the Health Care Benefits segment's medical membership for the respective periods:





    March 31, 2025



    December 31, 2024



    March 31, 2024

    In thousands

    Insured



    ASC



    Total



    Insured



    ASC



    Total



    Insured



    ASC



    Total

    Medical membership: (4)



































    Commercial

    3,961



    15,250



    19,211



    4,691



    14,160



    18,851



    4,735



    14,111



    18,846

    Medicare Advantage

    4,220



    —



    4,220



    4,447



    —



    4,447



    4,205



    —



    4,205

    Medicare Supplement

    1,253



    —



    1,253



    1,282



    —



    1,282



    1,300



    —



    1,300

    Medicaid

    1,983



    412



    2,395



    2,094



    421



    2,515



    1,972



    447



    2,419

    Total medical membership

    11,417



    15,662



    27,079



    12,514



    14,581



    27,095



    12,212



    14,558



    26,770





































    Supplemental membership information:





























    Medicare Prescription Drug Plan (stand-alone)

    4,094











    4,882











    4,947



    The following table summarizes the Health Care Benefits segment's days claims payable for the respective periods:





    March 31, 2025



    December 31, 2024



    March 31, 2024

    Days Claims Payable (7)

    43.2



    44.0



    44.5

     

    Supplemental Information

    (Unaudited)



    Health Services segment



    The following table summarizes the Health Services segment's performance for the respective periods:





    Three Months Ended

    March 31,



    Change

    In millions, except percentages

    2025



    2024



    $



    %

    Revenues:















    Products

    $ 41,135



    $ 37,717



    $    3,418



    9.1 %

    Services

    2,313



    2,568



    (255)



    (9.9) %

    Net investment income

    14



    —



    14



    100.0 %

    Total revenues

    43,462



    40,285



    3,177



    7.9 %

    Cost of products sold

    40,115



    37,532



    2,583



    6.9 %

    Health care costs

    1,047



    701



    346



    49.4 %

    Gross profit (8)

    2,300



    2,052



    248



    12.1 %

    Gross margin (Gross profit as a % of total revenues) (8)

    5.3 %



    5.1 %









    Operating expenses

    $   1,073



    $       839



    $        234



    27.9 %

    Operating expenses as a % of total revenues

    2.5 %



    2.1 %









    Operating income

    $   1,227



    $   1,213



    $          14



    1.2 %

    Operating income as a % of total revenues

    2.8 %



    3.0 %









    Adjusted operating income (1)

    $   1,603



    $   1,363



    $        240



    17.6 %

    Adjusted operating income as a % of total revenues

    3.7 %



    3.4 %









    Revenues (by distribution channel):















    Pharmacy network (9)

    $ 23,114



    $ 20,464



    $    2,650



    12.9 %

    Mail & specialty (10)

    18,068



    17,262



    806



    4.7 %

    Other

    2,266



    2,559



    (293)



    (11.4) %

    Net investment income

    14



    —



    14



    100.0 %

    Pharmacy claims processed (5) (6)

    464.2



    462.9



    1.3



    0.3 %

     

    Supplemental Information

    (Unaudited)



    Pharmacy & Consumer Wellness segment 



    The following table summarizes the Pharmacy & Consumer Wellness segment's performance for the respective periods:





    Three Months Ended

    March 31,



    Change

    In millions, except percentages

    2025



    2024



    $



    %

    Revenues:















    Products

    $  31,285



    $ 28,120



    $    3,165



    11.3 %

    Services

    627



    605



    22



    3.6 %

    Total revenues

    31,912



    28,725



    3,187



    11.1 %

    Cost of products sold

    25,804



    22,760



    3,044



    13.4 %

    Gross profit (8)

    6,108



    5,965



    143



    2.4 %

    Gross margin (Gross profit as a % of total revenues) (8)

    19.1 %



    20.8 %









    Operating expenses

    $  5,244



    $    4,852



    $        392



    8.1 %

    Operating expenses as a % of total revenues

    16.4 %



    16.9 %









    Operating income

    $      864



    $    1,113



    $      (249)



    (22.4) %

    Operating income as a % of total revenues

    2.7 %



    3.9 %









    Adjusted operating income (1)

    $  1,313



    $    1,177



    $        136



    11.6 %

    Adjusted operating income as a % of total revenues

    4.1 %



    4.1 %









    Revenues (by major goods/service lines):















    Pharmacy

    $  26,076



    $ 22,784



    $    3,292



    14.4 %

    Front Store

    5,243



    5,370



    (127)



    (2.4) %

    Other

    593



    571



    22



    3.9 %

    Prescriptions filled (5) (6)

    435.5



    417.6



    17.9



    4.3 %

    Same store sales increase (decrease): (11)















    Total

    14.2 %



    5.3 %









    Pharmacy

    17.7 %



    7.3 %









    Front Store

    (0.3) %



    (2.2) %









    Prescription volume (6)

    6.7 %



    5.8 %









     

    Supplemental Information

    (Unaudited)



    Corporate/Other segment



    The following table summarizes the Corporate/Other segment's performance for the respective periods:





    Three Months Ended

    March 31,



    Change

    In millions, except percentages

    2025



    2024



    $



    %

    Revenues:















    Premiums

    $          12



    $          12



    $          —



    — %

    Services

    2



    2



    —



    — %

    Net investment income

    119



    101



    18



    17.8 %

    Total revenues

    133



    115



    18



    15.7 %

    Health care costs

    46



    47



    (1)



    (2.1) %

    Operating expenses

    478



    551



    (73)



    (13.2) %

    Operating loss

    (391)



    (483)



    92



    19.0 %

    Adjusted operating loss (1)

    (330)



    (315)



    (15)



    (4.8) %

     

    Supplemental Information

    (Unaudited)



    The following table shows the components of the change in the consolidated health care costs payable during the

    three months ended March 31, 2025 and 2024:





    Three Months Ended

    March 31,

    In millions

    2025



    2024

    Health care costs payable, beginning of the period

    $       15,064



    $       12,049

    Less: Reinsurance recoverables

    81



    5

    Less: Impact of discount rate on long-duration insurance reserves (a)

    (1)



    (23)

    Health care costs payable, beginning of the period, net

    14,984



    12,067

    Add: Components of incurred health care costs







    Current year

    30,293



    28,212

    Prior years (b)

    (1,651)



    (479)

    Total incurred health care costs (c)

    28,642



    27,733

    Less: Claims paid







    Current year

    19,312



    16,263

    Prior years

    9,749



    9,150

    Total claims paid

    29,061



    25,413

    Health care costs payable, end of the period, net

    14,565



    14,387

    Add: Premium deficiency reserve

    431



    —

    Add: Reinsurance recoverables

    114



    4

    Add: Impact of discount rate on long-duration insurance reserves (a)

    2



    (23)

    Health care costs payable, end of the period

    $       15,112



    $       14,368

    ____________________________

    (a)

    Reflects the difference between the current discount rate and the locked-in discount rate on long-duration insurance reserves which is recorded within accumulated other comprehensive income (loss) on the unaudited condensed consolidated balance sheets.

    (b)

    Negative amounts reported for incurred health care costs related to prior years result from claims being settled for amounts less than originally estimated.

    (c)

    Total incurred health care costs for the three months ended March 31, 2025 and 2024 in the table above exclude $16 million and $23 million, respectively, of health care costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets and $46 million and $47 million, respectively, of health care costs recorded in the Corporate/Other segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets. Total incurred health care costs for the three months ended March 31, 2025 also exclude $431 million for a premium deficiency reserve for the 2025 coverage year related to the Company's individual exchange product line.

    Adjusted Earnings Per Share Guidance

    (Unaudited)

    The following reconciliations of projected net income attributable to CVS Health to projected adjusted income attributable to CVS Health and calculations of projected GAAP diluted EPS and projected Adjusted EPS contain forward-looking information. All forward-looking information involves risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking information for a number of reasons as described in our SEC filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K and our most recently filed Quarterly Report on Form 10-Q. See "Non-GAAP Financial Information" earlier in this press release and endnote (2) later in this press release for more information on how we calculate Adjusted EPS.



    Year Ending 

    December 31, 2025



    Low



    High

    In millions, except per share amounts

    Total

    Company



    Per

    Common

    Share



    Total

    Company



    Per

    Common

    Share

    Net income attributable to CVS Health (GAAP measure)

    $      5,372



    $        4.23



    $      5,624



    $        4.43

    Non-GAAP adjustments:















    Amortization of intangible assets

    2,000



    1.57



    2,000



    1.57

    Net realized capital losses

    21



    0.02



    21



    0.02

    Acquisition-related integration costs

    135



    0.11



    135



    0.11

    Loss on Accountable Care assets

    247



    0.19



    247



    0.19

    Omnicare litigation charge

    387



    0.30



    387



    0.30

    Office real estate optimization charges

    15



    0.01



    15



    0.01

    Tax impact of non-GAAP adjustments

    (557)



    (0.43)



    (557)



    (0.43)

    Adjusted income attributable to CVS Health (2)

    $      7,620



    $        6.00



    $      7,872



    $        6.20

















    Weighted average diluted shares outstanding





    1,270







    1,270

    Endnotes

    (1)  The Company defines adjusted operating income as operating income (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, such as acquisition-related integration costs, losses on Accountable Care assets, the Omnicare litigation charge, office real estate optimization charges and opioid litigation charges. The CODM uses adjusted operating income as its principal measure of segment performance as it enhances the CODM's ability to compare past financial performance with current performance and analyze underlying business performance and trends. The consolidated measure is not determined in accordance with GAAP and should not be considered a substitute for, or superior to, the most directly comparable GAAP measure, consolidated operating income. See "Non-GAAP Financial Information" earlier in this press release for additional information regarding the items excluded from consolidated operating income in determining consolidated adjusted operating income.

    (2)  GAAP diluted earnings per share and Adjusted EPS, respectively, are calculated by dividing net income attributable to CVS Health and adjusted income attributable to CVS Health by the Company's weighted average diluted shares outstanding. The Company defines adjusted income attributable to CVS Health as net income attributable to CVS Health (GAAP measure) excluding the impact of amortization of intangible assets, net realized capital gains or losses and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, such as acquisition-related integration costs, losses on Accountable Care assets, the Omnicare litigation charge, office real estate optimization charges, opioid litigation charges, as well as the corresponding income tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health. See "Non-GAAP Financial Information" earlier in this press release for additional information regarding the items excluded from net income attributable to CVS Health in determining adjusted income attributable to CVS Health.

    (3)  Medical benefit ratio is calculated by dividing the Health Care Benefits segment's health care costs by premium revenues and represents the percentage of premium revenues spent on medical benefits for the segment's insured members. Management uses MBR to assess the underlying business performance and underwriting of its insurance products, understand variances between actual results and expected results and identify trends in period-over-period results. MBR provides management and investors with information useful in assessing the operating results of the Health Care Benefits segment's insured products.

    (4)  Medical membership represents the number of members covered by the Health Care Benefits segment's insured and ASC medical products and related services at a specified point in time. Management uses this metric to understand variances between actual medical membership and expected amounts as well as trends in period-over-period results. This metric provides management and investors with information useful in understanding the impact of medical membership on the Health Care Benefits segment's total revenues and operating results.

    (5)  Pharmacy claims processed represents the number of prescription claims processed through the Company's pharmacy benefits manager and dispensed by either its retail network pharmacies or the Company's mail and specialty pharmacies. Prescriptions filled represents the number of prescriptions dispensed through the Pharmacy & Consumer Wellness segment's retail and long-term care pharmacies and infusion services operations. Management uses these metrics to understand variances between actual claims processed and prescriptions dispensed, respectively, and expected amounts as well as trends in period-over-period results. These metrics provide management and investors with information useful in understanding the impact of pharmacy claim volume and prescription volume, respectively, on segment total revenues and operating results.

    (6)  Includes an adjustment to convert 90-day prescriptions to the equivalent of three 30-day prescriptions. This adjustment reflects the fact that these prescriptions include approximately three times the amount of product days supplied compared to a normal prescription. 

    (7)  Days claims payable is calculated by dividing the Health Care Benefits segment's health care costs payable at the end of each quarter by its average health care costs per day during such quarter. Management and investors use this metric as an indicator of the adequacy of the Health Care Benefits segment's health care costs payable liability at the end of each quarter and as an indicator of changes in such adequacy over time.

    (8)  Gross profit is calculated as the segment's total revenues less its cost of products sold, and, for the Health Services segment, health care costs. Gross margin is calculated by dividing the segment's gross profit by its total revenues and represents the percentage of total revenues that remains after incurring direct costs associated with the segment's products sold and services provided. Gross margin provides investors with information that may be useful in assessing the operating results of the Company's Health Services and Pharmacy & Consumer Wellness segments.

    (9)  Health Services pharmacy network revenues relate to claims filled at retail and specialty retail pharmacies, including the Company's retail pharmacies and LTC pharmacies, as well as activity associated with Maintenance Choice®, which permits eligible client plan members to fill their maintenance prescriptions through mail order delivery or at a CVS pharmacy retail store for the same price as mail order.

    (10)  Health Services mail and specialty revenues relate to specialty mail claims inclusive of Specialty Connect® claims picked up at a retail pharmacy, as well as mail order and specialty claims fulfilled by the Pharmacy & Consumer Wellness segment.

    (11)  Same store sales and prescription volume represent the change in revenues and prescriptions filled in the Company's retail pharmacy stores that have been operating for greater than one year and digital sales initiated online or through mobile applications and fulfilled through the Company's distribution centers, expressed as a percentage that indicates the increase or decrease relative to the comparable prior period. Same store metrics exclude revenues and prescriptions from LTC and infusion services operations. Management uses these metrics to evaluate the performance of existing stores on a comparable basis and to inform future decisions regarding existing stores and new locations. Same-store metrics provide management and investors with information useful in understanding the portion of current revenues and prescriptions resulting from organic growth in existing locations versus the portion resulting from opening new stores.

    CVS Health logo (PRNewsFoto/CVS Health)

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cvs-health-corporation-reports-first-quarter-2025-results-and-updates-full-year-2025-guidance-302443511.html

    SOURCE CVS Health

    Get the next $CVS alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $CVS

    DatePrice TargetRatingAnalyst
    2/13/2025$55.00 → $75.00Market Perform → Outperform
    Leerink Partners
    2/12/2025Neutral → Overweight
    Cantor Fitzgerald
    1/30/2025Hold → Buy
    Edward Jones
    12/3/2024$66.00Hold → Buy
    Deutsche Bank
    11/18/2024$60.00 → $66.00Equal Weight → Overweight
    Wells Fargo
    10/10/2024$63.00 → $82.00Equal Weight → Overweight
    Barclays
    10/4/2024$59.00 → $85.00Hold → Buy
    TD Cowen
    5/30/2024$61.00Neutral
    Robert W. Baird
    More analyst ratings

    $CVS
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Sansone Guy P bought $100,009 worth of shares (1,570 units at $63.70), increasing direct ownership by 15% to 12,007 units (SEC Form 4)

      4 - CVS HEALTH Corp (0000064803) (Issuer)

      6/9/25 8:22:46 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • EVP, Chief Financial Officer Newman Brian was granted 21,861 shares (SEC Form 4)

      4 - CVS HEALTH Corp (0000064803) (Issuer)

      6/3/25 4:35:13 PM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • EVP, Chief Medical Officer Compton-Phillips Amy was granted 53,091 shares (SEC Form 4)

      4 - CVS HEALTH Corp (0000064803) (Issuer)

      6/3/25 4:33:21 PM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples

    $CVS
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • EngageWell, Rocket Doctor, and CVS Health Foundation Launch Virtual Healthy Aging Program for Adults over 60

      Health checks include assessments for heart health, memory, cognitive function, and mental healthNo travel required — all appointments are virtual and confidentialCommunity Health Workers provide personalized follow-up support and connect patients to local resourcesThe program is now available in New York City, with plans to expand throughout 2025Free for patients on Medicaid, covered by insurance for patients on Medicare New York, NY, July 10, 2025 (GLOBE NEWSWIRE) -- Treatment.com AI Inc. (CSE:TRUE, OTC:TREIF, Frankfurt: 939)) ("Treatment") is pleased to announce that building off their successful graduation from AARPs AgeTech Accelerator, its subsidiary, Rocket Doctor Inc., has partner

      7/10/25 8:00:00 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • CVS Health declares quarterly dividend

      WOONSOCKET, R.I., July 7, 2025 /PRNewswire/ -- CVS Health® (NYSE:CVS) has announced that its board of directors has approved a quarterly dividend of sixty-six and one-half cents ($0.665 cents) per share on the Common Stock of the Corporation. The dividend is payable on August 1, 2025, to holders of record on July 22, 2025. About CVS HealthCVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of March 31, 2025, the Company had more than 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care me

      7/7/25 9:39:00 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • CVS Health to hold second quarter 2025 earnings conference call

      WOONSOCKET, R.I., June 30, 2025 /PRNewswire/ -- CVS Health® (NYSE:CVS) will hold a conference call with analysts and investors on Thursday, July 31st, 2025, at 8:00 a.m. ET to discuss second quarter 2025 financial results. An audio webcast of the event will be broadcast simultaneously on the Investor Relations portion of the CVS Health website at investors.cvshealth.com where it will be archived for a period of one year. About CVS HealthCVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of March 31, 2025, th

      6/30/25 9:00:00 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples

    $CVS
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Sansone Guy P bought $100,009 worth of shares (1,570 units at $63.70), increasing direct ownership by 15% to 12,007 units (SEC Form 4)

      4 - CVS HEALTH Corp (0000064803) (Issuer)

      6/9/25 8:22:46 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • Director Mahoney Michael F bought $2,001,000 worth of shares (30,000 units at $66.70), increasing direct ownership by 321% to 39,356 units (SEC Form 4)

      4 - CVS HEALTH Corp (0000064803) (Issuer)

      2/19/25 12:35:35 PM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • Ludwig Edward J bought $53,879 worth of shares (1,000 units at $53.88), increasing direct ownership by 5% to 21,630 units (SEC Form 4)

      4 - CVS HEALTH Corp (0000064803) (Issuer)

      5/2/24 4:31:44 PM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples

    $CVS
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • CVS Health upgraded by Leerink Partners with a new price target

      Leerink Partners upgraded CVS Health from Market Perform to Outperform and set a new price target of $75.00 from $55.00 previously

      2/13/25 7:04:02 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • CVS Health upgraded by Cantor Fitzgerald

      Cantor Fitzgerald upgraded CVS Health from Neutral to Overweight

      2/12/25 2:18:18 PM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • CVS Health upgraded by Edward Jones

      Edward Jones upgraded CVS Health from Hold to Buy

      1/30/25 7:09:02 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples

    $CVS
    SEC Filings

    See more
    • SEC Form 11-K filed by CVS Health Corporation

      11-K - CVS HEALTH Corp (0000064803) (Filer)

      6/26/25 4:45:25 PM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • CVS Health Corporation filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

      8-K - CVS HEALTH Corp (0000064803) (Filer)

      5/20/25 4:12:56 PM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • SEC Form SCHEDULE 13G filed by CVS Health Corporation

      SCHEDULE 13G - CVS HEALTH Corp (0000064803) (Subject)

      5/13/25 11:44:13 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples

    $CVS
    Leadership Updates

    Live Leadership Updates

    See more
    • CVS Health Announces Chief Financial Officer Transition Plan; Appoints Chief Medical Officer

      WOONSOCKET, R.I., April 8, 2025 /PRNewswire/ -- CVS Health® (NYSE:CVS) today announced two leadership updates. Brian Newman has been named executive vice president and chief financial officer designate, effective April 21. He will succeed current chief financial officer, Tom Cowhey, who will transition to serve as a strategic advisor to president and chief executive officer David Joyner, effective May 12.Amy Compton-Phillips, M.D., is the company's new executive vice president and chief medical officer, effective May 19, also reporting to David Joyner.Based on year-to-date res

      4/8/25 6:30:00 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • CVS Health Foundation helps address barriers to care and provides resources for individuals with chronic health conditions in Hartford

      Foundation announces $2 million in new Health Zones funding to support at-risk populations WOONSOCKET, R.I., March 6, 2025 /PRNewswire/ -- The CVS Health® Foundation today announced $2 million in new Health Zones funding to support the Hispanic Health Council's Family Wellness Center and its agency partners, all located in Hartford, Connecticut. This funding will help address critical gaps in the health care and social system for individuals with chronic health conditions by increasing access to comprehensive health care services and resources. "A variety of interconnected fac

      3/6/25 8:30:00 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • CVS Health announces Pharmacy and Consumer Wellness leadership appointments

      WOONSOCKET, R.I., Dec. 3, 2024 /PRNewswire/ -- CVS Health® (NYSE: CVS) today announced that Len Shankman will be president, Pharmacy and Consumer Wellness (PCW), reporting to Prem Shah, group president, CVS Health. In addition, the company announced the appointment of Lucille Accetta, RPh, MPH, MBA as chief pharmacy officer, also reporting to Shah. Both appointments are effective immediately. As president, Pharmacy and Consumer Wellness, Shankman will oversee the front store and retail pharmacy businesses across the company's more than 9,000 CVS Pharmacy locations. In his new

      12/3/24 7:00:00 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples

    $CVS
    Financials

    Live finance-specific insights

    See more
    • CVS Health declares quarterly dividend

      WOONSOCKET, R.I., July 7, 2025 /PRNewswire/ -- CVS Health® (NYSE:CVS) has announced that its board of directors has approved a quarterly dividend of sixty-six and one-half cents ($0.665 cents) per share on the Common Stock of the Corporation. The dividend is payable on August 1, 2025, to holders of record on July 22, 2025. About CVS HealthCVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of March 31, 2025, the Company had more than 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care me

      7/7/25 9:39:00 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • CVS Health to hold second quarter 2025 earnings conference call

      WOONSOCKET, R.I., June 30, 2025 /PRNewswire/ -- CVS Health® (NYSE:CVS) will hold a conference call with analysts and investors on Thursday, July 31st, 2025, at 8:00 a.m. ET to discuss second quarter 2025 financial results. An audio webcast of the event will be broadcast simultaneously on the Investor Relations portion of the CVS Health website at investors.cvshealth.com where it will be archived for a period of one year. About CVS HealthCVS Health is a leading health solutions company building a world of health around every consumer, wherever they are. As of March 31, 2025, th

      6/30/25 9:00:00 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • AM Best Affirms Credit Ratings of CVS Health Corporation's Aetna Inc. Subsidiaries

      AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of "a" (Excellent) of Aetna Life Insurance Company (ALIC) (Hartford, CT) and the other members of Aetna Health & Life Group, which are operating entities of Aetna Inc. (Aetna) and wholly owned subsidiaries of CVS Health Corporation (CVS Health) (NYSE:CVS). (Please see below for a detailed listing of the companies.) Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of "a" (Excellent) of Allina Health and Aetna Insurance Company (Allina Health) (St. Louis Park, MN). Allina Health is a joint venture subsidiary with subsidiaries of A

      5/8/25 4:47:00 PM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples

    $CVS
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G filed by CVS Health Corporation

      SC 13G - CVS HEALTH Corp (0000064803) (Subject)

      11/13/24 1:00:57 PM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • SEC Form SC 13G/A filed by CVS Health Corporation (Amendment)

      SC 13G/A - CVS HEALTH Corp (0000064803) (Subject)

      2/13/24 5:02:40 PM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • SEC Form SC 13G/A filed by CVS Health Corporation (Amendment)

      SC 13G/A - CVS HEALTH Corp (0000064803) (Subject)

      2/9/23 11:16:32 AM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples