Cvs Health Corp (CVS) 10-K Annual Report Thu Feb 28 2019




Investor	Mike McGuire	Media	T.J. Crawford
Contact:	Senior Vice President	Contact:	Vice President
	Investor Relations		External Affairs
	(401) 770-4050		(212) 457-0583

FOR IMMEDIATE RELEASE

CVS HEALTH REPORTS FOURTH QUARTER AND FULL YEAR RESULTS AND

PROVIDES 2019 FULL YEAR GUIDANCE

Fourth Quarter Year-over-Year Highlights:


•	Completed $70 billion acquisition of Aetna


•	Revenues⁽¹⁾ increased 12.5% to $54.4 billion


•	GAAP diluted earnings (loss) per share from continuing operations of $(0.37), including a $2.2 billion, or $(1.99) per share, goodwill impairment charge related to the Long-Term Care (“LTC”) business


•	Adjusted EPS of $2.14

Full Year Highlights:


•	Revenues⁽¹⁾ increased 5.3% to $194.6 billion


•	GAAP diluted earnings (loss) per share from continuing operations of $(0.57), including $6.1 billion, or $(5.89) per share, of goodwill impairment charges related to the LTC business


•	Adjusted EPS of $7.08


•	Generated cash flow from operations of $8.9 billion; free cash flow of $6.8 billion

2019 Guidance:


•	GAAP operating income⁽¹⁾ between $11.7 billion to $12.1 billion


•	Adjusted operating income ⁽²⁾between $14.8 billion to $15.2 billion (excludes amortization of intangible assets)


•	GAAP diluted EPS from continuing operations in the range of $4.88 to $5.08


•	Adjusted EPS in the range of $6.68 to $6.88


•	Cash flow from operations between $9.8 billion to $10.3 billion

WOONSOCKET, RHODE ISLAND, February 20, 2019 - CVS Health Corporation (NYSE: CVS) today announced operating results for the three months and year ended

December 31, 2018.

President and Chief Executive Officer Larry Merlo stated, “2018 was a milestone year for CVS Health as we successfully completed our transformational merger with Aetna, began effective implementation of our integration strategy, and took important steps toward building the integrated healthcare model that will bring substantial value to our various stakeholders. We had strong financial performance and delivered on our operating expectations.”

“With the completion of the Aetna acquisition, we have set the stage for CVS Health to excel in a market that is rapidly transforming. We strongly believe in the long-term value that the full breadth of our capabilities can provide. Our unique combination will drive above-market growth going forward across all of the enterprise. Maintaining our focus on community-level products and services will drive meaningful value for both consumers and payors, while improving our bottom line and the value we return to shareholders. Ultimately, our open platform model allows us to meet the needs of all payors with newly created products and services. We’re more excited than ever about the opportunities that lie ahead.”

^{_____________________________________________}


(1)	Effective for the fourth quarter of 2018, interest income was reclassified from interest expense, net to net investment income within revenues to conform with insurance company presentation. Accordingly, revenues and operating income have been revised for all prior periods presented to conform with the current presentation. See Supplemental Information starting on page 15.


(2)	In 2019, adjusted operating income will also exclude the amortization of intangible assets. See Supplemental Information on page 21.

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The following information was filed by Cvs Health Corp (CVS) on Wednesday, February 20, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Cvs Health Corp provided additional information to their SEC Filing as exhibits

Exhibit 2.3: Plan Of Acquisition, Reorganization, Arrangement, Liquidation Or Succession

Exhibit 10.36: Material Contract

Exhibit 10.37: Material Contract

Exhibit 10.38: Material Contract

Exhibit 10.39: Material Contract

Exhibit 10.40: Material Contract

Exhibit 10.41: Material Contract

Exhibit 10.42: Material Contract

Exhibit 10.45: Material Contract

Exhibit 10.46: Material Contract

Exhibit 10.47: Material Contract

Exhibit 10.48: Material Contract

Exhibit 13.1: Report To Security Holders

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: CVS
CIK: 64803
Form Type: 10-K Annual Report
Accession Number: 0000064803-19-000013
Submitted to the SEC: Thu Feb 28 2019 7:02:43 AM EST
Accepted by the SEC: Thu Feb 28 2019
Period: Monday, December 31, 2018
Industry: Retail Drug Stores And Proprietary Stores