CVS Health(US:CVS)2024-05-01 15:58Financial Performance - Q1 2024 - CVS Health's total revenues increased to $88.4 billion, a 3.7% growth compared to $85.3 billion in Q1 2023[6] - Adjusted earnings per share (EPS) were $1.31, down from $2.20 in Q1 2023[3, 6] - Cash flow from operations was $4.9 billion, compared to $7.4 billion in the same period last year[3, 6] Shareholder Value - The company completed a $3.0 billion accelerated share repurchase transaction, retiring approximately 40 million shares[3, 6] - $840 million was returned to shareholders through quarterly dividends[3, 6] Revised 2024 Guidance - Total revenue is expected to be at least $369.0 billion, a decrease from the previous guidance of at least $371.3 billion[3, 7] - Adjusted EPS guidance lowered to at least $7.00, down from at least $8.30, primarily due to elevated Medicare utilization[3, 7] - Adjusted operating income is projected to be at least $14.75 billion, revised down from at least $16.90 billion[3, 7] Segment Performance - Health Care Benefits - Health Care Benefits revenue increased to $32.2 billion from $25.9 billion in Q1 2023[10] - Adjusted operating income decreased to $0.73 billion from $1.82 billion year-over-year[10] - The medical benefits ratio (MBR) increased to 90.4% compared to 84.6% in the prior year[10] Segment Performance - Health Services - Health Services revenue was approximately $40.3 billion, impacted by the loss of a large client, compared to $44.6 billion in Q1 2023[11] - Adjusted operating income decreased to $1.36 billion from $1.68 billion[11] Segment Performance - Pharmacy & Consumer Wellness - Pharmacy & consumer wellness revenue was approximately $28.7 billion, an increase from $27.9 billion in Q1 2023[12] - Adjusted operating income increased to $1.18 billion from $1.13 billion[12] - Prescriptions filled increased to 417.6 million from 404.8 million[12]