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    CVS HEALTH CORPORATION REPORTS FOURTH QUARTER AND FULL-YEAR 2024 RESULTS

    2/12/25 6:30:00 AM ET
    $CVS
    Retail-Drug Stores and Proprietary Stores
    Consumer Staples
    Get the next $CVS alert in real time by email

    Fourth Quarter Highlights

    • Total revenues increased to $97.7 billion, up 4.2% compared to prior year
    • GAAP diluted EPS of $1.30 and Adjusted EPS of $1.19

    Full-Year Highlights

    • Total revenues increased to $372.8 billion, up 4.2% compared to prior year
    • GAAP diluted EPS of $3.66 and Adjusted EPS of $5.42
    • Generated cash flow from operations of $9.1 billion

    2025 Full-Year Guidance

    • GAAP diluted EPS guidance range of $4.58 to $4.83
    • Adjusted EPS guidance range of $5.75 to $6.00
    • Cash flow from operations guidance of approximately $6.5 billion

    CEO Commentary

    "Our integrated model allows us to uniquely deliver a simpler, connected experience that saves time, saves money, and improves health. We have continued to see growth in key areas of our business, including the Pharmacy and Consumer Wellness segment, while we address the industry-wide challenges that have impacted our Health Care Benefits segment. Through the continued dedication of our colleagues, we will be positioned for strong performance in 2025 as we deliver simply better care for consumers while improving outcomes and reducing costs."

    — David Joyner, CVS Health President and CEO

    WOONSOCKET, R.I., Feb. 12, 2025 /PRNewswire/ -- CVS Health Corporation (NYSE:CVS) today announced operating results for the three months and year ended December 31, 2024.



    Three Months Ended

    December 31,

    In millions, except per share amounts

    2024



    2023



    Change

    Total revenues 

    $    97,710



    $    93,813



    $      3,897

    Operating income

    2,368



    3,373



    (1,005)

    Adjusted operating income (1)

    2,728



    4,227



    (1,499)

    Diluted earnings per share

    $        1.30



    $        1.58



    $      (0.28)

    Adjusted EPS (2)

    $        1.19



    $        2.12



    $      (0.93)

    Fourth quarter GAAP diluted EPS of $1.30 decreased from $1.58 in the prior year and Adjusted EPS of $1.19 decreased from $2.12 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.

    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 11 and endnotes beginning on page 23 for explanations of non-GAAP financial measures presented in this press release. See pages 13 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 fourth quarter and full-year results



    Three Months Ended

    December 31,



    Year Ended

    December 31,

    In millions, except per share amounts

    2024



    2023



    Change



    2024



    2023



    Change

    Total revenues 

    $  97,710



    $  93,813



    $    3,897



    $ 372,809



    $ 357,776



    $  15,033

    Operating income

    2,368



    3,373



    (1,005)



    8,516



    13,743



    (5,227)

    Adjusted operating income (1)

    2,728



    4,227



    (1,499)



    11,976



    17,534



    (5,558)

    Net income

    1,623



    2,047



    (424)



    4,586



    8,368



    (3,782)

    Diluted earnings per share

    $      1.30



    $      1.58



    $     (0.28)



    $       3.66



    $       6.47



    $     (2.81)

    Adjusted EPS (2)

    $      1.19



    $      2.12



    $     (0.93)



    $       5.42



    $       8.74



    $     (3.32)

    For the three months and year ended December 31, 2024 compared to the prior year:

    • Total revenues increased 4.2% in both the three months and year ended December 31, 2024 compared to the prior year driven by growth in the Health Care Benefits and Pharmacy & Consumer Wellness segments, partially offset by a decline in the Health Services segment.
    • Operating income decreased 29.8% in the three months ended December 31, 2024 compared to the prior year primarily due to a decrease in adjusted operating income, partially offset by an increase in net realized capital gains and lower acquisition-related integration costs compared to the prior year.
    • Operating income decreased 38.0% for the year ended December 31, 2024 compared to the prior year primarily due to a decrease in adjusted operating income and an increase in restructuring charges compared to the prior year. These decreases in operating income were partially offset by an increase in net realized capital gains, the absence of a $349 million loss on assets held for sale related to the write-down of the Company's Omnicare long-term care business recorded in the prior year, as well as lower acquisition-related transaction and integration costs.
    • Adjusted operating income decreased 35.5% and 31.7% in the three months and year ended December 31, 2024. See pages 3 through 5 for a discussion of adjusted operating income performance of the Company's segments.
    • Interest expense increased $68 million, or 9.9%, and $300 million, or 11.3%, respectively, due to higher debt in the three months and year ended December 31, 2024, primarily as a result of long-term debt issuances in 2024.
    • The effective income tax rate in the fourth quarter decreased to 23.7% compared to 24.3% in the prior year, primarily due to the basis differences on the disposition of certain investments and utilization of tax credits partially offset by the mix of pre-tax income in the three months ended December 31, 2024 compared to the prior year.
    • The effective income tax rate for the full year increased to 25.4% compared to 25.1% in the prior year, primarily due to the mix of pre-tax income and certain non-deductible expenses, partially offset by basis differences on the disposition of certain investments and utilization of tax credits in the year ended December 31, 2024 compared to the prior year.

    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 and years ended December 31, 2024 and 2023 were as follows:



    Three Months Ended

    December 31,



    Year Ended

    December 31,

    In millions, except percentages

    2024



    2023



    Change



    2024



    2023



    Change

    Total revenues

    $   32,958



    $ 26,726



    $     6,232



    $  130,665



    $  105,646



    $    25,019

    Adjusted operating income (loss) (1)

    (439)



    676



    (1,115)



    307



    5,577



    (5,270)

    Medical benefit ratio ("MBR") (3)

    94.8 %



    88.5 %



    6.3 %



    92.5 %



    86.2 %



    6.3 %

    Medical membership (4)













    27.1



    25.7



    1.4

    • Total revenues increased 23.3% and 23.7% for the three months and year ended December 31, 2024, respectively, compared to the prior year, primarily driven by growth in the Medicare and individual exchange product lines.
    • During the three months ended December 31, 2024, the Health Care Benefits segment had an adjusted operating loss of $439 million compared to adjusted operating income of $676 million in the prior year. The change was primarily driven by increased utilization, the unfavorable impact of the Company's Medicare Advantage star ratings for the 2024 payment year and the impact of higher acuity in Medicaid following the resumption of redeterminations. These decreases were partially offset by the acceleration of anticipated losses related to the fourth quarter of 2024 recorded in the third quarter of 2024 in connection with a premium deficiency reserve, higher favorable prior-period development compared to the prior year, as well as an increase in net investment income.
    • During the year ended December 31, 2024, the Health Care Benefits segment had an adjusted operating income of $307 million compared to adjusted operating income of $5,577 million in the prior year. The change was primarily driven by increased utilization, the unfavorable impact of the Company's Medicare Advantage star ratings for the 2024 payment year and higher acuity in Medicaid. These decreases were partially offset by an increase in net investment income and improved fixed cost leverage across the business due to membership growth.
    • The MBR increased from 88.5% to 94.8% in the three months ended December 31, 2024 compared to the prior year driven by increased utilization, the unfavorable impact of the previously disclosed decline in the Company's Medicare Advantage star ratings for the 2024 payment year and the impact of higher acuity in Medicaid. These increases were partially offset by the impact of the premium deficiency reserve recorded in the third quarter of 2024 described above and higher favorable prior-period development.
    • The MBR increased from 86.2% to 92.5% in the year ended December 31, 2024 compared to the prior year primarily driven by increased utilization, the unfavorable impact of the Company's Medicare Advantage star ratings for the 2024 payment year and higher acuity in Medicaid.
    • Medical membership as of December 31, 2024 of 27.1 million remained relatively consistent compared with September 30, 2024. Medical membership as of December 31, 2024 of 27.1 million increased 1.4 million members compared with December 31, 2023, reflecting increases in the Medicare and individual exchange product lines.
    • Prior years' health care costs payable estimates developed favorably by $885 million during the year ended December 31, 2024. 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 2024 operating results.
    • Days claims payable were 44.0 days as of December 31, 2024, a decrease of 0.6 days compared to September 30, 2024, primarily reflective of seasonality.

    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 and years ended December 31, 2024 and 2023 were as follows:



    Three Months Ended

    December 31,



    Year Ended

    December 31,

    In millions

    2024



    2023



    Change



    2024



    2023



    Change

    Total revenues

    $  47,020



    $  49,146



    $   (2,126)



    $ 173,605



    $ 186,843



    $  (13,238)

    Adjusted operating income (1)

    1,761



    1,860



    (99)



    7,243



    7,312



    (69)

    Pharmacy claims processed (5) (6)

    499.4



    600.8



    (101.4)



    1,917.6



    2,344.3



    (426.7)

    • Total revenues decreased 4.3% and 7.1% for the three months and year ended December 31, 2024, respectively, compared to the prior year primarily driven by the previously announced loss of a large client and continued pharmacy client price improvements. These decreases were partially offset by pharmacy drug mix, increased contributions from the Company's health care delivery assets and growth in specialty pharmacy.
    • Adjusted operating income decreased 5.3% for the three months ended December 31, 2024 compared to the prior year primarily driven by continued pharmacy client price improvements, the previously announced loss of a large client and the impact of higher health care costs in the Company's health care delivery assets, largely offset by improved purchasing economics and increased volume at Signify Health.
    • Adjusted operating income decreased 0.9% for the year ended December 31, 2024 compared to the prior year primarily driven by continued pharmacy client price improvements and the previously announced loss of a large client, largely offset by improved purchasing economics.
    • Pharmacy claims processed decreased 16.9% and 18.2% on a 30-day equivalent basis for the three months and year ended December 31, 2024, respectively, compared to the prior year reflecting the previously announced loss of a large client.

    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 and years ended December 31, 2024 and 2023 were as follows:



    Three Months Ended

    December 31,



    Year Ended

    December 31,

    In millions

    2024



    2023



    Change



    2024



    2023



    Change

    Total revenues

    $  33,514



    $  31,185



    $    2,329



    $ 124,500



    $ 116,763



    $       7,737

    Adjusted operating income (1)

    1,758



    2,027



    (269)



    5,774



    5,963



    (189)

    Prescriptions filled (5) (6)

    445.9



    431.5



    14.4



    1,715.5



    1,649.1



    66.4

    • Total revenues increased 7.5% and 6.6% for the three months and year ended December 31, 2024, respectively, 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, the impact of recent generic introductions and decreased front store volume, including the impact of a decrease in store count. Total revenues for the year ended December 31, 2024 also reflect the impact of increased contributions from vaccinations and lower contributions from COVID-19 over-the-counter ("OTC") test kits since the expiration of the public health emergency in May 2023.
    • Adjusted operating income decreased 13.3% for the three months ended December 31, 2024 compared to the prior year primarily driven by continued pharmacy reimbursement pressure and decreased front store volume, partially offset by improved drug purchasing.
    • Adjusted operating income decreased 3.2% for year ended December 31, 2024 compared to the prior year primarily driven by continued pharmacy reimbursement pressure and decreased front store volume, including lower contributions from COVID-19 OTC test kits, largely offset by increased prescription volume, including increased contributions from vaccinations, as well as improved drug purchasing.
    • Prescriptions filled increased 3.3% and 4.0% on a 30-day equivalent basis for the three months and year ended December 31, 2024, respectively, compared to the prior year primarily driven by increased utilization.
    • Same store prescription volume(6)(12) increased 5.9% and 6.8% on a 30-day equivalent basis for the three months and year ended December 31, 2024, respectively, compared to the prior year.

    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 issued its full-year 2025 GAAP diluted EPS guidance range of $4.58 to $4.83 and its 2025 Adjusted EPS guidance range of $5.75 to $6.00. The Company also issued its full-year 2025 cash flow from operations guidance of approximately $6.5 billion.

    The adjustments between full-year 2025 GAAP diluted EPS and Adjusted EPS include amortization of intangible assets, acquisition-related integration costs, 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 fourth quarter and full-year 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 December 31, 2024, 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 90 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 36 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 Reports on Form 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024 and September 30, 2024 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

    December 31,



    Year Ended

    December 31,

    In millions, except per share amounts

    2024



    2023



    2024



    2023

    Revenues:















    Products

    $    61,911



    $    65,154



    $  231,521



    $  245,138

    Premiums

    30,913



    25,075



    122,896



    99,192

    Services

    4,131



    3,316



    16,239



    12,293

    Net investment income

    755



    268



    2,153



    1,153

    Total revenues

    97,710



    93,813



    372,809



    357,776

    Operating costs:















    Cost of products sold

    55,268



    57,419



    206,287



    217,098

    Health care costs

    29,543



    22,518



    115,121



    86,247

    Operating expenses

    10,521



    10,503



    41,606



    39,832

    Restructuring charges

    10



    —



    1,179



    507

    Opioid litigation charge

    —



    —



    100



    —

    Loss on assets held for sale

    —



    —



    —



    349

    Total operating costs

    95,342



    90,440



    364,293



    344,033

    Operating income

    2,368



    3,373



    8,516



    13,743

    Interest expense

    758



    690



    2,958



    2,658

    Gain on early extinguishment of debt

    (491)



    —



    (491)



    —

    Other income

    (25)



    (22)



    (99)



    (88)

    Income before income tax provision

    2,126



    2,705



    6,148



    11,173

    Income tax provision

    503



    658



    1,562



    2,805

    Net income

    1,623



    2,047



    4,586



    8,368

    Net (income) loss attributable to noncontrolling interests

    21



    (1)



    28



    (24)

    Net income attributable to CVS Health

    $      1,644



    $      2,046



    $      4,614



    $      8,344

















    Net income per share attributable to CVS Health:















    Basic

    $       1.31



    $       1.59



    $       3.67



    $       6.49

    Diluted

    $       1.30



    $       1.58



    $       3.66



    $       6.47

    Weighted average shares outstanding:















    Basic

    1,259



    1,288



    1,259



    1,285

    Diluted

    1,261



    1,293



    1,262



    1,290

     

    CVS HEALTH CORPORATION

    Condensed Consolidated Balance Sheets

    (Unaudited)





    At December 31,

    In millions

    2024



    2023

    Assets:







    Cash and cash equivalents

    $         8,586



    $         8,196

    Investments

    2,407



    3,259

    Accounts receivable, net

    36,469



    35,227

    Inventories

    18,107



    18,025

    Other current assets

    3,076



    3,151

      Total current assets

    68,645



    67,858

    Long-term investments

    28,934



    23,019

    Property and equipment, net

    12,993



    13,183

    Operating lease right-of-use assets

    15,944



    17,252

    Goodwill

    91,272



    91,272

    Intangible assets, net

    27,323



    29,234

    Separate accounts assets

    3,311



    3,250

    Other assets

    4,793



    4,660

    Total assets

    $      253,215



    $      249,728









    Liabilities:







    Accounts payable

    $       15,892



    $       14,897

    Pharmacy claims and discounts payable

    24,166



    22,874

    Health care costs payable

    15,064



    12,049

    Accrued expenses and other current liabilities

    20,810



    23,515

    Other insurance liabilities

    1,183



    1,141

    Current portion of operating lease liabilities

    1,751



    1,741

    Short-term debt

    2,119



    200

    Current portion of long-term debt

    3,624



    2,772

      Total current liabilities

    84,609



    79,189

    Long-term operating lease liabilities

    14,899



    16,034

    Long-term debt

    60,527



    58,638

    Deferred income taxes

    3,806



    4,311

    Separate accounts liabilities

    3,311



    3,250

    Other long-term insurance liabilities

    4,902



    5,459

    Other long-term liabilities

    5,431



    6,211

    Total liabilities

    177,485



    173,092









    Shareholders' equity:







    Preferred stock

    —



    —

    Common stock and capital surplus

    49,661



    48,992

    Treasury stock

    (36,818)



    (33,838)

    Retained earnings

    62,837



    61,604

    Accumulated other comprehensive loss

    (120)



    (297)

      Total CVS Health shareholders' equity

    75,560



    76,461

    Noncontrolling interests

    170



    175

    Total shareholders' equity

    75,730



    76,636

    Total liabilities and shareholders' equity

    $      253,215



    $      249,728

     

    CVS HEALTH CORPORATION

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)





    Year Ended

    December 31,

    In millions

    2024



    2023

    Cash flows from operating activities:







    Cash receipts from customers

    $      357,995



    $      345,464

    Cash paid for inventory, prescriptions dispensed and health services rendered

    (197,726)



    (208,848)

    Insurance benefits paid

    (109,464)



    (84,097)

    Cash paid to other suppliers and employees

    (38,821)



    (34,735)

    Interest and investment income received

    1,735



    1,584

    Interest paid

    (2,909)



    (2,418)

    Income taxes paid

    (1,703)



    (3,524)

    Net cash provided by operating activities

    9,107



    13,426









    Cash flows from investing activities:







    Proceeds from sales and maturities of investments

    10,353



    7,729

    Purchases of investments

    (15,191)



    (9,043)

    Purchases of property and equipment

    (2,781)



    (3,031)

    Acquisitions (net of cash and restricted cash acquired)

    (95)



    (16,612)

    Other

    101



    68

    Net cash used in investing activities

    (7,613)



    (20,889)









    Cash flows from financing activities:







    Commercial paper borrowings (repayments), net

    1,919



    200

    Proceeds from issuance of short-term loan

    —



    5,000

    Repayment of short-term loan

    —



    (5,000)

    Proceeds from issuance of long-term debt

    7,913



    10,898

    Repayments of long-term debt

    (4,773)



    (3,166)

    Repurchase of common stock

    (3,023)



    (2,012)

    Dividends paid

    (3,373)



    (3,132)

    Proceeds from exercise of stock options

    361



    277

    Payments for taxes related to net share settlement of equity awards

    (185)



    (181)

    Other

    26



    (201)

    Net cash provided by (used in) financing activities

    (1,135)



    2,683

    Net increase (decrease) in cash, cash equivalents and restricted cash

    359



    (4,780)

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

    8,525



    13,305

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

    $         8,884



    $         8,525

     

    CVS HEALTH CORPORATION

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)





    Year Ended

    December 31,

    In millions

    2024



    2023

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







    Net income

    $         4,586



    $         8,368

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

    activities:







      Depreciation and amortization

    4,597



    4,366

      Loss on assets held for sale

    —



    349

      Stock-based compensation

    540



    588

      Gain on early extinguishment of debt

    (491)



    —

      Restructuring charges (impairment of long-lived assets)

    840



    152

      Deferred income taxes

    (572)



    (676)

      Other items

    (502)



    264

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







      Accounts receivable, net

    (1,301)



    (6,260)

      Inventories

    (102)



    1,233

      Other assets

    (38)



    (510)

      Accounts payable and pharmacy claims and discounts payable

    2,335



    3,618

      Health care costs payable and other insurance liabilities

    2,757



    394

      Other liabilities

    (3,542)



    1,540

    Net cash provided by operating activities

    $         9,107



    $       13,426

     

    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 fourth quarter and full-year 2024 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 and year ended December 31, 2024, the acquisition-related integration costs relate to the acquisitions of Signify Health, Inc. ("Signify Health") and Oak Street Health, Inc. ("Oak Street Health"). During the three months and year ended December 31, 2023, the acquisition-related transaction and integration costs relate to the acquisitions of Signify Health and Oak Street Health. The acquisition-related transaction and integration costs are reflected in operating expenses within the Corporate/Other segment.
    • During the three months ended December 31, 2024, the restructuring charges are primarily comprised of a stock-based compensation charge. During the year ended December 31, 2024, the restructuring charges also include a store impairment charge, corporate workforce optimization costs, including severance and employee-related costs, other asset impairment and related charges associated with the discontinuation of certain non-core assets. During the third quarter of 2024, the Company finalized an enterprise-wide restructuring plan intended to streamline and simplify the organization, improve efficiency and reduce costs. In connection with this restructuring plan, the Company completed a strategic review of its retail business and determined that it plans to close additional retail stores in 2025, and, accordingly, it recorded a store impairment charge to write down the associated operating or financing lease right-of-use assets and property and equipment. In addition, during the third quarter of 2024, the Company also conducted a review of its various strategic assets and determined that it would discontinue the use of certain non-core assets, at which time impairment losses were recorded to write down the carrying value of these assets to the Company's best estimate of their fair value. During the year ended December 31, 2023, the restructuring charges include severance and employee-related costs, asset impairment charges and a stock-based compensation charge. The restructuring charges associated with the store impairments are reflected within the Pharmacy & Consumer Wellness segment, other asset impairments and related charges are reflected within the Corporate/Other and Pharmacy & Consumer Wellness segments and corporate workforce optimization costs, including severance and employee-related costs, as well as stock-based compensation charges, are reflected within the Corporate/Other segment.
    • During the three months and years ended December 31, 2024 and 2023, 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 year ended December 31, 2024, the opioid litigation charge relates to a change in the Company's accrual related to ongoing opioid litigation matters.
    • During the year ended December 31, 2023, the loss on assets held for sale relates to the long-term care ("LTC") business within the Pharmacy & Consumer Wellness segment. During 2022, the Company determined that its LTC business was no longer a strategic asset and committed to a plan to sell it, at which time the LTC business met the criteria for held-for-sale accounting and its net assets were accounted for as assets held for sale. During the first quarter of 2023, a loss on assets held for sale was recorded to write down the carrying value of the LTC business to the Company's best estimate of the ultimate selling price which reflected its estimated fair value less costs to sell. As of the third quarter of 2023, the Company determined the LTC business no longer met the criteria for held-for-sale accounting and accordingly the net assets associated with the LTC business were reclassified to held and used at their respective fair values.
    • During the three months and year ended December 31, 2024, the gain on early extinguishment of debt relates to the Company's repayment of approximately $2.6 billion of its outstanding senior notes in December 2024, pursuant to its tender offer for such senior notes.
    • 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 13 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 December 31, 2024

    In millions

    Health Care

    Benefits



    Health

    Services



    Pharmacy &

    Consumer

    Wellness



    Corporate/

    Other



    Consolidated

    Totals

    Operating income (loss) (GAAP measure)

    $            (757)



    $       1,903



    $            1,694



    $          (472)



    $            2,368

    Amortization of intangible assets

    294



    147



    61



    1



    503

    Net realized capital (gains) losses

    15



    (289)



    —



    68



    (206)

    Acquisition-related integration costs

    —



    —



    —



    40



    40

    Restructuring charges

    —



    —



    —



    10



    10

    Office real estate optimization charges

    9



    —



    3



    1



    13

    Adjusted operating income (loss) (1)

    $            (439)



    $       1,761



    $            1,758



    $          (352)



    $            2,728







    Three Months Ended December 31, 2023

    In millions

    Health Care

    Benefits



    Health

    Services



    Pharmacy &

    Consumer

    Wellness



    Corporate/

    Other



    Consolidated

    Totals

    Operating income (loss) (GAAP measure)

    $              266



    $       1,710



    $            1,961



    $          (564)



    $            3,373

    Amortization of intangible assets

    294



    149



    65



    1



    509

    Net realized capital losses

    106



    —



    1



    45



    152

    Acquisition-related integration costs

    —



    —



    —



    193



    193

    Office real estate optimization charges

    10



    1



    —



    (11)



    —

    Adjusted operating income (loss) (1)

    $              676



    $       1,860



    $            2,027



    $          (336)



    $            4,227







    Year Ended December 31, 2024

    In millions

    Health Care

    Benefits



    Health

    Services



    Pharmacy &

    Consumer

    Wellness



    Corporate/

    Other



    Consolidated

    Totals

    Operating income (loss) (GAAP measure)

    $            (984)



    $       6,937



    $            4,770



    $      (2,207)



    $            8,516

    Amortization of intangible assets

    1,175



    595



    253



    2



    2,025

    Net realized capital (gains) losses

    97



    (289)



    —



    75



    (117)

    Acquisition-related integration costs

    —



    —



    —



    243



    243

    Restructuring charges

    —



    —



    747



    432



    1,179

    Office real estate optimization charges

    19



    —



    4



    7



    30

    Opioid litigation charge

    —



    —



    —



    100



    100

    Adjusted operating income (loss) (1)

    $              307



    $       7,243



    $            5,774



    $      (1,348)



    $          11,976







    Year Ended December 31, 2023

    In millions

    Health Care

    Benefits



    Health

    Services



    Pharmacy &

    Consumer

    Wellness



    Corporate/

    Other



    Consolidated

    Totals

    Operating income (loss) (GAAP measure)

    $          3,949



    $       6,842



    $            5,349



    $      (2,397)



    $          13,743

    Amortization of intangible assets

    1,177



    465



    260



    3



    1,905

    Net realized capital losses

    402



    —



    5



    90



    497

    Acquisition-related transaction and integration costs

    —



    —



    —



    487



    487

    Restructuring charges

    —



    —



    —



    507



    507

    Office real estate optimization charges

    49



    5



    —



    (8)



    46

    Loss on assets held for sale

    —



    —



    349



    —



    349

    Adjusted operating income (loss) (1)

    $          5,577



    $       7,312



    $            5,963



    $      (1,318)



    $          17,534

     

    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

    December 31, 2024



    Three Months Ended

    December 31, 2023

    In millions, except per share amounts

    Total

    Company



    Per

    Common

    Share



    Total

    Company



    Per

    Common

    Share

    Net income attributable to CVS Health (GAAP measure)

    $      1,644



    $        1.30



    $      2,046



    $        1.58

    Amortization of intangible assets

    503



    0.40



    509



    0.39

    Net realized capital (gains) losses

    (206)



    (0.16)



    152



    0.12

    Acquisition-related integration costs

    40



    0.03



    193



    0.15

    Restructuring charges

    10



    0.01



    —



    —

    Office real estate optimization charges

    13



    0.01



    —



    —

    Gain on early extinguishment of debt

    (491)



    (0.39)



    —



    —

    Tax impact of non-GAAP adjustments

    (7)



    (0.01)



    (162)



    (0.12)

    Adjusted income attributable to CVS Health (2)

    $      1,506



    $        1.19



    $      2,738



    $        2.12

















    Weighted average diluted shares outstanding





    1,261







    1,293





    Year Ended

    December 31, 2024



    Year Ended

    December 31, 2023

    In millions, except per share amounts

    Total

    Company



    Per

    Common

    Share



    Total

     Company



    Per

    Common

     Share

    Net income attributable to CVS Health (GAAP measure)

    $      4,614



    $        3.66



    $      8,344



    $        6.47

    Amortization of intangible assets

    2,025



    1.61



    1,905



    1.48

    Net realized capital (gains) losses

    (117)



    (0.09)



    497



    0.38

    Acquisition-related transaction and integration costs

    243



    0.19



    487



    0.38

    Restructuring charges

    1,179



    0.93



    507



    0.39

    Office real estate optimization charges

    30



    0.02



    46



    0.04

    Opioid litigation charge

    100



    0.08



    —



    —

    Gain on early extinguishment of debt

    (491)



    (0.39)



    —



    —

    Loss on assets held for sale

    —



    —



    349



    0.27

    Tax impact of non-GAAP adjustments

    (745)



    (0.59)



    (863)



    (0.67)

    Adjusted income attributable to CVS Health (2)

    $      6,838



    $        5.42



    $    11,272



    $        8.74

















    Weighted average diluted shares outstanding





    1,262







    1,290

     

    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























    December 31, 2024























    Total revenues

    $     32,958



    $   47,020



    $      33,514



    $          83



    $        (15,865)



    $      97,710

    Adjusted operating income (loss) (1)

    (439)



    1,761



    1,758



    (352)



    —



    2,728

    December 31, 2023























    Total revenues

    $     26,726



    $   49,146



    $      31,185



    $          75



    $        (13,319)



    $      93,813

    Adjusted operating income (loss)(1)

    676



    1,860



    2,027



    (336)



    —



    4,227

























    Year Ended























    December 31, 2024























    Total revenues

    $   130,665



    $ 173,605



    $    124,500



    $        451



    $        (56,412)



    $     372,809

    Adjusted operating income (loss) (1)

    307



    7,243



    5,774



    (1,348)



    —



    11,976

    December 31, 2023























    Total revenues

    $   105,646



    $ 186,843



    $    116,763



    $        451



    $        (51,927)



    $     357,776

    Adjusted operating income (loss)(1)

    5,577



    7,312



    5,963



    (1,318)



    —



    17,534

     

    _____________________________________________

    (a)

    Total revenues of the Health Services segment include approximately $2.5 billion and $3.0 billion of retail co-payments for the three months ended December 31, 2024 and 2023, respectively, and $11.4 billion and $13.7 billion of retail co-payments for the years ended December 31, 2024 and 2023, 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:



















    Change



    Three Months Ended

    December 31,



    Year Ended

    December 31,



    Three Months

    Ended

    December 31,

    2024 vs 2023



    Year Ended

    December 31,

    2024 vs 2023

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

    2024



    2023



    2024



    2023



    $



    %



    $



    %

    Revenues:































    Premiums

    $  30,902



    $  25,065



    $ 122,849



    $ 99,144



    $  5,837



    23.3 %



    $ 23,705



    23.9 %

    Services

    1,659



    1,452



    6,343



    5,737



    207



    14.3 %



    606



    10.6 %

    Net investment income

    397



    209



    1,473



    765



    188



    90.0 %



    708



    92.5 %

      Total revenues

    32,958



    26,726



    130,665



    105,646



    6,232



    23.3 %



    25,019



    23.7 %

    Health care costs

    29,300



    22,175



    113,659



    85,504



    7,125



    32.1 %



    28,155



    32.9 %

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

    94.8 %



    88.5 %



    92.5 %



    86.2 %



    630

    bps



    630

    bps

    Operating expenses

    $    4,415



    $    4,285



    $   17,990



    $ 16,193



    $      130



    3.0 %



    $   1,797



    11.1 %

    Operating expenses as a % of total revenues

    13.4 %



    16.0 %



    13.8 %



    15.3 %

















    Operating income (loss)

    $    (757)



    $       266



    $     (984)



    $    3,949



    $ (1,023)



    (384.6) %



    $ (4,933)



    (124.9) %

    Operating income (loss) as a % of total revenues

    (2.3) %



    1.0 %



    (0.8) %



    3.7 %

















    Adjusted operating income (loss) (1)

    $    (439)



    $       676



    $        307



    $    5,577



    $ (1,115)



    (164.9) %



    $ (5,270)



    (94.5) %

    Adjusted operating income (loss) as a % of total revenues

    (1.3) %



    2.5 %



    0.2 %



    5.3 %

















    Premium revenues (by business):































    Government

    $  22,164



    $  17,414



    $   88,433



    $ 70,094



    $  4,750



    27.3 %



    $ 18,339



    26.2 %

    Commercial

    8,738



    7,651



    34,416



    29,050



    1,087



    14.2 %



    5,366



    18.5 %

     

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





    December 31, 2024



    September 30, 2024



    December 31, 2023

    In thousands

    Insured



    ASC



    Total



    Insured



    ASC



    Total



    Insured



    ASC



    Total

    Medical membership: (4)



































    Commercial

    4,691



    14,160



    18,851



    4,751



    14,155



    18,906



    4,252



    14,087



    18,339

    Medicare Advantage

    4,447



    —



    4,447



    4,438



    —



    4,438



    3,460



    —



    3,460

    Medicare Supplement

    1,282



    —



    1,282



    1,291



    —



    1,291



    1,343



    —



    1,343

    Medicaid

    2,094



    421



    2,515



    2,077



    436



    2,513



    2,073



    444



    2,517

    Total medical membership

    12,514



    14,581



    27,095



    12,557



    14,591



    27,148



    11,128



    14,531



    25,659





































    Supplemental membership information:





























    Medicare Prescription Drug Plan (standalone)

    4,882











    4,898











    6,081

     

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





    December 31, 2024



    September 30, 2024



    June 30, 2024



    March 31, 2024



    December 31, 2023

    Days Claims Payable (7)

    44.0



    44.6



    43.1



    44.5



    45.9

     

    Supplemental Information

    (Unaudited)



    Health Services segment



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





















    Change



    Three Months Ended

    December 31,



    Year Ended

    December 31,



    Three Months Ended

    December 31,

    2024 vs 2023



    Year Ended

    December 31,

    2024 vs 2023

    In millions, except percentages

    2024



    2023



    2024



    2023



    $



    %



    $



    %

    Revenues:































    Products

    $  44,019



    $  47,237



    $              162,436



    $  180,608



    $  (3,218)



    (6.8) %



    $ (18,172)



    (10.1) %

    Services

    2,713



    1,910



    10,884



    6,236



    803



    42.0 %



    4,648



    74.5 %

    Net investment income (loss) (a)

    288



    (1)



    285



    (1)



    289



    NM



    286



    NM

      Total revenues

    47,020



    49,146



    173,605



    186,843



    (2,126)



    (4.3) %



    (13,238)



    (7.1) %

    Cost of products sold

    43,358



    45,999



    160,036



    175,424



    (2,641)



    (5.7) %



    (15,388)



    (8.8) %

    Health care costs

    979



    612



    3,407



    1,607



    367



    60.0 %



    1,800



    112.0 %

    Gross profit (8)

    2,683



    2,535



    10,162



    9,812



    148



    5.8 %



    350



    3.6 %

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

    5.7 %



    5.2 %



    5.9 %



    5.3 %

















    Operating expenses

    $      780



    $     825



    $  3,225



    $   2,970



    $     (45)



    (5.5) %



    $        255



    8.6 %

    Operating expenses as a % of total revenues

    1.7 %



    1.7 %



    1.9 %



    1.6 %

















    Operating income

    $  1,903



    $ 1,710



    $  6,937



    $   6,842



    $     193



    11.3 %



    $          95



    1.4 %

    Operating income as a % of total revenues

    4.0 %



    3.5 %



    4.0 %



    3.7 %

















    Adjusted operating income (1)

    $  1,761



    $ 1,860



    $  7,243



    $   7,312



    $     (99)



    (5.3) %



    $        (69)



    (0.9) %

    Adjusted operating income as a % of total revenues

    3.7 %



    3.8 %



    4.2 %



    3.9 %

















    Revenues (by distribution channel):































    Pharmacy network (9)

    $  25,202



    $  29,668



    $              91,650



    $  112,718



    $  (4,466)



    (15.1) %



    $ (21,068)



    (18.7) %

    Mail & specialty (10)

    18,750



    17,614



    70,877



    67,992



    1,136



    6.4 %



    2,885



    4.2 %

    Other

    2,780



    1,865



    10,793



    6,134



    915



    49.1 %



    4,659



    76.0 %

    Net investment income (loss) (a)

    288



    (1)



    285



    (1)



    289



    NM



    286



    NM

    Pharmacy claims processed: (5) (6)

    499.4



    600.8



    1,917.6



    2,344.3



    (101.4)



    (16.9) %



    (426.7)



    (18.2) %

    Generic dispensing rate: (6) (11)

    86.1 %



    86.2 %



    87.4 %



    87.6 %

















     

    _____________________________________________

    (a)

    NM represents a percent change that is not meaningful.

     

    Supplemental Information

    (Unaudited)



    Pharmacy & Consumer Wellness segment



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





















    Change



    Three Months Ended

    December 31,



    Year Ended

    December 31,



    Three Months Ended

    December 31,

    2024 vs 2023



    Year Ended

    December 31,

    2024 vs 2023

    In millions, except percentages

    2024



    2023



    2024



    2023



    $



    %



    $



    %

    Revenues:































    Products

    $  32,833



    $  30,534



    $  122,028



    $  113,976



    $    2,299



    7.5 %



    $      8,052



    7.1 %

    Services

    681



    652



    2,472



    2,792



    29



    4.4 %



    (320)



    (11.5) %

    Net investment income (loss)

    —



    (1)



    —



    (5)



    1



    100.0 %



    5



    100.0 %

     Total revenues

    33,514



    31,185



    124,500



    116,763



    2,329



    7.5 %



    7,737



    6.6 %

    Cost of products sold

    26,710



    24,146



    99,337



    91,447



    2,564



    10.6 %



    7,890



    8.6 %

    Gross profit (8)

    6,804



    7,039



    25,163



    25,316



    (235)



    (3.3) %



    (153)



    (0.6) %

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

    20.3 %



    22.6 %



    20.2 %



    21.7 %

















    Operating expenses

    $  5,110



    $  5,078



    $  19,646



    $  19,618



    $         32



    0.6 %



    $            28



    0.1 %

    Operating expenses as a % of total revenues

    15.2 %



    16.3 %



    15.8 %



    16.8 %

















    Restructuring charge

    $        —



    $     —



    $       747



    $       —



    $         —



    — %



    $         747



    100.0 %

    Loss on assets held for sale

    —



    —



    —



    349



    —



    — %



    (349)



    (100.0) %

    Operating income

    1,694



    1,961



    4,770



    5,349



    (267)



    (13.6) %



    (579)



    (10.8) %

    Operating income as a % of total revenues

    5.1 %



    6.3 %



    3.8 %



    4.6 %

















    Adjusted operating income (1)

    $  1,758



    $  2,027



    $    5,774



    $    5,963



    $     (269)



    (13.3) %



    $       (189)



    (3.2) %

    Adjusted operating income as a % of total revenues

    5.2 %



    6.5 %



    4.6 %



    5.1 %

















    Revenues (by major goods/service lines):































    Pharmacy

    $  27,224



    $  24,740



    $  100,687



    $  92,111



    $    2,484



    10.0 %



    $      8,576



    9.3 %

    Front Store

    5,675



    5,861



    21,522



    22,458



    (186)



    (3.2) %



    (936)



    (4.2) %

    Other

    615



    585



    2,291



    2,199



    30



    5.1 %



    92



    4.2 %

    Net investment income (loss)

    —



    (1)



    —



    (5)



    1



    100.0 %



    5



    100.0 %

    Prescriptions filled (5) (6)

    445.9



    431.5



    1,715.5



    1,649.1



    14.4



    3.3 %



    66.4



    4.0 %

    Same store sales increase (decrease): (12)































    Total

    10.2 %



    11.3 %



    9.4 %



    10.7 %

















    Pharmacy

    13.0 %



    15.5 %



    12.3 %



    13.6 %

















    Front Store

    (1.2) %



    (3.1) %



    (2.1) %



    0.3 %

















    Prescription volume (6)

    5.9 %



    4.4 %



    6.8 %



    3.9 %

















    Generic dispensing rate (6) (11)

    87.4 %



    86.6 %



    88.9 %



    88.4 %

















     

    Supplemental Information

    (Unaudited)



    Corporate/Other segment



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



















    Change



    Three Months Ended

    December 31,



    Year Ended

    December 31,



    Three Months Ended

    December 31,

    2024 vs 2023



    Year Ended

    December 31,

    2024 vs 2023

    In millions, except percentages

    2024



    2023



    2024



    2023



    $



    %



    $



    %

    Revenues:































    Premiums

    $          11



    $          10



    $          47



    $          48



    $            1



    10.0 %



    $          (1)



    (2.1) %

    Services

    2



    4



    9



    9



    (2)



    (50.0) %



    —



    — %

    Net investment income

    70



    61



    395



    394



    9



    14.8 %



    1



    0.3 %

     Total revenues

    83



    75



    451



    451



    8



    10.7 %



    —



    — %

    Cost of products sold

    —



    —



    —



    1



    —



    — %



    (1)



    (100.0) %

    Health care costs

    45



    47



    187



    210



    (2)



    (4.3) %



    (23)



    (11.0) %

    Operating expenses

    500



    592



    1,939



    2,130



    (92)



    (15.5) %



    (191)



    (9.0) %

    Restructuring charges

    10



    —



    432



    507



    10



    100.0 %



    (75)



    (14.8) %

    Opioid litigation charge

    —



    —



    100



    —



    —



    — %



    100



    100.0 %

    Operating loss

    (472)



    (564)



    (2,207)



    (2,397)



    92



    16.3 %



    190



    7.9 %

    Adjusted operating loss (1)

    (352)



    (336)



    (1,348)



    (1,318)



    (16)



    (4.8) %



    (30)



    (2.3) %

     

    Supplemental Information

    (Unaudited)



    The following table shows the components of the change in the consolidated health care costs payable during the years ended December 31, 2024 and 2023:





    Year Ended

    December 31,

    In millions

    2024



    2023

    Health care costs payable, beginning of period

    $       12,049



    $       10,142

    Less: Reinsurance recoverables

    5



    5

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

    (23)



    8

    Health care costs payable, beginning of period, net

    12,067



    10,129

    Acquisition, net

    —



    1,098

    Add: Components of incurred health care costs







      Current year

    115,774



    86,639

      Prior years (b)

    (947)



    (685)

    Total incurred health care costs (c)

    114,827



    85,954

    Less: Claims paid







      Current year

    101,583



    75,529

      Prior years

    10,327



    9,585

    Total claims paid

    111,910



    85,114

    Health care costs payable, end of period, net

    14,984



    12,067

    Add: Reinsurance recoverables

    81



    5

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

    (1)



    (23)

    Health care costs payable, end of period

    $       15,064



    $       12,049

     

    _____________________________________________

    (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 loss on the 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 years ended December 31, 2024 and 2023 in the table above exclude $107 million and $83 million, respectively, of health care costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the condensed consolidated balance sheets and $187 million and $210 million, respectively, of health care costs recorded in the Corporate/Other segment that are included in other insurance liabilities on the condensed consolidated balance sheets.

     

    Adjusted Earnings Per Share Guidance

    (Unaudited)

    The following reconciliation 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)

    $      5,812



    $        4.58



    $     6,142



    $       4.83

    Non-GAAP adjustments:















    Amortization of intangible assets

    2,025



    1.59



    2,025



    1.59

    Acquisition-related integration costs

    135



    0.11



    135



    0.11

    Office real estate optimization charges

    15



    0.01



    15



    0.01

    Tax impact of non-GAAP adjustments

    (684)



    (0.54)



    (684)



    (0.54)

    Adjusted income attributable to CVS Health (2)

    $      7,303



    $        5.75



    $     7,633



    $       6.00

















    Weighted average diluted shares outstanding





    1,271







    1,271

     

    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 transaction and integration costs, restructuring charges, office real estate optimization charges, opioid litigation charges and losses on assets held for sale. 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 transaction and integration costs, restructuring charges, office real estate optimization charges, opioid litigation charges, losses on assets held for sale, gains on early extinguishment of debt, 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) Generic dispensing rate is calculated by dividing the segment's generic drug claims processed or prescriptions filled by its total claims processed or prescriptions filled. Management uses this metric to evaluate the effectiveness of the business at encouraging the use of generic drugs when they are available and clinically appropriate, which aids in decreasing costs for client members and retail customers. This metric provides management and investors with information useful in understanding trends in segment total revenues and operating results. 

    (12) 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-fourth-quarter-and-full-year-2024-results-302374169.html

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    • EVP and Group President Shah Prem S covered exercise/tax liability with 1,308 shares and was granted 26,478 shares, increasing direct ownership by 20% to 58,166 units (SEC Form 4)

      4 - CVS HEALTH Corp (0000064803) (Issuer)

      4/3/25 4:43:05 PM ET
      $CVS
      Retail-Drug Stores and Proprietary Stores
      Consumer Staples
    • EVP and President, Aetna Nelson Steven H was granted 21,329 shares (SEC Form 4)

      4 - CVS HEALTH Corp (0000064803) (Issuer)

      4/3/25 4:29:13 PM 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.

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    • 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
    • Mahoney Michael F bought $500,294 worth of shares (9,181 units at $54.49), increasing direct ownership by 5,246% to 9,356 units (SEC Form 4)

      4 - CVS HEALTH Corp (0000064803) (Issuer)

      5/2/24 4:30:49 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.

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    • 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