CVS said total revenues for the Q1 2024 quarter (3 months) rose to $88,437 million, up 3.7% from $85,278 million a year earlier, while operating income fell to $2,271 million from $3,446 million.

1. 01

   CVS said total revenues for the Q1 2024 quarter (3 months) rose to $88,437 million, up 3.7% from $85,278 million a year earlier, while operating income fell to $2,271 million from $3,446 million.

2. 02

   The company said GAAP diluted EPS for Q1 fell to $0.88 from $1.65 a year earlier, and Adjusted EPS fell to $1.31 from $2.20. It cited lower operating results in the Health Care Benefits segment, reflecting utilization pressure in its Medicare business, as the main factor.

3. 03

   CVS said the Health Care Benefits segment's medical benefit ratio for Q1 was 90.4%, up from 84.6% a year earlier, and adjusted operating income fell to $732 million from $1,824 million. The company cited increased Medicare utilization and the decline in its 2024 Medicare Advantage star ratings among the factors.

4. 04

   The company revised its full-year Adjusted EPS guidance to at least $7.00 from at least $8.30, and its cash flow from operations guidance to at least $10.5 billion from at least $12.0 billion. Net cash provided by operating activities was $4,903 million for Q1.

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Original filing

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