February 29, 2024

CVS Health reports second quarter results for 2023

Second quarter highlights

  • Total revenues increased to $88.9 billion, up 10.3% compared to prior year
  • GAAP diluted EPS of $1.48 and Adjusted EPS of $2.21

 

Year-to-date highlights

  • Total revenues increased to $174.2 billion, up 10.6% compared to prior year
  • GAAP diluted EPS of $3.13 and Adjusted EPS of $4.41
  • Generated cash flow from operations of $13.3 billion

 

Note: Financial information for the three and six months ended June 30, 2022 presented above and throughout the full press release which is linked below has been revised to conform with certain current period financial statement changes as described on page 16.

 

2023 Full-year guidance

  • Revised GAAP diluted EPS guidance range to $6.53 to $6.75 from $6.90 to $7.12
  • 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

 

CEO commentary

“Our diversified business model delivered strong results this quarter. We continue to execute on our strategy to expand access to health services across our care delivery channels and strengthen our engagement with consumers to improve their health and well-being.”

— Karen S. Lynch, CVS Health President and CEO

 

In the spotlight

  • On May 2, 2023, completed the acquisition of Oak Street Health, a leading multi-payor, value-based primary care company with approximately 600 primary care providers and more than 170 medical centers across 21 states.

  • In July 2023, announced the launch of Caremark® Cost SaverTM to help lower pharmacy out-of-pocket drug costs for CVS Caremark clients’ members. Through the new program, eligible members will have automatic access to GoodRx’s prescription pricing to allow them to pay lower prices, when available, on generic medications in a seamless experience at the pharmacy counter.

  • Returned $795 million to shareholders through dividends during the three months ended June 30, 2023.

     

The information presented above includes both GAAP and non-GAAP financial measures to assist in the comparison of the Company’s past financial performance with its current financial performance. See “Non-GAAP Financial Information” in the full press release, which is linked below, for explanations of the non-GAAP financial measures presented above and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

Please review the entire press release for the quarterly period, which provides important additional information related to our financial results. The full press release can be downloaded here (PDF).

Visit Investor Relations for more about Q2 2023 earnings.

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