🔹 Revenue: $94.6B (est. $92.9B) 🟢; +7% YoY
🔹 Adj. EPS: $2.25 (est. $1.64) 🟢; +72% YoY
🔹 Medical Benefit Ratio: 87.3% (est. 88.9%) 🟢; -310bps YoY
FY25 Guidance (Raise)
🔹 Adj. EPS: $6.00–$6.20 (est. $5.91; prior: $5.75–$6.00) 🟢
🔹 Cash Flow from Ops: ~$7.0B (prior: ~$6.5B) 🟢
Segment Breakdown
Health Care Benefits
🔹 Revenue: $34.8B; +8% YoY
🔹 Adj. Operating Income: $1.99B; +172% YoY
🔹 MBR: 87.3% (vs. 90.4% YoY)
🔸 EPS tailwind from favorable prior-year dev & improved Medicare Advantage performance
🔸 CVS to exit individual exchange business after 2025
Health Services
🔹 Revenue: $43.5B; +7.9% YoY
🔹 Adj. Operating Income: $1.60B; +18% YoY
🔹 Pharmacy Claims Processed: 464.2M (flat YoY)
🔸 Growth driven by specialty Rx & brand inflation; offset by pricing pressure
Pharmacy & Consumer Wellness
🔹 Revenue: $31.9B; +11.1% YoY
🔹 Adj. Operating Income: $1.31B; +12% YoY
🔹 Prescriptions Filled: 435.5M; +4.3% YoY
🔸 Same-store script volume: +6.7% YoY
🔸 Front store softness partially offset by drug mix and volume gains
Other Metrics:
🔹 Operating Income: $3.37B; +49% YoY
🔹 Adjusted Operating Income: $4.58B; +55% YoY
🔹 Net Income: $1.78B; +59% YoY
🔹 Cash Flow from Ops: $4.6B
Strategic & Business Highlights
🔸 CVS Caremark to prefer Novo Nordisk’s Wegovy over Eli Lilly’s Zepbound from July 1
🔸 CVS exits individual ACA exchange business to streamline offerings
🔸 Partnership with NovoCare to expand Wegovy access across 9,000+ locations
🔸 Aetna rolling out bundling & clinical collaboration initiatives to enhance member experience
🔸 Raised FY25 EPS outlook despite macro headwinds and elevated cost trends
