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cvs health corp (CVS) Key Developments

CVS Health Corporation Presents at RBC Capital Markets Healthcare Conference 2015, Feb-25-2015 10:00 AM

CVS Health Corporation Presents at RBC Capital Markets Healthcare Conference 2015, Feb-25-2015 10:00 AM. Venue: The New York Palace Hotel, New York, New York, United States. Speakers: Dave Denton, executive vice president and chief financial officer.

CVS Health Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reaffirms Earnings Guidance for the First Quarter Ending March 31, 2015 and for the Full Year Ending December 31, 2015

CVS Health Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. Net revenues for the quarter increased 12.9%, or $4.2 billion to $37.1 billion, up from $32.8 billion in the three months ended December 31, 2013. Revenues in the Pharmacy Services Segment increased 21.7% to $23.9 billion in the three months ended December 31, 2014. This increase was driven by growth in specialty pharmacy including the acquisition of Coram and the impact of Specialty Connect, as well as increased volume in pharmacy network claims. Pharmacy network claims processed during the three months ended December 31, 2014, increased 8.2% to 221.6 million, compared to 204.9 million in the prior year period. The increase was primarily due to net new business and growth in Managed Medicaid. Mail choice claims processed during the three months ended December 31, 2014, increased approximately 1.4% to 21.3 million compared to 21.0 million in the prior year period. The increase in the mail choice claim volume was primarily due to increased claims associated with the continuing adoption of its Maintenance Choice offerings, partially offset by a decline in traditional mail volumes. Same store sales increased 1.6% over the prior year period, with pharmacy same store sales up 5.5% and front store same store sales down 7.2%. Net income increased 4.5% or $57 million, to $1.3 billion, compared to $1.26 billion for the prior year. Adjusted earnings per share for the three months ended December 31, 2014 and 2013, was $1.21 and $1.12, respectively. GAAP earnings per diluted share for the three months ended December 31, 2014 and 2013, was $1.14 and $1.05, respectively. Operating profit was $2,321 million compared to $2,217 million reported a year ago. Income before income tax provision was $2,190 million compared to $2,082 million reported a year ago. Income from continuing operations was $1,322 million or $1.14 per diluted share compared to $1,266 million or $1.05 per diluted share reported a year ago. Adjusted income before income tax provision was $2,318 million compared to $2,206 million reported a year ago. Adjusted income from continuing operations was $1,393 million or $1.21 per diluted share compared to $1,341 million or $1.12 per diluted share reported a year ago. For the year, total revenue increased 9.9%, or $12.6 billion to $139.4 billion, compared to $126.8 billion for the year ended December 31, 2013. Total revenue in the Pharmacy Services Segment increased 16.1% to $88.4 billion, compared to $76.2 billion in the year ended December 31, 2013. Same store sales increased 2.1% over the prior year, with pharmacy same store sales up 4.8% and front store same store sales down 4.0%. Front store same store sales would have been approximately 350 basis points higher if tobacco and the estimated associated basket sales were excluded from the years ended December 31, 2014 and 2013. Net income increased 1.2% or $53 million, to $4.64 billion, compared to $4.6 billion for the prior year. Excluding the loss on early extinguishment of debt and a $72 million pre-tax gain ($0.04 per share) from a legal settlement in 2013, net income increased 9.0%. Adjusted EPS for the years ended December 31, 2014 and 2013, was $4.22 and $4.00, respectively. Excluding the 2014 loss on early extinguishment of debt and the 2013 gain from the legal settlement, adjusted EPS increased 13.5% to $4.49. GAAP EPS for the year ended December 31, 2014, was $3.96, which also includes the loss on early extinguishment of debt, compared to $3.74 in the prior year, which includes the gain from the legal settlement. Operating profit was $8,799 million compared to $8,037 million reported a year ago. Income before income tax provision was $7,678 million compared to $7,528 million reported a year ago. Income from continuing operations was $4,645 million or $3.96 per diluted share compared to $4,600 million or $3.75 per diluted share reported a year ago. Net cash provided by operating activities was $8,137 million compared to $5,783 million reported a year ago. Purchases of property and equipment was $2,136 million compared to $1,984 million reported a year ago. Adjusted income before income tax provision was $8,196 million compared to $8,022 million reported a year ago. Adjusted income from continuing operations was $4,939 million or $4.22 per diluted share compared to $4,902 million or $4.00 per diluted share reported a year ago. Free cash flow was $6,516 million compared to $4,399 million reported a year ago. The company confirmed its previous guidance for the full year and first quarter of 2015. The company currently expects to deliver adjusted EPS of $5.05 to $5.19 and GAAP diluted earnings per share from continuing operations of $4.77 to $4.91 in 2015. These 2015 guidance estimates assume the completion of $6.0 billion in share repurchases. The company confirmed its 2015 free cash flow guidance of $5.9 to $6.2 billion, and its 2015 cash flow from operations guidance of $7.6 to $7.9 billion. The company expects income before income tax provision of $8,866 million to $9,137 million, amortization of $520 million, adjusted income before income tax provision of $9,386 million to $ 9,657 million, adjusted income from continuing operations of $5,677 million to $5,837 million, adjusted income from continuing operations attributable to the company of $5,676 million to $5,836 million. Additions to property and equipment are expects to be $2,200 million to $2,300 million. The company also confirmed its first quarter adjusted EPS guidance of $1.06 to $1.09 and GAAP diluted earnings per share from continuing operations of $0.99 to $1.02. The company expects income before income tax provision of $1,864 million to $1,920 million, amortization of $124 million to $128 million, adjusted income before income tax provision of $1,988 million to $2,048 million and adjusted income from continuing operations attributable to the company of $1,200 million to $1,238 million.

CVS Health Corporation, Q4 2014 Earnings Call, Feb 10, 2015

CVS Health Corporation, Q4 2014 Earnings Call, Feb 10, 2015

CVS Health Announces New Clinical Affiliations with Lsu Healthcare Network in New Orleans, Louisiana and Shawnee Mission Health in Kansas

CVS Health has entered into new clinical affiliations with two regional health systems to enhance access to high-quality, affordable health care services for patients. The collaborating health systems include the LSU Healthcare Network in New Orleans, Louisiana and Shawnee Mission Health in Kansas. Through these clinical affiliations the patients served by these health systems will continue to have access to clinical support, medication counseling, chronic disease monitoring and wellness programs at CVS/pharmacy stores and MinuteClinic, the retail medical clinic division of CVS Health. In addition, CVS Health will provide critical prescription and visit information to the participating medical centers through the integration of secured electronic medical record (EMR) systems. The health care providers at the participating health systems will receive data on interventions conducted by CVS pharmacists to improve medication adherence for their patients. The affiliation also encourages collaboration between the health care providers and MinuteClinic providers to improve coordination of care for patients seen at MinuteClinic locations. Physicians affiliated with the participating health systems will collaborate with MinuteClinic nurse practitioners to work closely on joint clinical programs and care coordination activities. If more comprehensive care is needed, patients can follow up with their primary care provider and have access to the services at the medical center as appropriate. For those patients who do not have regular access to health care, MinuteClinic provides information to help patients in finding a primary care physician and a greater opportunity for continuity of health care services.

CVS Health Corporation Appoints Richard M. Bracken to its Board

On January 20, 2015, the Board of Directors of CVS Health Corporation elected Richard M. Bracken to serve on the Board. Mr. Bracken, age 62, is the retired Chairman and Chief Executive Officer of HCA Inc. and HCA Holdings Inc.

 

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