CVS Health Corp's
Adjusted EPS was $2.21, up from $2.17 a year ago and beating the consensus of $2.13.
Adjusted operating income increased 2.5%, primarily driven by an increase in the Health Services segment, partially offset by a decline in the Health Care Benefits segment.
The company's pharmacy and consumer wellness segment saw revenue grow 6% to $26.29 billion, boosted by higher drug prices and prescription volume.
Prescriptions filled increased by 1.5% on a 30-day equivalent basis, primarily driven by increased utilization, offset by lower COVID-19 vaccinations and decreased store count. Excluding the impact of COVID-19 vaccinations, prescriptions filled increased by 1.1%.
Total medical membership reached 25.67 million, up from 24.29 million a year ago.
Its health services segment reported revenue of $46.89 billion, up 8.4% from a year ago, boosted by brand inflation and the acquisitions of Oak Street Health and Signify Health.
The insurance business' medical benefit ratio, or spending on claims against premiums earned, was 85.7%, compared with 83.4% a year earlier.
Outlook: CVS Health revised GAAP EPS to $6.37-$6.61 from $6.53-$6.75.
The company expects adjusted earnings this year to range between $8.50-$8.70 per share. Analysts forecast earnings of $8.58 per share.
The company also confirmed its full-year 2023 operating cash flow guidance range of $12.5 billion to $13.5 billion.
Price Action: CVS shares are down 4.61% at $65.83 during the premarket session on the last check Wednesday.
