文章核心观点 - 因第一季度盈利和营收低于预期并下调全年展望，CVS Health股价周三大幅下跌超18%，但分析师仍看好该股 [1][6] 业绩情况 - 第一季度营收884亿美元，同比增长3.7%，主要得益于医疗保健福利部门营收增长24.6%至322亿美元 [1] - 每股收益同比下降40.5%至1.31美元，主要因医疗保健福利业务运营收入下降，与医疗保险优势计划相关的医疗成本上升 [1] - 业绩远低于分析师预期，华尔街预期营收892亿美元，每股收益1.69美元 [3] 展望调整 - 因第一季度表现不佳及预计2024年剩余时间医疗成本持续上升，公司下调全年展望，预计每股收益至少7美元，低于此前的至少8.3美元；运营现金流至少105亿美元，低于此前的至少120亿美元 [4] 公司表态 - 公司CEO表示当前环境不影响公司机会、热情和长期盈利能力，有途径解决近期医疗保险优势挑战，且会坚持战略，认为有合适资产为客户等创造价值 [3][5] 分析师观点 - 分析师仍看好该股，S&P Global Market Intelligence数据显示，CVS股票的分析师目标价中值为87.96美元，较当前水平有超56%的潜在涨幅，共识评级为买入 [6]

财务数据和关键指标变化 - 公司第一季度收入约为880亿美元,同比增长约4% [32] - 公司调整后营业利润约30亿美元,调整后每股收益1.31美元,低于预期 [11] - 公司下调2024年调整后每股收益指引至至少7美元 [11] 各条业务线数据和关键指标变化 - 医疗保险业务收入约320亿美元,同比增长约25% [34] - 医疗保险业务调整后营业利润7.32亿美元,医疗损失率上升580个基点至90.4% [35][36] - 医疗保险业务中,Medicare Advantage业务医疗成本大幅上升,主要包括门诊服务、补充福利和住院等方面 [37][38] - 医疗服务业务收入约400亿美元,同比下降近10%,调整后营业利润约14亿美元,下降近19% [44][45] - 药房及消费者健康业务收入约290亿美元,同比增长近3%,调整后营业利润约12亿美元,增长约4% [48][49] 各个市场数据和关键指标变化 - Medicare Advantage业务医疗成本大幅上升,公司将采取提价、调整福利等措施来改善利润率 [12][53][54] - Medicaid业务也面临医疗成本压力,主要由于会员重新认定带来的高风险人群增加 [39] - 商业保险和个人交易所业务的医疗成本表现相对较好,符合预期 [40][41] 公司战略和发展方向及行业竞争 - 公司将采取提价、调整福利、退出部分地区等措施来改善Medicare Advantage业务的利润率 [18][53][54] - 公司看好生物类似药业务Cordavis的发展前景,将推动生物类似药的采用以降低药品成本 [22][23] - 公司的药房及消费者健康业务保持良好增长,并推出了更简单透明的药品定价模式CVS CostVantage [25][26] - 公司的医疗服务业务如Signify和Oak Street Health保持良好发展势头,有助于提升整体业务的协同效应 [27][28] 管理层对经营环境和未来前景的评论 - 公司面临Medicare Advantage业务的利润压力,但相信通过采取措施可以在3-4年内将利润率恢复至4%-5%的目标水平 [20] - 公司对2025年的发展前景保持信心,预计将实现低双位数的每股收益增长 [70] - 公司将加快推进多年期的企业生产力提升计划,以优化成本结构 [16][29] 问答环节重要的提问和回答 问题1 **Justin Lake 提问** 询问第一季度4.5亿美元的非经常性成本中,哪些是季节性或一次性的 [73][74][75][76] **管理层回答** - 约5亿美元的成本压力中,约有5亿美元是季节性或一次性的,主要包括住院费用恢复到疫情前水平、RSV疫苗费用等 [73][74] - 剩余4亿美元的成本压力预计将持续到全年,主要来自门诊服务、补充福利等方面的持续高企 [75][76] 问题2 **Brian Kane 提问** 对2025年Medicare Advantage业务的展望,包括会员流失、定价策略等 [88][89][90][91][92] **管理层回答** - 公司将采取提价、调整福利、退出部分地区等措施来改善Medicare Advantage业务的利润率 [88][89] - 预计会员流失不会太大,公司将以利润为先,即使会有一定程度的会员流失也在可接受范围内 [90][91][92] - 公司有信心在3-4年内将Medicare Advantage业务的利润率恢复至4%-5%的目标水平 [91] 问题3 **Lisa Gill 提问** 询问2024年剩余时间的业务表现节奏 [107][108][109] **管理层回答** - 医疗服务业务中,由于失去大客户、内部化等因素影响,预计下半年的业绩贡献会更大,占全年的55%-60% [107][108] - 公司将密切关注这些压力因素的发展,并采取相应措施来实现全年业绩目标 [109]

业绩总结 - 2024年第一季度公司总收入为884亿美元，同比增长3.7%[6] - 调整后每股收益（EPS）为1.31美元，较2023年第一季度的2.20美元下降[6] - 2024年调整后每股收益指导下调至至少7.00美元[7] - 2024年第一季度运营现金流为49亿美元[3] - 2024年预计总收入至少为3690亿美元[7] - 2024年调整后运营收入指导下调至至少147.5亿美元[7] 用户数据 - 医疗保险业务的总收入为322亿美元，同比增长24.5%[10] - 药品和消费者健康部门的总收入为287亿美元，同比增长2.9%[12] - 健康服务部门的总收入为403亿美元，同比下降9.7%[11] 成本与支出 - 医疗成本超过预期，主要由于医疗优势计划的支出，导致医疗福利比率（MBR）为90.4%[10]

公司股价表现与交易动态 - 公司股价今日暴跌18%至55.55美元，盘中最低触及54.04美元，创下四年新低，并可能录得自2009年以来最差的单日百分比跌幅 [1] - 公司股价年初至今已下跌约30%，且今日暴跌前已处于所有20日至320日移动平均线之下的下行趋势中 [1] - 期权交易量已达日均水平的两倍，看涨情绪显现，迄今已成交44,000份看涨期权与27,000份看跌期权，其中6月到期、行权价60美元的看涨期权最受欢迎 [1] 公司财务业绩与展望 - 公司公布的第一季度盈利与营收均未达到市场预期 [1] - 由于医疗成本上升，公司大幅下调了其2024年的业绩指引 [1]

For the quarter ended March 2024, CVS Health (CVS) reported revenue of $88.44 billion, up 3.7% over the same period last year. EPS came in at $1.31, compared to $2.20 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $89.2 billion, representing a surprise of -0.86%. The company delivered an EPS surprise of -22.49%, with the consensus EPS estimate being $1.69.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street exp ...

CVS Health (CVS) came out with quarterly earnings of $1.31 per share, missing the Zacks Consensus Estimate of $1.69 per share. This compares to earnings of $2.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -22.49%. A quarter ago, it was expected that this drugstore chain and pharmacy benefits manager would post earnings of $2.01 per share when it actually produced earnings of $2.12, delivering a surprise of 5.47%.Over the ...

Key TakeawaysCVS shares tumbled Wednesday following the release of first-quarter results that missed analysts' expectations.The retail pharmacy giant also lowered its full-year guidance for earnings per share.Profits were hit as health care costs rose and CVS said Medicare utilization increased.CVS has struggled with having to pay out more to policyholders of its health insurance businesses as many people underwent procedures they may have delayed during the pandemic. CVS Health (CVS) shares tumbled close t ...

CVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry.Shares of the company dropped 10% in premarket trading.The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from a previous guidance of at least $8.30 per share. Analysts surveyed by LSEG were expecting full-year adjusted profit of $8.28 per share. CVS also cut its ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to_________ Commission File Number: 001-01011 CVS HEALTH CORPORATION (Exact name of registrant as specified in its charter) Delaware 05-0494040 (Sta ...

Exhibit 99.1 CVS HEALTH CORPORATION REPORTS FIRST QUARTER 2024 RESULTS AND REVISES FULL-YEAR 2024 GUIDANCE First Quarter Highlights • Total revenues increased to $88.4 billion, up 3.7% compared to prior year • GAAP diluted EPS of $0.88 and Adjusted EPS of $1.31 • Generated cash flow from operations of $4.9 billion 2024 Full-Year Guidance • Revised GAAP diluted EPS guidance to at least $5.64 from at least $7.06 • Revised Adjusted EPS guidance to at least $7.00 from at least $8.30 • Revised cash flow from ope ...