CVS Health Q3 2023 Earnings Report
Key Takeaways
CVS Health reported a 10.6% increase in total revenues, reaching $89.8 billion, driven by growth across all segments. GAAP diluted EPS was reported at $1.75, and adjusted EPS at $2.21. The company is adapting to changing consumer needs by connecting care delivery capabilities and broadening access to affordable health and wellness services.
Total revenues increased to $89.8 billion, up 10.6% compared to the prior year.
GAAP diluted EPS reached $1.75 and Adjusted EPS of $2.21.
Medical membership increased by 54 thousand members compared with June 30, 2023, reflecting increases in the Commercial and Medicare product lines.
Launched CordavisTM, a wholly owned subsidiary that will work with pharmaceutical manufacturers to commercialize and/or co-produce biosimilar products for the U.S. market.
CVS Health
CVS Health
CVS Health Revenue by Segment
Forward Guidance
The Company revised its full-year 2023 GAAP diluted EPS guidance range to $6.37 to $6.61 from $6.53 to $6.75 and confirmed its full-year 2023 Adjusted EPS guidance range of $8.50 to $8.70. The Company also confirmed its full-year 2023 cash flow from operations guidance range of $12.5 billion to $13.5 billion.
Positive Outlook
- Confirmed Adjusted EPS guidance range of $8.50 to $8.70.
- Confirmed cash flow from operations guidance range of $12.5 billion to $13.5 billion.
Challenges Ahead
- Revised GAAP diluted EPS guidance range to $6.37 to $6.61 from $6.53 to $6.75.
Revenue & Expenses
Visualization of income flow from segment revenue to net income