Friday, May 10, 2024
Q2 2023: CVS Health flourishes, reports impressive results.

Q2 2023: CVS Health flourishes, reports impressive results.

Second quarter highlights

Total revenues increased to $88.9 billion, up 10.3% compared to the prior year.

GAAP diluted EPS was $1.48 and Adjusted EPS was $2.21.

Year-to-date highlights

Total revenues increased to $174.2 billion, up 10.6% compared to the prior year.

GAAP diluted EPS was $3.13 and Adjusted EPS was $4.41.

Generated cash flow from operations of $13.3 billion.

2023 Full-year guidance

Revised GAAP diluted EPS guidance range to $6.53 to $6.75 from $6.90 to $7.12.

Confirmed Adjusted EPS guidance range of $8.50 to $8.70.

Confirmed cash flow from operations guidance range of $12.5 billion to $13.5 billion.

CEO commentary

“Our diversified business model delivered strong results this quarter. We continue to execute on our strategy to expand access to health services across our care delivery channels and strengthen our engagement with consumers to improve their health and well-being.”

— Karen S. Lynch, CVS Health President and CEO

In the spotlight

On May 2, 2023, completed the acquisition of Oak Street Health, a leading multi-payor, value-based primary care company with approximately 600 primary care providers and more than 170 medical centers across 21 states.

In July 2023, announced the launch of Caremark® Cost SaverTM to help lower pharmacy out-of-pocket drug costs for CVS Caremark clients’ members. Through the new program, eligible members will have automatic access to GoodRx’s prescription pricing to allow them to pay lower prices, when available, on generic medications in a seamless experience at the pharmacy counter.

Returned $795 million to shareholders through dividends during the three months ended June 30, 2023.

Additional Information

The information presented above includes both GAAP and non-GAAP financial measures to assist in the comparison of the Company’s past financial performance with its current financial performance.

Please review the entire press release for the quarterly period, which provides important additional information related to our financial results. The full press release can be downloaded here (PDF).

Visit Investor Relations for more about Q2 2023 earnings.

Source

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