Summary by Moomoo AI
On May 1, 2024, CVS Health Corporation released its financial results for the first quarter of 2024, reporting a 3.7% increase in total revenues to $88.4 billion compared to the previous year. However, the company experienced a decrease in GAAP diluted EPS from $1.65 to $0.88 and Adjusted EPS from $2.20 to $1.31, primarily due to a decline in the Health Care Benefits segment's operating results, reflecting higher Medicare utilization. CVS Health revised its full-year 2024 guidance, lowering GAAP diluted EPS to at least $5.64 from $7.06, Adjusted EPS to at least $7.00 from $8.30, and cash flow from operations to at least $10.5 billion from $12.0 billion. The revision is based on the assumption that the elevated medical cost trends observed in the first quarter will persist throughout the year. CVS Health's CEO expressed confidence in the company's long-term earnings potential and strategy despite near-term challenges, particularly in the Medicare Advantage sector.