WOONSOCKET, R.I., May 4, 2022 /PRNewswire/ -- CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended March 31, 2022.
FIRST QUARTER HIGHLIGHTS
KEY FINANCIAL DATA
Three Months Ended March 31, |
|||||
In millions, except per share |
2022 |
2021 |
Change |
||
Total revenues |
$ 76,826 |
$ 69,097 |
$ 7,729 |
||
Operating income |
3,490 |
3,577 |
(87) |
||
Adjusted operating income (1) |
4,483 |
4,205 |
278 |
||
Diluted earnings per share |
$ 1.74 |
$ 1.68 |
$ 0.06 |
||
Adjusted EPS (2) |
$ 2.22 |
$ 2.04 |
$ 0.18 |
||
2022 FULL-YEAR GUIDANCE
"Our strategy improves access to affordable, convenient and personalized health care, which benefits consumers and shareholders. We once again showed the power of our purpose and potential, building on our strong momentum and raising full-year guidance as a result." -Karen S. Lynch, CVS Health President and CEO
Q1 IN THE SPOTLIGHT
|
Increased quarterly dividend by 10% effective February 1, 2022, resulting in the return of $722 million to shareholders in Q1. Repurchased approximately 19.1 million shares of common stock, marking the first time the Company has repurchased stock since 2017. |
Continued to lead the nation's pandemic response by administering more than six million COVID-19 tests and more than eight million COVID-19 vaccines in the first quarter of 2022. |
Invested nearly $53 million to construct approximately 600 affordable housing units in Denver, Fresno, Nashville, and San Antonio, building on the Company's commitment to addressing housing insecurities and increasing access to health care services in underserved communities. |
Announced that Roger N. Farah will succeed David W. Dorman as Independent Chair of the Board of Directors following Chair Dorman's retirement, effective with the annual meeting of stockholders to be held on May 11, 2022. Director Tony L. White will also retire in May at the end of his current term. |
The Company presents both GAAP and non-GAAP financial measures in this press release to assist in the comparison of the Company's past financial performance with its current financial performance. See "Non-GAAP Financial Information" beginning on page 11 and endnotes beginning on page 22 for explanations of non-GAAP financial measures presented in this press release. See pages 13 through 14 and page 21 for reconciliations of each non-GAAP financial measure used in this release to the most directly comparable GAAP financial measure.
Consolidated First Quarter Results and Operational Highlights
Three Months Ended March 31, |
|||||
In millions, except per share amounts |
2022 |
2021 |
Change |
||
Total revenues |
$ 76,826 |
$ 69,097 |
$ 7,729 |
||
Operating income |
3,490 |
3,577 |
(87) |
||
Adjusted operating income (1) |
4,483 |
4,205 |
278 |
||
Net income |
2,313 |
2,224 |
89 |
||
Diluted earnings per share |
$ 1.74 |
$ 1.68 |
$ 0.06 |
||
Adjusted EPS (2) |
$ 2.22 |
$ 2.04 |
$ 0.18 |
Financial Results
For the three months ended March 31, 2022 compared to the prior year:
Health Care Benefits Segment
The Health Care Benefits segment offers a full range of insured and self-insured ("ASC") medical, pharmacy, dental and behavioral health products and services. The segment results for the three months ended March 31, 2022 and 2021 were as follows:
Three Months Ended March 31, |
|||||
In millions, except percentages |
2022 |
2021 |
Change |
||
Total revenues |
$ 23,109 |
$ 20,483 |
$ 2,626 |
||
Adjusted operating income (1) |
1,751 |
1,782 |
(31) |
||
Medical benefit ratio ("MBR") (4) |
83.5% |
83.2% |
0.3% |
||
Medical membership (5) |
24.5 |
23.6 |
0.9 |
See the supplemental information on page 16 for additional information regarding the performance of the Health Care Benefits segment.
Pharmacy Services Segment
The Pharmacy Services segment provides a full range of pharmacy benefit management solutions to employers, health plans, government employee groups and government sponsored programs. The segment results for the three months ended March 31, 2022 and 2021 were as follows:
Three Months Ended March 31, |
|||||
In millions |
2022 |
2021 |
Change |
||
Total revenues |
$ 39,461 |
$ 36,321 |
$ 3,140 |
||
Adjusted operating income (1) |
1,636 |
1,507 |
129 |
||
Total pharmacy claims processed (6) (7) |
567.0 |
535.9 |
31.1 |
||
Pharmacy network (8) |
484.3 |
455.4 |
28.9 |
||
Mail choice (9) |
82.7 |
80.5 |
2.2 |
See the supplemental information on page 18 for additional information regarding the performance of the Pharmacy Services segment.
Retail/LTC Segment
The Retail/LTC segment fulfills prescriptions for medications, provides patient care programs, sells a wide assortment of health and wellness products and general merchandise, provides health care services through walk-in medical clinics, provides medical diagnostic testing, administers vaccinations and provides pharmacy services to long-term care facilities. The segment results for the three months ended March 31, 2022 and 2021 were as follows:
Three Months Ended March 31, |
|||||
In millions |
2022 |
2021 |
Change |
||
Total revenues |
$ 25,418 |
$ 23,274 |
$ 2,144 |
||
Adjusted operating income (1) |
1,605 |
1,394 |
211 |
||
Prescriptions filled (6) (7) |
394.6 |
375.4 |
19.2 |
See the supplemental information on page 19 for additional information regarding the performance of the Retail/LTC segment.
2022 Full-Year Guidance
The Company revised its full-year 2022 GAAP diluted EPS guidance range to $6.93 to $7.13 from $7.04 to $7.24 and raised its full-year 2022 Adjusted EPS guidance range to $8.20 to $8.40 from $8.10 to $8.30. The Company also confirmed its full-year 2022 cash flow from operations guidance range of $12.0 billion to $13.0 billion.
The adjustments between full-year 2022 GAAP diluted EPS and Adjusted EPS include amortization of intangible assets, a legal settlement accrual, a loss on assets held for sale, the corresponding income tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health and the impact of certain discrete tax items concluded in the first quarter of 2022.
Teleconference and Webcast
The Company will be holding a conference call today for investors at 8:00 a.m. (Eastern Time) to discuss its first quarter results. An audio webcast of the call will be broadcast simultaneously for all interested parties through the Investor Relations section of the CVS Health website at http://investors.cvshealth.com. This webcast will be archived and available on the website for a one-year period following the conference call.
About CVS Health
CVS Health is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that's managing chronic diseases, staying compliant with their medications, or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Learn more at www.cvshealth.com.
Cautionary Statement Concerning Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation. Statements in this press release that are forward-looking include, but are not limited to, Ms. Lynch's quotation, the information under the headings "2022 Full-Year Guidance" and "Q1 In The Spotlight" and the information included in the endnotes and reconciliations. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements due to the risks and uncertainties related to the COVID-19 pandemic, including the potential emergence of additional variants, vaccine and testing protocols, government testing initiatives, the geographies impacted by and the severity and duration of the pandemic, the pandemic's impact on the U.S. and global economies and consumer behavior and health care utilization patterns, and the timing, scope and impact of stimulus legislation and other federal, state and local governmental responses to the pandemic, as well as the risks and uncertainties described in our Securities and Exchange Commission ("SEC") filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K, our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 and our Current Reports on Form 8-K.
You are cautioned not to place undue reliance on CVS Health's forward-looking statements. CVS Health's forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.
- Tables Follow -
CVS HEALTH CORPORATION Condensed Consolidated Statements of Operations (Unaudited) |
|||
Three Months Ended March 31, |
|||
In millions, except per share amounts |
2022 |
2021 |
|
Revenues: |
|||
Products |
$ 52,522 |
$ 47,387 |
|
Premiums |
21,631 |
18,960 |
|
Services |
2,505 |
2,453 |
|
Net investment income |
168 |
297 |
|
Total revenues |
76,826 |
69,097 |
|
Operating costs: |
|||
Cost of products sold |
45,509 |
40,894 |
|
Benefit costs |
17,951 |
15,704 |
|
Operating expenses |
9,876 |
8,922 |
|
Total operating costs |
73,336 |
65,520 |
|
Operating income |
3,490 |
3,577 |
|
Interest expense |
586 |
657 |
|
Other income |
(42) |
(50) |
|
Income before income tax provision |
2,946 |
2,970 |
|
Income tax provision |
633 |
746 |
|
Net income |
2,313 |
2,224 |
|
Net income attributable to noncontrolling interests |
(1) |
(1) |
|
Net income attributable to CVS Health |
$ 2,312 |
$ 2,223 |
|
Net income per share attributable to CVS Health: |
|||
Basic |
$ 1.76 |
$ 1.69 |
|
Diluted |
$ 1.74 |
$ 1.68 |
|
Weighted average shares outstanding: |
|||
Basic |
1,312 |
1,313 |
|
Diluted |
1,328 |
1,322 |
|
Dividends declared per share |
$ 0.55 |
$ 0.50 |
CVS HEALTH CORPORATION Condensed Consolidated Balance Sheets (Unaudited) |
|||
In millions |
March 31, |
December 31, |
|
Assets: |
|||
Cash and cash equivalents |
$ 8,442 |
$ 9,408 |
|
Investments |
2,900 |
3,117 |
|
Accounts receivable, net |
26,451 |
24,431 |
|
Inventories |
18,160 |
17,760 |
|
Other current assets |
5,530 |
5,292 |
|
Total current assets |
61,483 |
60,008 |
|
Long-term investments |
22,595 |
23,025 |
|
Property and equipment, net |
12,844 |
12,896 |
|
Operating lease right-of-use assets |
18,801 |
19,122 |
|
Goodwill |
79,060 |
79,121 |
|
Intangible assets, net |
28,543 |
29,026 |
|
Separate accounts assets |
4,670 |
5,087 |
|
Other assets |
4,877 |
4,714 |
|
Total assets |
$ 232,873 |
$ 232,999 |
|
Liabilities: |
|||
Accounts payable |
$ 12,738 |
$ 12,544 |
|
Pharmacy claims and discounts payable |
18,572 |
17,330 |
|
Health care costs payable |
10,260 |
8,808 |
|
Policyholders' funds |
4,138 |
4,301 |
|
Accrued expenses |
16,619 |
17,670 |
|
Other insurance liabilities |
1,387 |
1,303 |
|
Current portion of operating lease liabilities |
1,849 |
1,646 |
|
Current portion of long-term debt |
4,217 |
4,205 |
|
Total current liabilities |
69,780 |
67,807 |
|
Long-term operating lease liabilities |
17,786 |
18,177 |
|
Long-term debt |
52,063 |
51,971 |
|
Deferred income taxes |
5,829 |
6,270 |
|
Separate accounts liabilities |
4,670 |
5,087 |
|
Other long-term insurance liabilities |
6,363 |
6,402 |
|
Other long-term liabilities |
2,242 |
1,904 |
|
Total liabilities |
158,733 |
157,618 |
|
Shareholders' equity: |
|||
Preferred stock |
— |
— |
|
Common stock and capital surplus |
47,677 |
47,377 |
|
Treasury stock |
(30,145) |
(28,173) |
|
Retained earnings |
56,488 |
54,906 |
|
Accumulated other comprehensive income (loss) |
(190) |
965 |
|
Total CVS Health shareholders' equity |
73,830 |
75,075 |
|
Noncontrolling interests |
310 |
306 |
|
Total shareholders' equity |
74,140 |
75,381 |
|
Total liabilities and shareholders' equity |
$ 232,873 |
$ 232,999 |
CVS HEALTH CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||
Three Months Ended March 31, |
|||
In millions |
2022 |
2021 |
|
Cash flows from operating activities: |
|||
Cash receipts from customers |
$ 74,192 |
$ 66,487 |
|
Cash paid for inventory and prescriptions dispensed by retail network pharmacies |
(44,365) |
(39,171) |
|
Insurance benefits paid |
(16,616) |
(15,456) |
|
Cash paid to other suppliers and employees |
(8,969) |
(8,270) |
|
Interest and investment income received |
199 |
222 |
|
Interest paid |
(782) |
(876) |
|
Income taxes paid |
(96) |
(44) |
|
Net cash provided by operating activities |
3,563 |
2,892 |
|
Cash flows from investing activities: |
|||
Proceeds from sales and maturities of investments |
2,570 |
2,177 |
|
Purchases of investments |
(3,474) |
(3,131) |
|
Purchases of property and equipment |
(1,051) |
(829) |
|
Acquisitions (net of cash acquired) |
(7) |
(84) |
|
Other |
(31) |
— |
|
Net cash used in investing activities |
(1,993) |
(1,867) |
|
Cash flows from financing activities: |
|||
Net borrowings of short-term debt |
— |
252 |
|
Repayments of long-term debt |
(14) |
(3,049) |
|
Repurchase of common stock |
(2,000) |
— |
|
Dividends paid |
(722) |
(656) |
|
Proceeds from exercise of stock options |
297 |
212 |
|
Payments for taxes related to net share settlement of equity awards |
(62) |
(3) |
|
Other |
(149) |
59 |
|
Net cash used in financing activities |
(2,650) |
(3,185) |
|
Net decrease in cash, cash equivalents and restricted cash |
(1,080) |
(2,160) |
|
Cash, cash equivalents and restricted cash at the beginning of the period |
12,691 |
11,043 |
|
Cash, cash equivalents and restricted cash at the end of the period |
$ 11,611 |
$ 8,883 |
CVS HEALTH CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||
Three Months Ended March 31, |
|||
In millions |
2022 |
2021 |
|
Reconciliation of net income to net cash provided by operating activities: |
|||
Net income |
$ 2,313 |
$ 2,224 |
|
Adjustments required to reconcile net income to net cash provided by operating |
|||
Depreciation and amortization |
1,055 |
1,126 |
|
Stock-based compensation |
89 |
87 |
|
Deferred income taxes and other noncash items |
(187) |
(166) |
|
Change in operating assets and liabilities, net of effects from acquisitions: |
|||
Accounts receivable, net |
(1,967) |
(2,093) |
|
Inventories |
(400) |
879 |
|
Other assets |
(352) |
(286) |
|
Accounts payable and pharmacy claims and discounts payable |
1,974 |
576 |
|
Health care costs payable and other insurance liabilities |
1,478 |
294 |
|
Other liabilities |
(440) |
251 |
|
Net cash provided by operating activities |
$ 3,563 |
$ 2,892 |
Non-GAAP Financial Information
The Company uses non-GAAP financial measures to analyze underlying business performance and trends. The Company believes that providing these non-GAAP financial measures enhances the Company's and investors' ability to compare the Company's past financial performance with its current performance. These non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP. The Company's definitions of its non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies.
Non-GAAP financial measures such as consolidated adjusted operating income, adjusted earnings per share (EPS) and adjusted income attributable to CVS Health exclude from the relevant GAAP metrics, as applicable: amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance.
The Company's Non-GAAP adjusted effective income tax rate excludes from the relevant GAAP metric the corresponding tax benefit or expense related to the amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance and certain discrete tax items.
For the periods covered in this press release, the following items are excluded from the non-GAAP financial measures described above, as applicable, because the Company believes they neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance:
See endnotes (1), (2) and (3) on page 22 for definitions of non-GAAP financial measures. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are presented on pages 13 through 14 and page 21.
Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial |
||||||||||||
Adjusted Operating Income (Unaudited) |
||||||||||||
The following are reconciliations of consolidated operating income (GAAP measure) to consolidated adjusted operating income, as well as reconciliations of segment GAAP operating income to segment adjusted operating income: |
||||||||||||
Three Months Ended March 31, 2022 |
||||||||||||
In millions |
Health Care Benefits |
Pharmacy Services |
Retail/ LTC |
Corporate/ Other |
Intersegment Eliminations |
Consolidated Totals |
||||||
Operating income (loss) (GAAP |
$ 1,409 |
$ 1,592 |
$ 1,483 |
$ (790) |
$ (204) |
$ 3,490 |
||||||
Amortization of intangible assets |
301 |
44 |
122 |
1 |
— |
468 |
||||||
Legal settlement accrual |
— |
— |
— |
484 |
— |
484 |
||||||
Loss on assets held for sale |
41 |
— |
— |
— |
— |
41 |
||||||
Adjusted operating income (loss) (1) |
$ 1,751 |
$ 1,636 |
$ 1,605 |
$ (305) |
$ (204) |
$ 4,483 |
||||||
Three Months Ended March 31, 2021 |
||||||||||||
In millions |
Health Care Benefits |
Pharmacy Services |
Retail/ LTC |
Corporate/ Other |
Intersegment Eliminations |
Consolidated Totals |
||||||
Operating income (loss) (GAAP |
$ 1,380 |
$ 1,452 |
$ 1,265 |
$ (345) |
$ (175) |
$ 3,577 |
||||||
Amortization of intangible assets |
402 |
55 |
129 |
1 |
— |
587 |
||||||
Acquisition-related integration |
— |
— |
— |
41 |
— |
41 |
||||||
Adjusted operating income (loss) (1) |
$ 1,782 |
$ 1,507 |
$ 1,394 |
$ (303) |
$ (175) |
$ 4,205 |
Adjusted Earnings Per Share (Unaudited) |
|||||||
The following are reconciliations of net income attributable to CVS Health to adjusted income attributable to CVS |
|||||||
Three Months Ended March 31, 2022 |
Three Months Ended March 31, 2021 |
||||||
In millions, except per share amounts |
Total |
Per |
Total |
Per |
|||
Net income attributable to CVS Health (GAAP measure) |
$ 2,312 |
$ 1.74 |
$ 2,223 |
$ 1.68 |
|||
Amortization of intangible assets |
468 |
0.35 |
587 |
0.44 |
|||
Legal settlement accrual |
484 |
0.36 |
— |
— |
|||
Loss on assets held for sale |
41 |
0.03 |
— |
— |
|||
Acquisition-related integration costs |
— |
— |
41 |
0.03 |
|||
Tax impact of non-GAAP adjustments |
(363) |
(0.26) |
(154) |
(0.11) |
|||
Adjusted income attributable to CVS Health (2) |
$ 2,942 |
$ 2.22 |
$ 2,697 |
$ 2.04 |
|||
Weighted average diluted shares outstanding |
1,328 |
1,322 |
Adjusted Effective Income Tax Rate (Unaudited) |
|||
The following are reconciliations of the effective income tax rate (GAAP measure) to the adjusted effective income |
|||
Three Months Ended March 31, |
|||
2022 |
2021 |
||
Effective income tax rate (GAAP measure) |
21.5% |
25.1% |
|
Impact of non-GAAP adjustments |
3.8 |
(0.1) |
|
Adjusted effective income tax rate (3) |
25.3% |
25.0% |
Supplemental Information
|
|||||||||||
The Company's segments maintain separate financial information, and the Company's chief operating decision maker (the "CODM") evaluates the segments' operating results on a regular basis in deciding how to allocate resources among the segments and in assessing segment performance. The CODM evaluates the performance of the Company's segments based on adjusted operating income, which is defined as operating income (GAAP measure) excluding the impact of amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance as further described in endnote (1). The Company uses adjusted operating income as its principal measure of segment performance as it enhances the Company's ability to compare past financial performance with current performance and analyze underlying business performance and trends. |
|||||||||||
The following is a reconciliation of financial measures of the Company's segments to the consolidated totals: |
|||||||||||
In millions |
Health Care Benefits |
Pharmacy Services (a) |
Retail/ LTC |
Corporate/ Other |
Intersegment Eliminations (b) |
Consolidated Totals |
|||||
Three Months Ended |
|||||||||||
March 31, 2022 |
|||||||||||
Total revenues |
$ 23,109 |
$ 39,461 |
$ 25,418 |
$ 126 |
$ (11,288) |
$ 76,826 |
|||||
Adjusted operating income |
1,751 |
1,636 |
1,605 |
(305) |
(204) |
4,483 |
|||||
March 31, 2021 |
|||||||||||
Total revenues |
20,483 |
36,321 |
23,274 |
135 |
(11,116) |
69,097 |
|||||
Adjusted operating income |
1,782 |
1,507 |
1,394 |
(303) |
(175) |
4,205 |
_____________________________________________ |
||||||||||||
(a) |
Total revenues of the Pharmacy Services segment include approximately $3.8 billion and $3.4 billion of retail co-payments for the three months ended March 31, 2022 and 2021, respectively. |
|||||||||||
(b) |
Intersegment revenue eliminations relate to intersegment revenue generating activities that occur between the Health Care Benefits segment, the Pharmacy Services segment, and/or the Retail/LTC segment. Intersegment adjusted operating income eliminations occur when members of Pharmacy Services Segment clients ("PSS members") enrolled in Maintenance Choice® elect to pick up maintenance prescriptions at one of the Company's retail pharmacies instead of receiving them through the mail. When this occurs, both the Pharmacy Services and Retail/LTC segments record the adjusted operating income on a stand-alone basis. |
Supplemental Information (Unaudited) |
|||||||
Health Care Benefits Segment |
|||||||
The following table summarizes the Health Care Benefits segment's performance for the respective periods: |
|||||||
Three Months Ended March 31, |
Change |
||||||
In millions, except percentages and basis points ("bps") |
2022 |
2021 |
$ |
% |
|||
Revenues: |
|||||||
Premiums |
$ 21,614 |
$ 18,942 |
$ 2,672 |
14.1% |
|||
Services |
1,406 |
1,393 |
13 |
0.9% |
|||
Net investment income |
89 |
148 |
(59) |
(39.9)% |
|||
Total revenues |
23,109 |
20,483 |
2,626 |
12.8% |
|||
Benefit costs |
18,049 |
15,757 |
2,292 |
14.5% |
|||
MBR (Benefit costs as a % of premium revenues) (4) |
83.5% |
83.2% |
30 |
bps |
|||
Operating expenses |
$ 3,651 |
$ 3,346 |
$ 305 |
9.1% |
|||
Operating expenses as a % of total revenues |
15.8% |
16.3% |
|||||
Operating income |
$ 1,409 |
$ 1,380 |
$ 29 |
2.1% |
|||
Operating income as a % of total revenues |
6.1% |
6.7% |
|||||
Adjusted operating income (1) |
$ 1,751 |
$ 1,782 |
$ (31) |
(1.7)% |
|||
Adjusted operating income as a % of total revenues |
7.6% |
8.7% |
|||||
Premium revenues (by business): |
|||||||
Government |
$ 16,195 |
$ 13,917 |
$ 2,278 |
16.4% |
|||
Commercial |
5,419 |
5,025 |
394 |
7.8% |
The following table summarizes the Health Care Benefits segment's medical membership for the respective periods: |
|||||||||||||||||
March 31, 2022 |
December 31, 2021 |
March 31, 2021 |
|||||||||||||||
In thousands |
Insured |
ASC |
Total |
Insured |
ASC |
Total |
Insured |
ASC |
Total |
||||||||
Medical membership: (5) |
|||||||||||||||||
Commercial |
3,285 |
13,924 |
17,209 |
3,258 |
13,530 |
16,788 |
3,201 |
13,584 |
16,785 |
||||||||
Medicare Advantage |
3,169 |
— |
3,169 |
2,971 |
— |
2,971 |
2,874 |
— |
2,874 |
||||||||
Medicare Supplement |
1,292 |
— |
1,292 |
1,285 |
— |
1,285 |
1,146 |
— |
1,146 |
||||||||
Medicaid |
2,375 |
477 |
2,852 |
2,333 |
471 |
2,804 |
2,184 |
637 |
2,821 |
||||||||
Total medical membership |
10,121 |
14,401 |
24,522 |
9,847 |
14,001 |
23,848 |
9,405 |
14,221 |
23,626 |
||||||||
Supplemental membership information: |
|||||||||||||||||
Medicare Prescription Drug Plan (standalone) |
6,022 |
5,777 |
5,694 |
Supplemental Information (Unaudited) |
|||
The following table shows the components of the change in health care costs payable during the three months ended |
|||
Three Months Ended March 31, |
|||
In millions |
2022 |
2021 |
|
Health care costs payable, beginning of period |
$ 8,808 |
$ 7,936 |
|
Less: Reinsurance recoverables |
8 |
10 |
|
Health care costs payable, beginning of period, net |
8,800 |
7,926 |
|
Add: Components of incurred health care costs |
|||
Current year |
18,536 |
16,291 |
|
Prior years (a) |
(676) |
(652) |
|
Total incurred health care costs (b) |
17,860 |
15,639 |
|
Less: Claims paid |
|||
Current year |
10,225 |
9,538 |
|
Prior years |
6,183 |
5,767 |
|
Total claims paid |
16,408 |
15,305 |
|
Add: Premium deficiency reserve |
13 |
7 |
|
Other (c) |
(13) |
— |
|
Health care costs payable, end of period, net |
10,252 |
8,267 |
|
Add: Reinsurance recoverables |
8 |
5 |
|
Health care costs payable, end of period |
$ 10,260 |
$ 8,272 |
_____________________________________________ |
|
(a) |
Negative amounts reported for incurred health care costs related to prior years result from claims being settled for amounts less than |
(b) |
Total incurred health care costs for the three months ended March 31, 2022 and 2021 in the table above exclude (i) $13 million and $7 million, respectively, for a premium deficiency reserve related to the Company's Medicaid products, (ii) $19 million and $13 million, respectively, of benefit costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets and (iii) $59 million and $45 million, respectively, of benefit costs recorded in the Corporate/Other segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets. |
(c) |
As a result of the planned divestiture of the Thailand business, the net assets associated with this business were accounted for as assets held for sale and the associated health care costs payable balance was reclassified to accrued expenses on the unaudited condensed consolidated balance sheet at March 31, 2022. |
The following table summarizes the Health Care Benefits segment's days claims payable for the respective periods: |
|||||
March 31, 2022 |
December 31, 2021 |
March 31, 2021 |
|||
Days Claims Payable (10) |
51.7 |
49.1 |
47.6 |
Supplemental Information (Unaudited) |
|||||||
Pharmacy Services Segment |
|||||||
The following table summarizes the Pharmacy Services segment's performance for the respective periods: |
|||||||
Three Months Ended March 31, |
Change |
||||||
In millions, except percentages |
2022 |
2021 |
$ |
% |
|||
Revenues: |
|||||||
Products |
$ 39,164 |
$ 36,067 |
$ 3,097 |
8.6% |
|||
Services |
297 |
254 |
43 |
16.9% |
|||
Total revenues |
39,461 |
36,321 |
3,140 |
8.6% |
|||
Cost of products sold |
37,490 |
34,523 |
2,967 |
8.6% |
|||
Gross profit (11) |
1,971 |
1,798 |
173 |
9.6% |
|||
Gross margin (Gross profit as a % of total revenues) (11) |
5.0% |
5.0% |
|||||
Operating expenses |
$ 379 |
$ 346 |
$ 33 |
9.5% |
|||
Operating expenses as a % of total revenues |
1.0% |
1.0% |
|||||
Operating income |
$ 1,592 |
$ 1,452 |
$ 140 |
9.6% |
|||
Operating income as a % of total revenues |
4.0% |
4.0% |
|||||
Adjusted operating income (1) |
$ 1,636 |
$ 1,507 |
$ 129 |
8.6% |
|||
Adjusted operating income as a % of total revenues |
4.1% |
4.1% |
|||||
Revenues (by distribution channel): |
|||||||
Pharmacy network (8) |
$ 22,824 |
$ 21,893 |
$ 931 |
4.3% |
|||
Mail choice (9) |
16,374 |
14,248 |
2,126 |
14.9% |
|||
Other |
263 |
180 |
83 |
46.1% |
|||
Pharmacy claims processed: (6) (7) |
|||||||
Total (a) |
567.0 |
535.9 |
31.1 |
5.8% |
|||
Pharmacy network (8) |
484.3 |
455.4 |
28.9 |
6.3% |
|||
Mail choice (9) |
82.7 |
80.5 |
2.2 |
2.7% |
|||
Generic dispensing rate: (7) (12) |
|||||||
Total (b) |
87.7% |
88.1% |
|||||
Pharmacy network (8) |
88.1% |
88.5% |
|||||
Mail choice (9) |
85.6% |
85.7% |
|||||
_____________________________________________ |
|||||||
(a) Excluding the impact of COVID-19 vaccinations, total pharmacy claims processed increased 5.5% on a 30-day equivalent basis for the |
|||||||
(b) Excluding the impact of COVID-19 vaccinations, the Pharmacy Services segment's total generic dispensing rate was 88.8% and 88.9% in |
Supplemental Information (Unaudited) |
|||||||
Retail/LTC Segment |
|||||||
The following table summarizes the Retail/LTC segment's performance for the respective periods: |
|||||||
Three Months Ended March 31, |
Change |
||||||
In millions, except percentages |
2022 |
2021 |
$ |
% |
|||
Revenues: |
|||||||
Products |
$ 24,605 |
$ 22,394 |
$ 2,211 |
9.9% |
|||
Services |
829 |
834 |
(5) |
(0.6)% |
|||
Net investment income (loss) |
(16) |
46 |
(62) |
(134.8)% |
|||
Total revenues |
25,418 |
23,274 |
2,144 |
9.2% |
|||
Cost of products sold |
18,765 |
17,042 |
1,723 |
10.1% |
|||
Gross profit (11) |
6,653 |
6,232 |
421 |
6.8% |
|||
Gross margin (Gross profit as a % of total revenues) (11) |
26.2% |
26.8% |
|||||
Operating expenses |
$ 5,170 |
$ 4,967 |
203 |
4.1% |
|||
Operating expenses as a % of total revenues |
20.3% |
21.3% |
|||||
Operating income |
$ 1,483 |
$ 1,265 |
$ 218 |
17.2% |
|||
Operating income as a % of total revenues |
5.8% |
5.4% |
|||||
Adjusted operating income (1) |
$ 1,605 |
$ 1,394 |
$ 211 |
15.1% |
|||
Adjusted operating income as a % of total revenues |
6.3% |
6.0% |
|||||
Revenues (by major goods/service lines): |
|||||||
Pharmacy |
$ 19,532 |
$ 17,885 |
$ 1,647 |
9.2% |
|||
Front Store |
5,313 |
4,642 |
671 |
14.5% |
|||
Other |
589 |
701 |
(112) |
(16.0)% |
|||
Net investment income (loss) |
(16) |
46 |
(62) |
(134.8)% |
|||
Prescriptions filled (6) (7) (a) |
394.6 |
375.4 |
19.2 |
5.1% |
|||
Same store sales increase (decrease): (13) |
|||||||
Total |
10.7% |
0.4% |
|||||
Pharmacy |
10.1% |
4.1% |
|||||
Front Store |
13.2% |
(11.4)% |
|||||
Prescription volume (7) |
6.1% |
1.0% |
|||||
Generic dispensing rate (7) (12) (b) |
87.5% |
87.4% |
|||||
_____________________________________________ |
|||||||
(a) Excluding the impact of COVID-19 vaccinations, prescriptions filled increased 5.6% on a 30-day equivalent basis for the three months |
|||||||
(b) Excluding the impact of COVID-19 vaccinations, the Retail/LTC segment's total generic dispensing rate was 89.9% and 89.5% in the three |
Supplemental Information (Unaudited) |
|||||||
Corporate/Other Segment |
|||||||
The following table summarizes the Corporate/Other segment's performance for the respective periods: |
|||||||
Three Months Ended March 31, |
Change |
||||||
In millions, except percentages |
2022 |
2021 |
$ |
% |
|||
Revenues: |
|||||||
Premiums |
$ 17 |
$ 18 |
$ (1) |
(5.6)% |
|||
Services |
14 |
14 |
— |
—% |
|||
Net investment income |
95 |
103 |
(8) |
(7.8)% |
|||
Total revenues |
126 |
135 |
(9) |
(6.7)% |
|||
Cost of products sold |
10 |
8 |
2 |
25.0% |
|||
Benefit costs |
59 |
45 |
14 |
31.1% |
|||
Operating expenses |
847 |
427 |
420 |
98.4% |
|||
Operating loss |
(790) |
(345) |
(445) |
(129.0)% |
|||
Adjusted operating loss (1) |
(305) |
(303) |
(2) |
(0.7)% |
Adjusted Earnings Per Share Guidance (Unaudited) |
|||||||
The following reconciliations of projected net income attributable to CVS Health to projected adjusted income attributable to CVS Health and calculations of projected GAAP diluted EPS and projected Adjusted EPS contain forward-looking information. All forward-looking information involves risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking information for a number of reasons as described in our SEC filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022. See "Non-GAAP Financial Information" earlier in this press release and endnote (2) later in this press release for more information on how we calculate Adjusted EPS. |
|||||||
Year Ending December 31, 2022 |
|||||||
Low |
High |
||||||
In millions, except per share amounts |
Total |
Per |
Total |
Per |
|||
Net income attributable to CVS Health (GAAP measure) |
$ 9,214 |
$ 6.93 |
$ 9,484 |
$ 7.13 |
|||
Non-GAAP adjustments: |
|||||||
Amortization of intangible assets |
1,870 |
1.41 |
1,870 |
1.41 |
|||
Legal settlement accrual |
484 |
0.36 |
484 |
0.36 |
|||
Loss on assets held for sale |
41 |
0.03 |
41 |
0.03 |
|||
Tax impact of non-GAAP adjustments |
(709) |
(0.53) |
(709) |
(0.53) |
|||
Adjusted income attributable to CVS Health (2) |
$ 10,900 |
$ 8.20 |
$ 11,170 |
$ 8.40 |
|||
Weighted average diluted shares outstanding |
1,330 |
1,330 |
(1) The Company defines adjusted operating income as operating income (GAAP measure) excluding the impact of amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, such as the establishment of certain legal settlement accruals, losses on assets held for sale and acquisition-related integration costs. The Company uses adjusted operating income as its principal measure of segment performance as it enhances the Company's ability to compare past financial performance with current performance and analyze underlying business performance and trends. The consolidated measure is not determined in accordance with GAAP and should not be considered a substitute for, or superior to, the most directly comparable GAAP measure, consolidated operating income. See "Non-GAAP Financial Information" earlier in this press release for additional information regarding the items excluded from consolidated operating income in determining consolidated adjusted operating income.
(2) Adjusted EPS is calculated by dividing adjusted income attributable to CVS Health by the Company's weighted average diluted shares outstanding. The Company defines adjusted income attributable to CVS Health as net income attributable to CVS Health (GAAP measure) excluding the impact of amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, such as the establishment of certain legal settlement accruals, losses on assets held for sale, acquisition-related integration costs and the corresponding income tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health. See "Non-GAAP Financial Information" earlier in this press release for additional information regarding the items excluded from net income attributable to CVS Health in determining adjusted income attributable to CVS Health.
(3) The Company defines the adjusted effective income tax rate as the effective income tax rate (GAAP measure) excluding the corresponding tax benefit or expense related to the items excluded from adjusted income attributable to CVS Health above. The nature of each non-GAAP adjustment is evaluated to determine whether a discrete adjustment should be made to the adjusted effective income tax rate. During the three months ended March 31, 2022, the Company's adjusted effective income tax rate also excludes the impact of certain discrete tax items concluded in the first quarter of 2022.
(4) Medical benefit ratio is calculated as benefit costs divided by premium revenues and represents the percentage of premium revenues spent on medical benefits for the Company's insured members. Management uses MBR to assess the underlying business performance and underwriting of its insurance products, understand variances between actual results and expected results and identify trends in period-over-period results. MBR provides management and investors with information useful in assessing the operating results of the Company's insured Health Care Benefits products.
(5) Medical membership represents the number of members covered by the Company's insured and ASC medical products and related services at a specified point in time. Management uses this metric to understand variances between actual medical membership and expected amounts as well as trends in period-over-period results. This metric provides management and investors with information useful in understanding the impact of medical membership on segment total revenues and operating results.
(6) Total pharmacy claims processed represents the number of prescription claims processed through the Company's pharmacy benefits manager and dispensed by either its retail network pharmacies or its own mail and specialty pharmacies. Prescriptions filled represents the number of prescriptions dispensed through the Retail/LTC segment's pharmacies. Management uses these metrics to understand variances between actual claims processed and prescriptions dispensed, respectively, and expected amounts as well as trends in period-over-period results. These metrics provide management and investors with information useful in understanding the impact of pharmacy claim volume and prescription volume, respectively, on segment total revenues and operating results.
(7) Includes an adjustment to convert 90-day prescriptions to the equivalent of three 30-day prescriptions. This adjustment reflects the fact that these prescriptions include approximately three times the amount of product days supplied compared to a normal prescription.
(8) Pharmacy network is defined as claims filled at retail and specialty retail pharmacies, including the Company's retail pharmacies and long-term care pharmacies, but excluding Maintenance Choice activity, which is included within the mail choice category. Maintenance Choice permits eligible client plan members to fill their maintenance prescriptions through mail order delivery or at a CVS pharmacy retail store for the same price as mail order.
(9) Mail choice is defined as claims filled at a Pharmacy Services mail order facility, which includes specialty mail claims inclusive of Specialty Connect® claims picked up at a retail pharmacy, as well as prescriptions filled at the Company's retail pharmacies under the Maintenance Choice program.
(10) Days claims payable is calculated by dividing the health care costs payable at the end of each quarter by the average health care costs per day during such quarter. Management and investors use this metric as an indicator of the adequacy of the Company's health care costs payable liability at the end of each quarter and as an indicator of changes in such adequacy over time.
(11) Gross profit is calculated as the segment's total revenues less its cost of products sold. Gross margin is calculated by dividing the segment's gross profit by its total revenues and represents the percentage of total revenues that remains after incurring direct costs associated with the segment's products sold and services provided. Gross margin provides investors with information that may be useful in assessing the operating results of the Company's Pharmacy Services and Retail/LTC segments.
(12) Generic dispensing rate is calculated by dividing the segment's generic drug prescriptions processed or filled by its total prescriptions processed or filled. Management uses this metric to evaluate the effectiveness of the business at encouraging the use of generic drugs when they are available and clinically appropriate, which aids in decreasing costs for client members and retail customers. This metric provides management and investors with information useful in understanding trends in segment total revenues and operating results.
(13) Same store sales and prescription volume represent the change in revenues and prescriptions filled in the Company's retail pharmacy stores that have been operating for greater than one year, expressed as a percentage that indicates the increase or decrease relative to the comparable prior period. Same store metrics exclude revenues from MinuteClinic and revenues and prescriptions from LTC operations. Management uses these metrics to evaluate the performance of existing stores on a comparable basis and to inform future decisions regarding existing stores and new locations. Same-store metrics provide management and investors with information useful in understanding the portion of current revenues and prescriptions resulting from organic growth in existing locations versus the portion resulting from opening new stores.
SOURCE CVS Health Corporation
WOONSOCKET, R.I., 4 мая 2022 г. /PRNewswire/ -- Корпорация CVS Health (NYSE: CVS) сегодня объявила операционные результаты за три месяца, закончившихся 31 марта 2022 г.
основные моменты первого квартала
основные финансовые данные
Three Months Ended March 31, |
|||||
In millions, except per share |
2022 |
2021 |
Change |
||
Total revenues |
$ 76,826 |
$ 69,097 |
$ 7,729 |
||
Operating income |
3,490 |
3,577 |
(87) |
||
Adjusted operating income (1) |
4,483 |
4,205 |
278 |
||
Diluted earnings per share |
$ 1.74 |
$ 1.68 |
$ 0.06 |
||
Adjusted EPS (2) |
$ 2.22 |
$ 2.04 |
$ 0.18 |
||
руководство на весь 2022 год
"Наша стратегия улучшает доступ к недорогому, удобному и персонализированному медицинскому обслуживанию, что приносит пользу потребителям и акционерам. Мы в очередной раз продемонстрировали силу нашей цели и потенциала, развивая наш сильный импульс и в результате повысив прогноз на весь год". - Карен С. Линч, президент и генеральный директор CVS Health
Q1 IN THE SPOTLIGHT
|
Increased quarterly dividend by 10% effective February 1, 2022, resulting in the return of $722 million to shareholders in Q1. Repurchased approximately 19.1 million shares of common stock, marking the first time the Company has repurchased stock since 2017. |
Continued to lead the nation's pandemic response by administering more than six million COVID-19 tests and more than eight million COVID-19 vaccines in the first quarter of 2022. |
Invested nearly $53 million to construct approximately 600 affordable housing units in Denver, Fresno, Nashville, and San Antonio, building on the Company's commitment to addressing housing insecurities and increasing access to health care services in underserved communities. |
Announced that Roger N. Farah will succeed David W. Dorman as Independent Chair of the Board of Directors following Chair Dorman's retirement, effective with the annual meeting of stockholders to be held on May 11, 2022. Director Tony L. White will also retire in May at the end of his current term. |
В этом пресс-релизе Компания представляет финансовые показатели как по GAAP, так и не по GAAP, чтобы помочь в сравнении прошлых финансовых показателей Компании с ее текущими финансовыми показателями. См. раздел "Финансовая информация, не относящаяся к GAAP", начинающийся на стр. 11, и концевые примечания, начинающиеся на стр. 22, для пояснения финансовых показателей, не относящихся к GAAP, представленных в этом пресс-релизе. Смотрите страницы с 13 по 14 и стр. 21 для сверки каждого финансового показателя, не относящегося к GAAP, используемого в этом выпуске, с наиболее непосредственно сопоставимым финансовым показателем GAAP.
Консолидированные результаты Первого квартала и Основные операционные показатели
Three Months Ended March 31, |
|||||
In millions, except per share amounts |
2022 |
2021 |
Change |
||
Total revenues |
$ 76,826 |
$ 69,097 |
$ 7,729 |
||
Operating income |
3,490 |
3,577 |
(87) |
||
Adjusted operating income (1) |
4,483 |
4,205 |
278 |
||
Net income |
2,313 |
2,224 |
89 |
||
Diluted earnings per share |
$ 1.74 |
$ 1.68 |
$ 0.06 |
||
Adjusted EPS (2) |
$ 2.22 |
$ 2.04 |
$ 0.18 |
Финансовые результаты
За три месяца, закончившихся 31 марта 2022 года, по сравнению с предыдущим годом:
Сегмент Льгот по медицинскому обслуживанию
Сегмент медицинских льгот предлагает полный спектр застрахованных и самострахованных ("ASC") медицинских, аптечных, стоматологических и поведенческих продуктов и услуг в области здравоохранения. Результаты сегмента за три месяца, закончившихся 31 марта 2022 и 2021 годов, были следующими:
Three Months Ended March 31, |
|||||
In millions, except percentages |
2022 |
2021 |
Change |
||
Total revenues |
$ 23,109 |
$ 20,483 |
$ 2,626 |
||
Adjusted operating income (1) |
1,751 |
1,782 |
(31) |
||
Medical benefit ratio ("MBR") (4) |
83.5% |
83.2% |
0.3% |
||
Medical membership (5) |
24.5 |
23.6 |
0.9 |
См. Дополнительную информацию на стр. 16 для получения дополнительной информации о результатах сегмента медицинских льгот.
Сегмент аптечных услуг
Сегмент аптечных услуг предоставляет полный спектр решений по управлению аптечными льготами для работодателей, медицинских планов, групп государственных служащих и программ, спонсируемых правительством. Результаты сегмента за три месяца, закончившихся 31 марта 2022 и 2021 годов, были следующими:
Three Months Ended March 31, |
|||||
In millions |
2022 |
2021 |
Change |
||
Total revenues |
$ 39,461 |
$ 36,321 |
$ 3,140 |
||
Adjusted operating income (1) |
1,636 |
1,507 |
129 |
||
Total pharmacy claims processed (6) (7) |
567.0 |
535.9 |
31.1 |
||
Pharmacy network (8) |
484.3 |
455.4 |
28.9 |
||
Mail choice (9) |
82.7 |
80.5 |
2.2 |
Дополнительную информацию о работе сегмента аптечных услуг см. в дополнительной информации на стр. 18.
Сегмент розничной торговли/LTC
Сегмент розничной торговли / LTC выполняет рецепты на лекарства, предоставляет программы ухода за пациентами, продает широкий ассортимент товаров для здоровья и хорошего самочувствия и товаров общего назначения, предоставляет медицинские услуги через медицинские клиники, проводит медицинские диагностические тесты, проводит вакцинации и предоставляет аптечные услуги учреждениям долгосрочного ухода. Результаты сегмента за три месяца, закончившихся 31 марта 2022 и 2021 годов, были следующими:
Three Months Ended March 31, |
|||||
In millions |
2022 |
2021 |
Change |
||
Total revenues |
$ 25,418 |
$ 23,274 |
$ 2,144 |
||
Adjusted operating income (1) |
1,605 |
1,394 |
211 |
||
Prescriptions filled (6) (7) |
394.6 |
375.4 |
19.2 |
Смотрите дополнительную информацию на стр. 19 для получения дополнительной информации о показателях сегмента розничной торговли /LTC.
Руководство на весь 2022 год
Компания пересмотрела свой прогнозный диапазон разводненной прибыли на прибыль за весь 2022 год по GAAP до $6,93-$7,13 с $7,04 до $7,24 и повысила прогнозный диапазон скорректированной прибыли на прибыль за весь 2022 год до $8,20-$8,40 с $8,10 до $8,30. Компания также подтвердила свой денежный поток за весь 2022 год с прогнозируемого диапазона операций от 12,0 млрд до 13,0 млрд долларов.
Корректировки между разводненной EPS за весь 2022 год по GAAP и скорректированной EPS включают амортизацию нематериальных активов, начисление юридических расчетов, убыток по активам, предназначенным для продажи, соответствующую налоговую льготу или расходы, связанные со статьями, исключенными из скорректированного дохода, относящегося к CVS Health, и влияние определенных отдельных налоговых статей, заключенных в первый квартал 2022 года.
Телеконференция и веб-трансляция
Сегодня в 8:00 утра по восточному времени Компания проведет телефонную конференцию для инвесторов, чтобы обсудить результаты своего первого квартала. Аудиотрансляция звонка будет транслироваться одновременно для всех заинтересованных сторон через раздел по связям с инвесторами веб-сайта CVS Health по адресу http://investors.cvshealth.com . Эта веб-трансляция будет заархивирована и доступна на веб-сайте в течение одного года после телефонной конференции.
Об CVS Health
CVS Health - ведущая компания в области медицинских решений, предоставляющая медицинскую помощь так, как никто другой. Мы охватываем больше людей и улучшаем здоровье сообществ по всей Америке благодаря нашему местному присутствию, цифровым каналам и более чем 300 000 преданных своему делу коллег, в том числе более 40 000 врачей, фармацевтов, медсестер и практикующих медсестер. Где бы и когда бы люди ни нуждались в нас, мы помогаем им с их здоровьем – будь то лечение хронических заболеваний, соблюдение режима приема лекарств или доступ к недорогим медицинским и оздоровительным услугам наиболее удобными способами. Мы помогаем людям ориентироваться в системе здравоохранения – и в их личном здравоохранении – улучшая доступ, снижая затраты и являясь надежным партнером в каждый значимый момент здоровья. И мы делаем все это от чистого сердца, каждый день. Узнайте больше на сайте www.cvshealth.com .
Предостерегающее Заявление В Отношении Прогнозных Заявлений
Закон о реформе судебных разбирательств по частным ценным бумагам 1995 года обеспечивает безопасную гавань для прогнозных заявлений, сделанных корпорацией CVS Health или от ее имени. Заявления в этом пресс-релизе, которые носят прогнозный характер, включают, но не ограничиваются цитатой г-жи Линч, информацией под заголовками "Руководство на весь 2022 год" и "1 квартал в центре внимания", а также информацией, включенной в концевые примечания и выверки. По своей природе все прогнозные заявления не являются гарантией будущих результатов или результатов и подвержены рискам и неопределенностям, которые трудно предсказать и /или оценить количественно. Фактические результаты могут существенно отличаться от тех, которые предусмотрены в прогнозных заявлениях, из-за рисков и неопределенностей, связанных с пандемией COVID-19, включая потенциальное появление дополнительных вариантов, протоколов вакцинации и тестирования, правительственных инициатив по тестированию, географических регионов, затронутых, а также серьезности и продолжительности пандемии, пандемиивлияние на экономику США и мировую экономику, поведение потребителей и модели использования медицинских услуг, а также сроки, масштабы и влияние стимулирующего законодательства и других мер реагирования федеральных, государственных и местных органов власти на пандемию, а также риски и неопределенности, описанные в наших документах Комиссии по ценным бумагам и биржам ("SEC")., включая те, которые изложены в разделе "Факторы риска" и под заголовком "Предостерегающее заявление относительно прогнозных заявлений" в нашем последнем Годовом отчете по форме 10-K, нашем Ежеквартальном отчете по форме 10-Q за квартальный период, закончившийся 31 марта 2022 года, и наших Текущих отчетах по Форме 8- К.
Вас предупреждают, чтобы вы не слишком полагались на прогнозные заявления CVS Health. Прогнозные заявления CVS Health основаны и будут основаны на текущих взглядах и предположениях руководства относительно будущих событий и операционных показателей и применимы только на даты таких заявлений. CVS Health не берет на себя никаких обязательств по обновлению или пересмотру прогнозных заявлений, будь то в результате новой информации, будущих событий, неопределенностей или иным образом.
- Таблицы Следуют -
CVS HEALTH CORPORATION Condensed Consolidated Statements of Operations (Unaudited) |
|||
Three Months Ended March 31, |
|||
In millions, except per share amounts |
2022 |
2021 |
|
Revenues: |
|||
Products |
$ 52,522 |
$ 47,387 |
|
Premiums |
21,631 |
18,960 |
|
Services |
2,505 |
2,453 |
|
Net investment income |
168 |
297 |
|
Total revenues |
76,826 |
69,097 |
|
Operating costs: |
|||
Cost of products sold |
45,509 |
40,894 |
|
Benefit costs |
17,951 |
15,704 |
|
Operating expenses |
9,876 |
8,922 |
|
Total operating costs |
73,336 |
65,520 |
|
Operating income |
3,490 |
3,577 |
|
Interest expense |
586 |
657 |
|
Other income |
(42) |
(50) |
|
Income before income tax provision |
2,946 |
2,970 |
|
Income tax provision |
633 |
746 |
|
Net income |
2,313 |
2,224 |
|
Net income attributable to noncontrolling interests |
(1) |
(1) |
|
Net income attributable to CVS Health |
$ 2,312 |
$ 2,223 |
|
Net income per share attributable to CVS Health: |
|||
Basic |
$ 1.76 |
$ 1.69 |
|
Diluted |
$ 1.74 |
$ 1.68 |
|
Weighted average shares outstanding: |
|||
Basic |
1,312 |
1,313 |
|
Diluted |
1,328 |
1,322 |
|
Dividends declared per share |
$ 0.55 |
$ 0.50 |
CVS HEALTH CORPORATION Condensed Consolidated Balance Sheets (Unaudited) |
|||
In millions |
March 31, |
December 31, |
|
Assets: |
|||
Cash and cash equivalents |
$ 8,442 |
$ 9,408 |
|
Investments |
2,900 |
3,117 |
|
Accounts receivable, net |
26,451 |
24,431 |
|
Inventories |
18,160 |
17,760 |
|
Other current assets |
5,530 |
5,292 |
|
Total current assets |
61,483 |
60,008 |
|
Long-term investments |
22,595 |
23,025 |
|
Property and equipment, net |
12,844 |
12,896 |
|
Operating lease right-of-use assets |
18,801 |
19,122 |
|
Goodwill |
79,060 |
79,121 |
|
Intangible assets, net |
28,543 |
29,026 |
|
Separate accounts assets |
4,670 |
5,087 |
|
Other assets |
4,877 |
4,714 |
|
Total assets |
$ 232,873 |
$ 232,999 |
|
Liabilities: |
|||
Accounts payable |
$ 12,738 |
$ 12,544 |
|
Pharmacy claims and discounts payable |
18,572 |
17,330 |
|
Health care costs payable |
10,260 |
8,808 |
|
Policyholders' funds |
4,138 |
4,301 |
|
Accrued expenses |
16,619 |
17,670 |
|
Other insurance liabilities |
1,387 |
1,303 |
|
Current portion of operating lease liabilities |
1,849 |
1,646 |
|
Current portion of long-term debt |
4,217 |
4,205 |
|
Total current liabilities |
69,780 |
67,807 |
|
Long-term operating lease liabilities |
17,786 |
18,177 |
|
Long-term debt |
52,063 |
51,971 |
|
Deferred income taxes |
5,829 |
6,270 |
|
Separate accounts liabilities |
4,670 |
5,087 |
|
Other long-term insurance liabilities |
6,363 |
6,402 |
|
Other long-term liabilities |
2,242 |
1,904 |
|
Total liabilities |
158,733 |
157,618 |
|
Shareholders' equity: |
|||
Preferred stock |
— |
— |
|
Common stock and capital surplus |
47,677 |
47,377 |
|
Treasury stock |
(30,145) |
(28,173) |
|
Retained earnings |
56,488 |
54,906 |
|
Accumulated other comprehensive income (loss) |
(190) |
965 |
|
Total CVS Health shareholders' equity |
73,830 |
75,075 |
|
Noncontrolling interests |
310 |
306 |
|
Total shareholders' equity |
74,140 |
75,381 |
|
Total liabilities and shareholders' equity |
$ 232,873 |
$ 232,999 |
CVS HEALTH CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||
Three Months Ended March 31, |
|||
In millions |
2022 |
2021 |
|
Cash flows from operating activities: |
|||
Cash receipts from customers |
$ 74,192 |
$ 66,487 |
|
Cash paid for inventory and prescriptions dispensed by retail network pharmacies |
(44,365) |
(39,171) |
|
Insurance benefits paid |
(16,616) |
(15,456) |
|
Cash paid to other suppliers and employees |
(8,969) |
(8,270) |
|
Interest and investment income received |
199 |
222 |
|
Interest paid |
(782) |
(876) |
|
Income taxes paid |
(96) |
(44) |
|
Net cash provided by operating activities |
3,563 |
2,892 |
|
Cash flows from investing activities: |
|||
Proceeds from sales and maturities of investments |
2,570 |
2,177 |
|
Purchases of investments |
(3,474) |
(3,131) |
|
Purchases of property and equipment |
(1,051) |
(829) |
|
Acquisitions (net of cash acquired) |
(7) |
(84) |
|
Other |
(31) |
— |
|
Net cash used in investing activities |
(1,993) |
(1,867) |
|
Cash flows from financing activities: |
|||
Net borrowings of short-term debt |
— |
252 |
|
Repayments of long-term debt |
(14) |
(3,049) |
|
Repurchase of common stock |
(2,000) |
— |
|
Dividends paid |
(722) |
(656) |
|
Proceeds from exercise of stock options |
297 |
212 |
|
Payments for taxes related to net share settlement of equity awards |
(62) |
(3) |
|
Other |
(149) |
59 |
|
Net cash used in financing activities |
(2,650) |
(3,185) |
|
Net decrease in cash, cash equivalents and restricted cash |
(1,080) |
(2,160) |
|
Cash, cash equivalents and restricted cash at the beginning of the period |
12,691 |
11,043 |
|
Cash, cash equivalents and restricted cash at the end of the period |
$ 11,611 |
$ 8,883 |
CVS HEALTH CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||
Three Months Ended March 31, |
|||
In millions |
2022 |
2021 |
|
Reconciliation of net income to net cash provided by operating activities: |
|||
Net income |
$ 2,313 |
$ 2,224 |
|
Adjustments required to reconcile net income to net cash provided by operating |
|||
Depreciation and amortization |
1,055 |
1,126 |
|
Stock-based compensation |
89 |
87 |
|
Deferred income taxes and other noncash items |
(187) |
(166) |
|
Change in operating assets and liabilities, net of effects from acquisitions: |
|||
Accounts receivable, net |
(1,967) |
(2,093) |
|
Inventories |
(400) |
879 |
|
Other assets |
(352) |
(286) |
|
Accounts payable and pharmacy claims and discounts payable |
1,974 |
576 |
|
Health care costs payable and other insurance liabilities |
1,478 |
294 |
|
Other liabilities |
(440) |
251 |
|
Net cash provided by operating activities |
$ 3,563 |
$ 2,892 |
Финансовая информация, не относящаяся к ОПБУ
Компания использует финансовые показатели, не относящиеся к GAAP, для анализа основных показателей бизнеса и тенденций. Компания считает, что предоставление этих финансовых показателей, не относящихся к GAAP, повышает способность Компании и инвесторов сравнивать прошлые финансовые показатели Компании с ее текущими показателями. Эти финансовые показатели, не относящиеся к GAAP, представлены в качестве дополнительной информации к финансовым показателям, представленным в настоящем пресс-релизе, которые рассчитаны и представлены в соответствии с GAAP. Финансовые показатели, не относящиеся к ОПБУ, не должны рассматриваться как замена или превосходство финансовых показателей, определенных или рассчитанных в соответствии с ОПБУ. Определения Компанией своих финансовых показателей, не относящихся к GAAP, могут быть несопоставимы с аналогичными показателями, представленными другими компаниями.
Финансовые показатели, не относящиеся к GAAP, такие как консолидированный скорректированный операционный доход, скорректированная прибыль на акцию (EPS) и скорректированный доход, относящийся к CVS Health, исключают из соответствующих показателей GAAP, если применимо: амортизацию нематериальных активов и другие статьи, если таковые имеются, которые не относятся к обычному ходу бизнеса Компании и не отражают основные бизнес-показатели Компании.
Скорректированная эффективная ставка налога на прибыль Компании, не соответствующая GAAP, исключает из соответствующего показателя GAAP соответствующую налоговую выгоду или расходы, связанные с амортизацией нематериальных активов и других статей, если таковые имеются, которые не относятся к обычному ходу бизнеса Компании и не отражают основные показатели бизнеса Компании и определенные отдельные налоговые статьи.
За периоды, описанные в настоящем пресс-релизе, следующие статьи исключены из финансовых показателей, не относящихся к GAAP, описанных выше, если применимо, поскольку Компания считает, что они не относятся к обычному ходу бизнеса Компании и не отражают основные показатели бизнеса Компании:
Определения финансовых показателей, не относящихся к ОПБУ, см. в сносках (1), (2) и (3) на стр. 22. Сверки каждого финансового показателя, не относящегося к GAAP, с наиболее непосредственно сопоставимым финансовым показателем GAAP представлены на страницах с 13 по 14 и на странице 21.
Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial |
||||||||||||
Adjusted Operating Income (Unaudited) |
||||||||||||
The following are reconciliations of consolidated operating income (GAAP measure) to consolidated adjusted operating income, as well as reconciliations of segment GAAP operating income to segment adjusted operating income: |
||||||||||||
Three Months Ended March 31, 2022 |
||||||||||||
In millions |
Health Care Benefits |
Pharmacy Services |
Retail/ LTC |
Corporate/ Other |
Intersegment Eliminations |
Consolidated Totals |
||||||
Operating income (loss) (GAAP |
$ 1,409 |
$ 1,592 |
$ 1,483 |
$ (790) |
$ (204) |
$ 3,490 |
||||||
Amortization of intangible assets |
301 |
44 |
122 |
1 |
— |
468 |
||||||
Legal settlement accrual |
— |
— |
— |
484 |
— |
484 |
||||||
Loss on assets held for sale |
41 |
— |
— |
— |
— |
41 |
||||||
Adjusted operating income (loss) (1) |
$ 1,751 |
$ 1,636 |
$ 1,605 |
$ (305) |
$ (204) |
$ 4,483 |
||||||
Three Months Ended March 31, 2021 |
||||||||||||
In millions |
Health Care Benefits |
Pharmacy Services |
Retail/ LTC |
Corporate/ Other |
Intersegment Eliminations |
Consolidated Totals |
||||||
Operating income (loss) (GAAP |
$ 1,380 |
$ 1,452 |
$ 1,265 |
$ (345) |
$ (175) |
$ 3,577 |
||||||
Amortization of intangible assets |
402 |
55 |
129 |
1 |
— |
587 |
||||||
Acquisition-related integration |
— |
— |
— |
41 |
— |
41 |
||||||
Adjusted operating income (loss) (1) |
$ 1,782 |
$ 1,507 |
$ 1,394 |
$ (303) |
$ (175) |
$ 4,205 |
Adjusted Earnings Per Share (Unaudited) |
|||||||
The following are reconciliations of net income attributable to CVS Health to adjusted income attributable to CVS |
|||||||
Three Months Ended March 31, 2022 |
Three Months Ended March 31, 2021 |
||||||
In millions, except per share amounts |
Total |
Per |
Total |
Per |
|||
Net income attributable to CVS Health (GAAP measure) |
$ 2,312 |
$ 1.74 |
$ 2,223 |
$ 1.68 |
|||
Amortization of intangible assets |
468 |
0.35 |
587 |
0.44 |
|||
Legal settlement accrual |
484 |
0.36 |
— |
— |
|||
Loss on assets held for sale |
41 |
0.03 |
— |
— |
|||
Acquisition-related integration costs |
— |
— |
41 |
0.03 |
|||
Tax impact of non-GAAP adjustments |
(363) |
(0.26) |
(154) |
(0.11) |
|||
Adjusted income attributable to CVS Health (2) |
$ 2,942 |
$ 2.22 |
$ 2,697 |
$ 2.04 |
|||
Weighted average diluted shares outstanding |
1,328 |
1,322 |
Adjusted Effective Income Tax Rate (Unaudited) |
|||
The following are reconciliations of the effective income tax rate (GAAP measure) to the adjusted effective income |
|||
Three Months Ended March 31, |
|||
2022 |
2021 |
||
Effective income tax rate (GAAP measure) |
21.5% |
25.1% |
|
Impact of non-GAAP adjustments |
3.8 |
(0.1) |
|
Adjusted effective income tax rate (3) |
25.3% |
25.0% |
Supplemental Information
|
|||||||||||
The Company's segments maintain separate financial information, and the Company's chief operating decision maker (the "CODM") evaluates the segments' operating results on a regular basis in deciding how to allocate resources among the segments and in assessing segment performance. The CODM evaluates the performance of the Company's segments based on adjusted operating income, which is defined as operating income (GAAP measure) excluding the impact of amortization of intangible assets and other items, if any, that neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance as further described in endnote (1). The Company uses adjusted operating income as its principal measure of segment performance as it enhances the Company's ability to compare past financial performance with current performance and analyze underlying business performance and trends. |
|||||||||||
The following is a reconciliation of financial measures of the Company's segments to the consolidated totals: |
|||||||||||
In millions |
Health Care Benefits |
Pharmacy Services (a) |
Retail/ LTC |
Corporate/ Other |
Intersegment Eliminations (b) |
Consolidated Totals |
|||||
Three Months Ended |
|||||||||||
March 31, 2022 |
|||||||||||
Total revenues |
$ 23,109 |
$ 39,461 |
$ 25,418 |
$ 126 |
$ (11,288) |
$ 76,826 |
|||||
Adjusted operating income |
1,751 |
1,636 |
1,605 |
(305) |
(204) |
4,483 |
|||||
March 31, 2021 |
|||||||||||
Total revenues |
20,483 |
36,321 |
23,274 |
135 |
(11,116) |
69,097 |
|||||
Adjusted operating income |
1,782 |
1,507 |
1,394 |
(303) |
(175) |
4,205 |
_____________________________________________ |
||||||||||||
(a) |
Total revenues of the Pharmacy Services segment include approximately $3.8 billion and $3.4 billion of retail co-payments for the three months ended March 31, 2022 and 2021, respectively. |
|||||||||||
(b) |
Intersegment revenue eliminations relate to intersegment revenue generating activities that occur between the Health Care Benefits segment, the Pharmacy Services segment, and/or the Retail/LTC segment. Intersegment adjusted operating income eliminations occur when members of Pharmacy Services Segment clients ("PSS members") enrolled in Maintenance Choice® elect to pick up maintenance prescriptions at one of the Company's retail pharmacies instead of receiving them through the mail. When this occurs, both the Pharmacy Services and Retail/LTC segments record the adjusted operating income on a stand-alone basis. |
Supplemental Information (Unaudited) |
|||||||
Health Care Benefits Segment |
|||||||
The following table summarizes the Health Care Benefits segment's performance for the respective periods: |
|||||||
Three Months Ended March 31, |
Change |
||||||
In millions, except percentages and basis points ("bps") |
2022 |
2021 |
$ |
% |
|||
Revenues: |
|||||||
Premiums |
$ 21,614 |
$ 18,942 |
$ 2,672 |
14.1% |
|||
Services |
1,406 |
1,393 |
13 |
0.9% |
|||
Net investment income |
89 |
148 |
(59) |
(39.9)% |
|||
Total revenues |
23,109 |
20,483 |
2,626 |
12.8% |
|||
Benefit costs |
18,049 |
15,757 |
2,292 |
14.5% |
|||
MBR (Benefit costs as a % of premium revenues) (4) |
83.5% |
83.2% |
30 |
bps |
|||
Operating expenses |
$ 3,651 |
$ 3,346 |
$ 305 |
9.1% |
|||
Operating expenses as a % of total revenues |
15.8% |
16.3% |
|||||
Operating income |
$ 1,409 |
$ 1,380 |
$ 29 |
2.1% |
|||
Operating income as a % of total revenues |
6.1% |
6.7% |
|||||
Adjusted operating income (1) |
$ 1,751 |
$ 1,782 |
$ (31) |
(1.7)% |
|||
Adjusted operating income as a % of total revenues |
7.6% |
8.7% |
|||||
Premium revenues (by business): |
|||||||
Government |
$ 16,195 |
$ 13,917 |
$ 2,278 |
16.4% |
|||
Commercial |
5,419 |
5,025 |
394 |
7.8% |
The following table summarizes the Health Care Benefits segment's medical membership for the respective periods: |
|||||||||||||||||
March 31, 2022 |
December 31, 2021 |
March 31, 2021 |
|||||||||||||||
In thousands |
Insured |
ASC |
Total |
Insured |
ASC |
Total |
Insured |
ASC |
Total |
||||||||
Medical membership: (5) |
|||||||||||||||||
Commercial |
3,285 |
13,924 |
17,209 |
3,258 |
13,530 |
16,788 |
3,201 |
13,584 |
16,785 |
||||||||
Medicare Advantage |
3,169 |
— |
3,169 |
2,971 |
— |
2,971 |
2,874 |
— |
2,874 |
||||||||
Medicare Supplement |
1,292 |
— |
1,292 |
1,285 |
— |
1,285 |
1,146 |
— |
1,146 |
||||||||
Medicaid |
2,375 |
477 |
2,852 |
2,333 |
471 |
2,804 |
2,184 |
637 |
2,821 |
||||||||
Total medical membership |
10,121 |
14,401 |
24,522 |
9,847 |
14,001 |
23,848 |
9,405 |
14,221 |
23,626 |
||||||||
Supplemental membership information: |
|||||||||||||||||
Medicare Prescription Drug Plan (standalone) |
6,022 |
5,777 |
5,694 |
Supplemental Information (Unaudited) |
|||
The following table shows the components of the change in health care costs payable during the three months ended |
|||
Three Months Ended March 31, |
|||
In millions |
2022 |
2021 |
|
Health care costs payable, beginning of period |
$ 8,808 |
$ 7,936 |
|
Less: Reinsurance recoverables |
8 |
10 |
|
Health care costs payable, beginning of period, net |
8,800 |
7,926 |
|
Add: Components of incurred health care costs |
|||
Current year |
18,536 |
16,291 |
|
Prior years (a) |
(676) |
(652) |
|
Total incurred health care costs (b) |
17,860 |
15,639 |
|
Less: Claims paid |
|||
Current year |
10,225 |
9,538 |
|
Prior years |
6,183 |
5,767 |
|
Total claims paid |
16,408 |
15,305 |
|
Add: Premium deficiency reserve |
13 |
7 |
|
Other (c) |
(13) |
— |
|
Health care costs payable, end of period, net |
10,252 |
8,267 |
|
Add: Reinsurance recoverables |
8 |
5 |
|
Health care costs payable, end of period |
$ 10,260 |
$ 8,272 |
_____________________________________________ |
|
(a) |
Negative amounts reported for incurred health care costs related to prior years result from claims being settled for amounts less than |
(b) |
Total incurred health care costs for the three months ended March 31, 2022 and 2021 in the table above exclude (i) $13 million and $7 million, respectively, for a premium deficiency reserve related to the Company's Medicaid products, (ii) $19 million and $13 million, respectively, of benefit costs recorded in the Health Care Benefits segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets and (iii) $59 million and $45 million, respectively, of benefit costs recorded in the Corporate/Other segment that are included in other insurance liabilities on the unaudited condensed consolidated balance sheets. |
(c) |
As a result of the planned divestiture of the Thailand business, the net assets associated with this business were accounted for as assets held for sale and the associated health care costs payable balance was reclassified to accrued expenses on the unaudited condensed consolidated balance sheet at March 31, 2022. |
The following table summarizes the Health Care Benefits segment's days claims payable for the respective periods: |
|||||
March 31, 2022 |
December 31, 2021 |
March 31, 2021 |
|||
Days Claims Payable (10) |
51.7 |
49.1 |
47.6 |
Supplemental Information (Unaudited) |
|||||||
Pharmacy Services Segment |
|||||||
The following table summarizes the Pharmacy Services segment's performance for the respective periods: |
|||||||
Three Months Ended March 31, |
Change |
||||||
In millions, except percentages |
2022 |
2021 |
$ |
% |
|||
Revenues: |
|||||||
Products |
$ 39,164 |
$ 36,067 |
$ 3,097 |
8.6% |
|||
Services |
297 |
254 |
43 |
16.9% |
|||
Total revenues |
39,461 |
36,321 |
3,140 |
8.6% |
|||
Cost of products sold |
37,490 |
34,523 |
2,967 |
8.6% |
|||
Gross profit (11) |
1,971 |
1,798 |
173 |
9.6% |
|||
Gross margin (Gross profit as a % of total revenues) (11) |
5.0% |
5.0% |
|||||
Operating expenses |
$ 379 |
$ 346 |
$ 33 |
9.5% |
|||
Operating expenses as a % of total revenues |
1.0% |
1.0% |
|||||
Operating income |
$ 1,592 |
$ 1,452 |
$ 140 |
9.6% |
|||
Operating income as a % of total revenues |
4.0% |
4.0% |
|||||
Adjusted operating income (1) |
$ 1,636 |
$ 1,507 |
$ 129 |
8.6% |
|||
Adjusted operating income as a % of total revenues |
4.1% |
4.1% |
|||||
Revenues (by distribution channel): |
|||||||
Pharmacy network (8) |
$ 22,824 |
$ 21,893 |
$ 931 |
4.3% |
|||
Mail choice (9) |
16,374 |
14,248 |
2,126 |
14.9% |
|||
Other |
263 |
180 |
83 |
46.1% |
|||
Pharmacy claims processed: (6) (7) |
|||||||
Total (a) |
567.0 |
535.9 |
31.1 |
5.8% |
|||
Pharmacy network (8) |
484.3 |
455.4 |
28.9 |
6.3% |
|||
Mail choice (9) |
82.7 |
80.5 |
2.2 |
2.7% |
|||
Generic dispensing rate: (7) (12) |
|||||||
Total (b) |
87.7% |
88.1% |
|||||
Pharmacy network (8) |
88.1% |
88.5% |
|||||
Mail choice (9) |
85.6% |
85.7% |
|||||
_____________________________________________ |
|||||||
(a) Excluding the impact of COVID-19 vaccinations, total pharmacy claims processed increased 5.5% on a 30-day equivalent basis for the |
|||||||
(b) Excluding the impact of COVID-19 vaccinations, the Pharmacy Services segment's total generic dispensing rate was 88.8% and 88.9% in |
Supplemental Information (Unaudited) |
|||||||
Retail/LTC Segment |
|||||||
The following table summarizes the Retail/LTC segment's performance for the respective periods: |
|||||||
Three Months Ended March 31, |
Change |
||||||
In millions, except percentages |
2022 |
2021 |
$ |
% |
|||
Revenues: |
|||||||
Products |
$ 24,605 |
$ 22,394 |
$ 2,211 |
9.9% |
|||
Services |
829 |
834 |
(5) |
(0.6)% |
|||
Net investment income (loss) |
(16) |
46 |
(62) |
(134.8)% |
|||
Total revenues |
25,418 |
23,274 |
2,144 |
9.2% |
|||
Cost of products sold |
18,765 |
17,042 |
1,723 |
10.1% |
|||
Gross profit (11) |
6,653 |
6,232 |
421 |
6.8% |
|||
Gross margin (Gross profit as a % of total revenues) (11) |
26.2% |
26.8% |
|||||
Operating expenses |
$ 5,170 |
$ 4,967 |
203 |
4.1% |
|||
Operating expenses as a % of total revenues |
20.3% |
21.3% |
|||||
Operating income |
$ 1,483 |
$ 1,265 |
$ 218 |
17.2% |
|||
Operating income as a % of total revenues |
5.8% |
5.4% |
|||||
Adjusted operating income (1) |
$ 1,605 |
$ 1,394 |
$ 211 |
15.1% |
|||
Adjusted operating income as a % of total revenues |
6.3% |
6.0% |
|||||
Revenues (by major goods/service lines): |
|||||||
Pharmacy |
$ 19,532 |
$ 17,885 |
$ 1,647 |
9.2% |
|||
Front Store |
5,313 |
4,642 |
671 |
14.5% |
|||
Other |
589 |
701 |
(112) |
(16.0)% |
|||
Net investment income (loss) |
(16) |
46 |
(62) |
(134.8)% |
|||
Prescriptions filled (6) (7) (a) |
394.6 |
375.4 |
19.2 |
5.1% |
|||
Same store sales increase (decrease): (13) |
|||||||
Total |
10.7% |
0.4% |
|||||
Pharmacy |
10.1% |
4.1% |
|||||
Front Store |
13.2% |
(11.4)% |
|||||
Prescription volume (7) |
6.1% |
1.0% |
|||||
Generic dispensing rate (7) (12) (b) |
87.5% |
87.4% |
|||||
_____________________________________________ |
|||||||
(a) Excluding the impact of COVID-19 vaccinations, prescriptions filled increased 5.6% on a 30-day equivalent basis for the three months |
|||||||
(b) Excluding the impact of COVID-19 vaccinations, the Retail/LTC segment's total generic dispensing rate was 89.9% and 89.5% in the three |
Supplemental Information (Unaudited) |
|||||||
Corporate/Other Segment |
|||||||
The following table summarizes the Corporate/Other segment's performance for the respective periods: |
|||||||
Three Months Ended March 31, |
Change |
||||||
In millions, except percentages |
2022 |
2021 |
$ |
% |
|||
Revenues: |
|||||||
Premiums |
$ 17 |
$ 18 |
$ (1) |
(5.6)% |
|||
Services |
14 |
14 |
— |
—% |
|||
Net investment income |
95 |
103 |
(8) |
(7.8)% |
|||
Total revenues |
126 |
135 |
(9) |
(6.7)% |
|||
Cost of products sold |
10 |
8 |
2 |
25.0% |
|||
Benefit costs |
59 |
45 |
14 |
31.1% |
|||
Operating expenses |
847 |
427 |
420 |
98.4% |
|||
Operating loss |
(790) |
(345) |
(445) |
(129.0)% |
|||
Adjusted operating loss (1) |
(305) |
(303) |
(2) |
(0.7)% |
Adjusted Earnings Per Share Guidance (Unaudited) |
|||||||
The following reconciliations of projected net income attributable to CVS Health to projected adjusted income attributable to CVS Health and calculations of projected GAAP diluted EPS and projected Adjusted EPS contain forward-looking information. All forward-looking information involves risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking information for a number of reasons as described in our SEC filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022. See "Non-GAAP Financial Information" earlier in this press release and endnote (2) later in this press release for more information on how we calculate Adjusted EPS. |
|||||||
Year Ending December 31, 2022 |
|||||||
Low |
High |
||||||
In millions, except per share amounts |
Total |
Per |
Total |
Per |
|||
Net income attributable to CVS Health (GAAP measure) |
$ 9,214 |
$ 6.93 |
$ 9,484 |
$ 7.13 |
|||
Non-GAAP adjustments: |
|||||||
Amortization of intangible assets |
1,870 |
1.41 |
1,870 |
1.41 |
|||
Legal settlement accrual |
484 |
0.36 |
484 |
0.36 |
|||
Loss on assets held for sale |
41 |
0.03 |
41 |
0.03 |
|||
Tax impact of non-GAAP adjustments |
(709) |
(0.53) |
(709) |
(0.53) |
|||
Adjusted income attributable to CVS Health (2) |
$ 10,900 |
$ 8.20 |
$ 11,170 |
$ 8.40 |
|||
Weighted average diluted shares outstanding |
1,330 |
1,330 |
(1) Компания определяет скорректированный операционный доход как операционный доход (показатель GAAP), исключая влияние амортизации нематериальных активов и других статей, если таковые имеются, которые не связаны с обычным ходом бизнеса Компании и не отражают основные показатели бизнеса Компании, такие как установление определенного юридического урегулирования начисления, убытки по активам, предназначенным для продажи, и затраты на интеграцию, связанные с приобретением. Компания использует скорректированный операционный доход в качестве основного показателя эффективности сегмента, поскольку это повышает способность Компании сравнивать прошлые финансовые показатели с текущими показателями и анализировать основные показатели бизнеса и тенденции. Консолидированный показатель не определяется в соответствии с GAAP и не должен рассматриваться как замена или превосходящий наиболее непосредственно сопоставимый показатель GAAP - консолидированный операционный доход. Дополнительную информацию о статьях, исключенных из консолидированного операционного дохода при определении консолидированного скорректированного операционного дохода, см. в разделе "Финансовая информация, не относящаяся к ОПБУ" ранее в этом пресс-релизе.
(2) Скорректированная прибыль на акцию рассчитывается путем деления скорректированной прибыли, относящейся к CVS Health, на средневзвешенное количество разводненных акций Компании в обращении. Компания определяет скорректированный доход, относящийся к CVS Health, как чистый доход, относящийся к CVS Health (показатель GAAP), исключая влияние амортизации нематериальных активов и других статей, если таковые имеются, которые не связаны с обычным ходом бизнеса Компании и не отражают основные показатели бизнеса Компании, такие как создание определенных начисления по юридическим расчетам, убытки по активам, предназначенным для продажи, затраты на интеграцию, связанные с приобретением, и соответствующие льготы по налогу на прибыль или расходы, связанные со статьями, исключенными из скорректированного дохода, относящегося к CVS Health. Дополнительную информацию о статьях, исключенных из чистой прибыли, относящейся к CVS Health, при определении скорректированного дохода, относящегося к CVS Health, см. в разделе "Финансовая информация, не относящаяся к GAAP" ранее в этом пресс-релизе.
(3) Компания определяет скорректированную эффективную ставку налога на прибыль как эффективную ставку налога на прибыль (показатель GAAP) без учета соответствующей налоговой выгоды или расходов, связанных со статьями, исключенными из скорректированного дохода, относящегося к CVS Health выше. Характер каждой корректировки, не относящейся к ОПБУ, оценивается для определения того, следует ли вносить отдельную корректировку в скорректированную эффективную ставку налога на прибыль. В течение трех месяцев, закончившихся 31 марта 2022 года, скорректированная эффективная ставка налога на прибыль Компании также исключает влияние определенных отдельных налоговых статей, заключенных в первом квартале 2022 года.
(4) Коэффициент медицинских пособий рассчитывается как затраты на пособия, деленные на доходы от премий, и представляет собой процент от доходов от премий, потраченных на медицинские пособия для застрахованных членов Компании. Руководство использует MBR для оценки основных показателей бизнеса и андеррайтинга своих страховых продуктов, понимания различий между фактическими результатами и ожидаемыми результатами и выявления тенденций в результатах за период. MBR предоставляет руководству и инвесторам информацию, полезную для оценки операционных результатов продуктов застрахованных медицинских пособий Компании.
(5) Медицинское членство представляет собой количество участников, охваченных застрахованными медицинскими продуктами Компании и ASC и связанными с ними услугами на определенный момент времени. Руководство использует этот показатель для понимания различий между фактическим медицинским членством и ожидаемыми суммами, а также тенденций в результатах за период. Этот показатель предоставляет руководству и инвесторам информацию, полезную для понимания влияния медицинского членства на общие доходы сегмента и операционные результаты.
(6) Общее количество обработанных заявок в аптеках представляет собой количество заявок по рецепту, обработанных через менеджера по льготам в аптеках Компании и выданных либо ее аптеками розничной сети, либо ее собственной почтой и специализированными аптеками. Заполненные рецепты представляют собой количество рецептов, выписанных через аптеки сегмента розничной торговли/LTC. Руководство использует эти показатели для понимания различий между фактическими обработанными претензиями и выданными рецептами, соответственно, и ожидаемыми суммами, а также тенденциями в результатах за период. Эти показатели предоставляют руководству и инвесторам информацию, полезную для понимания влияния объема заявок в аптеках и объема выписанных рецептов, соответственно, на общую выручку сегмента и операционные результаты.
(7) Включает корректировку для преобразования 90-дневных рецептов в эквивалент трех 30-дневных рецептов. Эта корректировка отражает тот факт, что эти рецепты включают примерно в три раза большее количество дней отпуска продукта по сравнению с обычным рецептом.
(8) Аптечная сеть определяется как заявки, заполненные в розничных и специализированных розничных аптеках, включая розничные аптеки Компании и аптеки долгосрочного ухода, но исключая деятельность по выбору обслуживания, которая включена в категорию выбора почты. Выбор обслуживания позволяет соответствующим требованиям участникам клиентского плана заполнять свои рецепты на обслуживание посредством доставки по почте или в розничном магазине CVS pharmacy по той же цене, что и при заказе по почте.
(9) Выбор почты определяется как заявки, заполненные в Аптечных службах для заказа по почте, которые включают специальные заявки на почту, включая заявки Specialty Connect®, полученные в розничной аптеке, а также рецепты, заполненные в розничных аптеках Компании в рамках программы Выбора обслуживания.
(10) Подлежащие оплате требования за дни рассчитываются путем деления расходов на медицинское обслуживание, подлежащих оплате в конце каждого квартала, на средние расходы на медицинское обслуживание в день в течение такого квартала. Руководство и инвесторы используют этот показатель в качестве показателя адекватности обязательств Компании по оплате расходов на здравоохранение, подлежащих выплате в конце каждого квартала, и в качестве показателя изменения такой адекватности с течением времени.
(11) Валовая прибыль рассчитывается как общая выручка сегмента за вычетом стоимости проданной продукции. Валовая прибыль рассчитывается путем деления валовой прибыли сегмента на его общую выручку и представляет собой процент от общей выручки, который остается после понесения прямых затрат, связанных с проданными продуктами и предоставленными услугами сегмента. Валовая прибыль предоставляет инвесторам информацию, которая может быть полезна при оценке операционных результатов аптечных услуг Компании и сегментов розничной торговли/LTC.
(12) Коэффициент выдачи дженериков рассчитывается путем деления обработанных или заполненных рецептов сегмента на общее количество обработанных или заполненных рецептов. Руководство использует этот показатель для оценки эффективности бизнеса в поощрении использования непатентованных лекарств, когда они доступны и клинически приемлемы, что помогает снизить затраты для членов клиентов и розничных покупателей. Этот показатель предоставляет руководству и инвесторам информацию, полезную для понимания тенденций в общей выручке сегмента и операционных результатах.
(13) Объем продаж в том же магазине и объем выписанных рецептов представляют собой изменение выручки и выписанных рецептов в розничных аптечных магазинах Компании, которые работают более одного года, выраженное в процентах, что указывает на увеличение или уменьшение по сравнению с сопоставимым предыдущим периодом. Те же показатели магазина исключают доходы от MinuteClinic, а также доходы и рецепты от операций LTC. Руководство использует эти показатели для оценки производительности существующих магазинов на сопоставимой основе и для принятия обоснованных будущих решений в отношении существующих магазинов и новых местоположений. Показатели одного и того же магазина предоставляют руководству и инвесторам информацию, полезную для понимания доли текущих доходов и рецептов, полученных в результате органического роста в существующих магазинах, по сравнению с долей, полученной в результате открытия новых магазинов.
ИСТОЧНИК CVS Health Corporation
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