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) 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) 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 ...