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CVS Health's MBR Improves: Can It Sustain Amid Elevated Cost Trends?
ZACKS· 2025-06-12 21:06
CVS健康医疗福利比率(MBR)表现 - 2025年第一季度MBR为87_3%,同比改善310个基点,主要受往年准备金释放和Medicare业务表现强劲推动[1] - 因计划2026年退出个人交易所业务,计提4_31亿美元保费不足准备金(PDR),使MBR增加约130个基点[1] - 全年MBR预期从91_5%下调至91_3%,位于调整后运营收入指引区间低端[4][9] 行业医疗成本趋势 - 医疗保险成本趋势持续高企,UnitedHealth集团2025年Q1医疗护理比率同比上升50个基点至84_8%,门诊和医生服务需求显著增加[2] - Elevance健康Q1福利费用比率同比上升80个基点至86_4%,主因医疗补助费率未能跟上医疗成本涨幅[3] CVS财务展望与估值 - 管理层观察到成本趋势初步企稳迹象,全年调整后EPS指引区间6_00-6_20美元,MBR改善可能推动业绩达区间高端[4] - 公司股价过去一年上涨9_6%,同期行业下跌18_5%[7] - 当前远期市盈率10_12倍,低于行业平均14_60倍,价值评分A级[8] 盈利预测调整 - 当前财年(2025)共识盈利预测从90天前的5_88美元上调至6_10美元,2026年预测从6_79美元上调至6_97美元[11] - Q2(2025年6月)预测从1_62美元下调至1_47美元,Q3预测从1_50美元下调至1_42美元[11]
CVS Health(CVS) - 2025 Q1 - Earnings Call Transcript
2025-05-01 20:00
CVS Health (CVS) Q1 2025 Earnings Call May 01, 2025 08:00 AM ET Speaker0 Good morning, and thank you all for attending the CVS Health Q1 twenty twenty five Earnings Conference Call. My name is Breeka, and I will be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I would now like to pass the conference over to your host, Larry McGrath, Chief Strategy Officer. Thank you. You may proceed, Larry. Speaker1 Goo ...
CVS Health(CVS) - 2025 Q1 - Earnings Call Transcript
2025-05-01 20:00
CVS Health (CVS) Q1 2025 Earnings Call May 01, 2025 08:00 AM ET Company Participants Larry McGrath - Executive VP, Chief Strategy Officer & Chief Strategic Advisor to the CEODavid Joyner - President & CEOThomas Cowhey - Executive Vice President & CFOSteve Nelson - Executive Vice President and President, AetnaLisa Gill - Managing DirectorPrem Shah - Executive Vice President and Group PresidentAndrew Mok - DirectorCharles Rhyee - Managing Director Conference Call Participants Justin Lake - Analyst - Healthcar ...