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Cvs Health Corp (CVS) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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Cvs Health Corp

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CIK: 64803 Ticker: CVS

a81cvs_healthxlogoxhxregxra.jpg     Exhibit 99.1
CVS HEALTH REPORTS FOURTH QUARTER AND FULL-YEAR 2023 RESULTS
WOONSOCKET, RHODE ISLAND, February 7, 2024 - CVS Health Corporation (NYSE: CVS) today announced operating results for the three months and year ended December 31, 2023.
FOURTH QUARTER HIGHLIGHTSKEY FINANCIAL DATA
•Total revenues increased to $93.8 billion, up 11.9% compared to prior year
•GAAP diluted EPS of $1.58 and Adjusted EPS of $2.12
FULL-YEAR HIGHLIGHTS
•Total revenues increased to $357.8 billion, up 10.9% compared to prior year
•GAAP diluted EPS of $6.47 and Adjusted EPS of $8.74
•Generated cash flow from operations of $13.4 billion
Three Months Ended
December 31,
In millions, except per share amounts20232022Change
Total revenues
$93,813 $83,846 $9,967 
Operating income3,373 3,659 (286)
Adjusted operating income (1)
4,227 4,079 148 
Diluted earnings per share $1.58 $1.77 $(0.19)
Adjusted EPS (2)
$2.12 $2.04 $0.08 
Note: Financial information as of and for the three months and year ended December 31, 2022 throughout this press release has been revised to conform with certain current period financial statement changes as described on page 16.
2024 FULL-YEAR GUIDANCE
Upon finalizing the medical cost trend analysis for the fourth quarter of 2023 and recognizing potential implications for elevated medical cost trends in 2024, the Company has:
•Revised GAAP diluted EPS guidance to at least $7.06 from at least $7.26
•Revised Adjusted EPS guidance to at least $8.30 from at least $8.50
•Revised cash flow from operations guidance to at least $12.0 billion from at least $12.5 billion
CEO
Commentary
“With a focus on delivering care and value, we had a strong fourth quarter and full year in 2023 as we build a world of health around every consumer. We will continue to drive affordable access to care when, where, and how people want, while we improve transparency throughout the health care system.”
-Karen S. Lynch, CVS Health President and CEO
IN THE SPOTLIGHT
Announced CVS CostVantageTM, which evolves our pharmacy reimbursement model and brings greater transparency and simplicity to the system. CVS CostVantage will define the drug cost and related reimbursement using a simplified formula built on the cost of the drug, a set markup and a fee that reflects the care and value of pharmacy services. CVS Pharmacy plans to launch CVS CostVantage to commercial payors in 2025.
Introduced CVS Caremark TrueCostTM, a model innovation that offers client pricing reflecting the true net cost of prescription drugs, with visibility into administrative fees. Simplified pricing will allow members to have stable access to the Company’s national pharmacy network. CVS Caremark plans to launch CVS Caremark TrueCost in 2025.
Launched CVS HealthspireTM, the new name for the Health Services segment, which includes Caremark, CordavisTM, Oak Street Health, Signify Health and MinuteClinic®. CVS Healthspire will continue to focus on integration across the Company’s assets to deliver connected patient care, pharmacy benefits and innovative provider support solutions.
Announced a 10% increase to the quarterly shareholder dividend, which became effective with the February 1, 2024 dividend distribution. Returned $3.1 billion to shareholders through dividends in 2023.
Investor Contact: Larry McGrath | Senior Vice President Business Development and Investor Relations | (800) 201-0938
Media Contact: Ethan Slavin | Executive Director Corporate Communications | (860) 273-6095

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 24 for explanations of non-GAAP financial measures presented in this press release. See pages 13 through 15 and page 23 for reconciliations of each non-GAAP financial measure used in this release to the most directly comparable GAAP financial measure.
1
The following information was filed by Cvs Health Corp (CVS) on Wednesday, February 7, 2024 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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Inside Cvs Health Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parentheticals)
Acquisitions, Divestitures And Asset Sales
Acquisitions, Divestitures And Asset Sales (Tables)
Acquisitions, Divestitures And Asset Sales - Narrative (Details)
Acquisitions, Divestitures And Asset Sales - Schedule Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions, Divestitures And Asset Sales - Schedule Of Fair Value Of Consideration Transferred (Details)
Acquisitions, Divestitures And Asset Sales - Summary Of Fair Values And Weighted Average Useful Lives For Intangible Assets Acquired (Details)
Acquisitions, Divestitures And Asset Sales - Summary Of The Valuation Of Goodwill Allocated To Business Segments (Details)
Borrowings And Credit Agreements
Borrowings And Credit Agreements (Tables)
Borrowings And Credit Agreements - Debt Maturities (Details)
Borrowings And Credit Agreements - Long-Term Borrowings (Details)
Borrowings And Credit Agreements - Schedule Of Borrowings (Details)
Borrowings And Credit Agreements - Short-Term Borrowings (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value
Fair Value (Tables)
Fair Value - Carrying Value And Fair Value Classified By Level (Details)
Fair Value - Changes In Level 3 Financial Assets (Details)
Fair Value - Gross Transfers Into (Out Of) Level 3 (Details)
Fair Value - Measurement On A Recurring Basis (Details)
Fair Value - Narrative (Details)
Fair Value - Separate Accounts Fair Value (Details)
Goodwill And Other Intangibles
Goodwill And Other Intangibles (Tables)
Goodwill And Other Intangibles - Future Amortization Expense (Details)
Goodwill And Other Intangibles - Goodwill (Details)
Goodwill And Other Intangibles - Intangible Assets (Details)
Goodwill And Other Intangibles - Narrative (Details)
Health Care Costs Payable
Health Care Costs Payable (Tables)
Health Care Costs Payable - Components Of Change In Health Care Costs Payable (Details)
Health Care Costs Payable - Incurred And Paid Health Care Claims Development (Details)
Health Care Costs Payable - Liability For Unpaid Claims And Claims Adjustment Expense (Details)
Health Care Costs Payable - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Effective Tax Rate Reconciliation (Details)
Income Taxes - Income Tax Provision (Details)
Income Taxes - Narrative (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Insider Trading Arrangements
Investments
Investments (Tables)
Investments - Debt Securities (Details)
Investments - Debt Securities By Maturity (Details)
Investments - Mortgage Loan Principal Repayments (Details)
Investments - Mortgage Loans (Details)
Investments - Mortgage Loans Credit Ratings Indicator (Details)
Investments - Narrative (Details)
Investments - Net Investment Income (Details)
Investments - Realized Gains (Details)
Investments - Total Investments Schedule (Details)
Investments - Unrealized Loss Position (Details)
Investments - Unrealized Loss Position Maturities (Details)
Leases
Leases (Tables)
Leases - Maturities Of Operating And Finance Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Summary Of The Components Of Net Lease Cost (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (Details)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) (Details)
Other Comprehensive Income (Loss) (Tables)
Other Insurance Liabilities And Separate Accounts
Other Insurance Liabilities And Separate Accounts (Tables)
Other Insurance Liabilities And Separate Accounts - Changes In Liability For Future Policy Benefits (Details)
Other Insurance Liabilities And Separate Accounts - Roll Forward Of Policyholders' Funds (Details)
Other Insurance Liabilities And Separate Accounts - Roll Forward Of Separate Accounts (Details)
Other Insurance Liabilities And Separate Accounts - Separate Account Assets (Details)
Other Insurance Liabilities And Separate Accounts - Undiscounted Expected Gross Premiums And Expected Future Benefit Payments (Details)
Other Insurance Liabilities And Separate Accounts - Weighted-Average Interest Rates And Durations (Details)
Pay Vs Performance Disclosure
Pension Plans And Other Postretirement Benefits
Pension Plans And Other Postretirement Benefits (Tables)
Pension Plans And Other Postretirement Benefits - Benefit Obligations And Plan Assets (Details)
Pension Plans And Other Postretirement Benefits - Changes In Level 3 Pension Plan Assets (Details)
Pension Plans And Other Postretirement Benefits - Defined Benefit Plans Expected Benefit (Details)
Pension Plans And Other Postretirement Benefits - Fair Value Of Pension Plan Assets (Details)
Pension Plans And Other Postretirement Benefits - Narrative (Details)
Pension Plans And Other Postretirement Benefits - Net Periodic Benefit Cost (Income) (Details)
Pension Plans And Other Postretirement Benefits - Weighted Average Assumptions Used (Details)
Reinsurance
Reinsurance (Tables)
Reinsurance - Effects Of Reinsurance (Details)
Reinsurance - Narrative (Details)
Reinsurance - Reinsurance Recoverables (Details)
Restructuring Program
Restructuring Program (Tables)
Restructuring Program - Change In Severance And Employee-Related Restructuring Charge Liability (Details)
Restructuring Program - Narrative (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Narrative (Details)
Segment Reporting - Reconciliation From Operating Income To Adjusted Operating Income (Details)
Segment Reporting - Reconciliation Of Financial Measures Of Segments To Consolidated Totals (Details)
Segment Reporting - Retrospective Adjustments To Segment Composition (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Accelerated Share Repurchases (Details)
Shareholders' Equity - Dividends (Details)
Shareholders' Equity - Noncontrolling Interests (Details)
Shareholders' Equity - Regulatory Requirements (Details)
Shareholders' Equity - Share Repurchases (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Accounts Receivable (Details)
Significant Accounting Policies - Adjustments Resulting From Applying New Accounting Standard (Details)
Significant Accounting Policies - Cash And Cash Equivalents, Restricted Cash And Cash Equivalents (Details)
Significant Accounting Policies - Changes In Balances Of Long-Duration Insurance Liabilities (Details)
Significant Accounting Policies - Contract Balances (Details)
Significant Accounting Policies - Deferred Acquisition Costs (Details)
Significant Accounting Policies - Disaggregation Of Revenue (Details)
Significant Accounting Policies - Narrative (Details)
Significant Accounting Policies - New Accounting Pronouncements Recently Adopted (Details)
Significant Accounting Policies - Property And Equipment (Details)
Significant Accounting Policies - Receivables And Contract Balances (Details)
Significant Accounting Policies - Variable Interest Entities (Details)
Stock Incentive Plans
Stock Incentive Plans (Tables)
Stock Incentive Plans - Narrative (Details)
Stock Incentive Plans - Restricted Stock Unit And Performance Stock Unit Activity (Details)
Stock Incentive Plans - Stock Option And Sar Activity (Details)
Stock Incentive Plans - Stock-Based Compensation Expense (Details)
Stock Incentive Plans - Valuation Assumptions (Details)
Ticker: CVS
CIK: 64803
Form Type: 10-K Annual Report
Accession Number: 0000064803-24-000007
Submitted to the SEC: Wed Feb 07 2024 6:52:35 AM EST
Accepted by the SEC: Wed Feb 07 2024
Period: Sunday, December 31, 2023
Industry: Retail Drug Stores And Proprietary Stores

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