CVS HEALTH Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>CVS HEALTH Corp has filed its 2023 annual report on Form 10-K, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

CVS HEALTH Corp (CVS) filed a Annual Report (10-K) with the SEC on February 7, 2024. CVS HEALTH Corp filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at One CVS Dr., Woonsocket, RI 02895. CVS HEALTH Corp was formerly known as CVS CAREMARK CORP and CVS/CAREMARK CORP. The company was incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking CVS HEALTH Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CVS HEALTH Corp's financial health, operational strategies, and risk factors for investors and stakeholders. Understanding the details within this report is crucial for assessing the company's performance, its market position, and its future outlook in the healthcare and retail sectors.

Risk Assessment

Risk Level: medium — CVS HEALTH Corp shows moderate risk based on this filing. The company operates in the highly regulated healthcare and retail pharmacy sectors, facing risks related to government regulations, competition, and healthcare policy changes, which are detailed in its 10-K filings.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand CVS HEALTH Corp's performance and strategic direction.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-07 — Filing Date (Filed as of Date)
• 173 — Public Document Count (Number of documents in the filing)
• 5912 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• CVS HEALTH Corp (company) — Filer name
• 0000064803 (company) — Central Index Key
• CVS CAREMARK CORP (company) — Former company name
• CVS/CAREMARK CORP (company) — Former company name
• CVS CORP (company) — Former company name
• DE (jurisdiction) — State of incorporation
• One CVS Dr., Woonsocket, RI 02895 (address) — Business and mailing address
• 4017651500 (phone) — Business phone number

Forward-Looking Statements

• CVS Health will continue to focus on its core retail-drug store and proprietary store operations. (CVS HEALTH Corp) — high confidence, target: 2024-12-31
• The company's financial reporting will remain consistent with US GAAP standards. (CVS HEALTH Corp) — high confidence, target: 2024-12-31

FAQ

Industry Context

CVS HEALTH Corp operates within the retail drug stores and proprietary stores industry (SIC 5912), a sector characterized by significant competition and evolving healthcare regulations.

Regulatory Implications

The company is subject to various federal and state regulations governing pharmacy operations, drug sales, and healthcare services, as typically detailed in its SEC filings.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the risk factors section for potential challenges and uncertainties facing CVS HEALTH Corp.
3. Compare the 2023 performance metrics with previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-07: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings for earlier periods.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share CVS New York Stock Exchange

Filing Documents

• cvs-20231231.htm (10-K) — 5227KB
• exhibit429-2023.htm (EX-4.29) — 20KB
• exhibit1022-2023.htm (EX-10.22) — 238KB
• exhibit1045-2023.htm (EX-10.45) — 52KB
• exhibit1047-2023.htm (EX-10.47) — 35KB
• exhibit1053-2023.htm (EX-10.53) — 82KB
• exhibit1054-2023.htm (EX-10.54) — 116KB
• exhibit211-2023.htm (EX-21.1) — 182KB
• exhibit231-2023.htm (EX-23.1) — 4KB
• exhibit311-2023.htm (EX-31.1) — 9KB
• exhibit312-2023.htm (EX-31.2) — 9KB
• exhibit321-2023.htm (EX-32.1) — 5KB
• exhibit322-2023.htm (EX-32.2) — 5KB
• exhibit971-2023.htm (EX-97.1) — 17KB
• cvs-20231231_g1.jpg (GRAPHIC) — 4KB
• cvs-20231231_g2.jpg (GRAPHIC) — 122KB
• cvshealthlogo.jpg (GRAPHIC) — 13KB
• 0000064803-24-000007.txt (&nbsp;) — 28943KB
• cvs-20231231.xsd (EX-101.SCH) — 147KB
• cvs-20231231_cal.xml (EX-101.CAL) — 262KB
• cvs-20231231_def.xml (EX-101.DEF) — 935KB
• cvs-20231231_lab.xml (EX-101.LAB) — 1870KB
• cvs-20231231_pre.xml (EX-101.PRE) — 1355KB
• cvs-20231231_htm.xml (XML) — 5823KB

: Risk Factors

Item 1A: Risk Factors 38

: Unresolved Staff Comments

Item 1B: Unresolved Staff Comments 67

: Cybersecurity

Item 1C: Cybersecurity 67

: Properties

Item 2: Properties 68

: Legal Proceedings

Item 3: Legal Proceedings 69

: Mine Safety Disclosures

Item 4: Mine Safety Disclosures 69 Information about our Executive Officers 70 Part II

: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 72

: Reserved

Item 6: Reserved 74

: Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations 75

: Quantitative and Qualitative Disclosures About Market Risk

Item 7A: Quantitative and Qualitative Disclosures About Market Risk 105

: Financial Statements and Supplementary Data

Item 8: Financial Statements and Supplementary Data 108

: Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9: Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 199

: Controls and Procedures

Item 9A: Controls and Procedures 199

: Other Information

Item 9B: Other Information 199

: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 200 Part III

: Directors, Executive Officers and Corporate Governance

Item 10: Directors, Executive Officers and Corporate Governance 200

: Executive Compensation

Item 11: Executive Compensation 200

: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 200

: Certain Relationships and Related Transactions, and Director Independence

Item 13: Certain Relationships and Related Transactions, and Director Independence 201

: Principal Accountant Fees and Services

Item 14: Principal Accountant Fees and Services 201 Part IV

: Exhibits and Financial Statement Schedules

Item 15: Exhibits and Financial Statement Schedules 202

: Form 10-K Summary

Item 16: Form 10-K Summary 206

Signatures

Signatures 207 Unless the context otherwise requires, references to the terms "we," "our" or "us" used throughout this Annual Report on Form 10-K (this "10-K") refer to CVS Health Corporation (a Delaware corporation), together with its subsidiaries (collectively, "CVS Health" or the "Company"). References to competitors and other companies throughout this 10-K, including the information incorporated herein by reference, are for illustrative or comparison purposes only and are not identifying that these companies are the only competitors or closest competitors of the Company or any of the Company's businesses, products, or services. CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 (the "Reform Act") provides a "safe harbor" for forward-looking statements, so long as (1) those statements are identified as forward-looking, and (2) the statements are accompanied by meaningful cautionary statements that identify important factors that could cause actual results to differ materially from those discussed in the statement. We want to take advantage of these safe harbor provisions. Certain information contained in this 10-K is forward-looking within the meaning of the Reform Act or Securities and Exchange Commission ("SEC") rules. This information includes, but is not limited to: "Outlook for 2024" of Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") included in Item 7, "Quantitative and Qualitative Disclosures About Market Risk" included in Item 7A, "Government Regulation" included in Item 1, and "Risk Factors" included in Item 1A. In addition, throughout this 10-K and our other reports and communications, we use the following words or variations or negatives of these words and similar expressions when we intend to identify forward-looking statements: Anticipates Believes Can Continue Could Estimates Evaluate Expects Explore Forecast Guidance Intends Likel

Business

Item 1. Business. Overview CVS Health Corporation, together with its subsidiaries (collectively, "CVS Health," the "Company," "we," "our" or "us"), is a leading health solutions company building a world of health around every consumer it serves and connecting care so that it works for people wherever they are. As of December 31, 2023, we had more than 9,000 retail locations, more than 1,000 walk-in medical clinics, 204 primary care medical clinics, a leading pharmacy benefits manager with approximately 108 million plan members and expanding specialty pharmacy solutions, and a dedicated senior pharmacy care business serving more than one million patients per year. We serve an estimated more than 35 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan ("PDP"). We are creating new sources of value through our integrated model allowing us to expand into personalized, technology driven care delivery and health services, increasing access to quality care, delivering better health outcomes and lowering overall health care costs. During the year ended December 31, 2023, the Company completed the acquisition of two key health care delivery assets to enhance its ability to execute on its care delivery strategy by advancing its primary care, home-based care and provider enablement capabilities. On March 29, 2023, the Company acquired Signify Health, Inc. ("Signify Health"), a leader in health risk assessments, value-based care and provider enablement services. On May 2, 2023, the Company also acquired Oak Street Health, Inc. ("Oak Street Health"), a leading multi-payor operator of value-based primary care centers serving Medicare eligible patients. Both Signify Health and Oak Street Health are included within the Health Services segment. In connection with its new operating model adopted in the f

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View this 10-K filing on SEC EDGAR