CVS Health Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CVS Health Corp filed its Q1 2024 10-Q report, detailing financial performance and operations for the period ending March 31, 2024.</b>

AI Summary

CVS HEALTH Corp (CVS) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. CVS Health Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's fiscal year ends on December 31st. CVS Health Corp is incorporated in Delaware. The company's primary business is in Retail - Drug Stores and Proprietary Stores.

Why It Matters

For investors and stakeholders tracking CVS HEALTH Corp, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, including revenue, net income, and balance sheet information, crucial for assessing the company's current financial health and performance trends. Understanding the details within this filing allows stakeholders to evaluate CVS Health's strategic direction, operational efficiency, and potential risks and opportunities in the dynamic healthcare and retail sectors.

Risk Assessment

Risk Level: medium — CVS HEALTH Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not inherently signal significant positive or negative developments beyond the disclosed figures. However, the nature of the retail and healthcare industries presents ongoing market and operational risks.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any significant shifts in revenue, profitability, or debt levels that may impact future performance.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-01-01 — Period Start Date (Quarterly report period)
• 12/31 — Fiscal Year End (Company's fiscal year end)
• 0000064803 — Central Index Key (CVS Health Corp's identifier)

Key Players & Entities

• CVS HEALTH Corp (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filed as of date
• 0000064803 (company) — Central Index Key
• DE (jurisdiction) — State of incorporation
• 5912 (sic_code) — Standard Industrial Classification code for Retail-Drug Stores and Proprietary Stores
• CVS CAREMARK CORP (company) — Former company name
• CVS/CAREMARK CORP (company) — Former company name

FAQ

Industry Context

CVS Health operates within the retail pharmacy and healthcare services sectors, facing competition from other large pharmacy chains, PBMs, and integrated healthcare providers.

Regulatory Implications

As a publicly traded company, CVS Health is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the revenue and profitability trends for each business segment (e.g., Pharmacy Services, Retail Pharmacy).
2. Examine the balance sheet for changes in assets, liabilities, and equity, paying attention to debt levels and cash position.
3. Review any disclosures related to legal proceedings, regulatory matters, or significant business developments mentioned in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first set of quarterly financial data for the year.

Key Financial Figures

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

Filing Documents

• cvs-20240331.htm (10-Q) — 2195KB
• a03312024ex101.htm (EX-10.1) — 84KB
• a03312024ex102.htm (EX-10.2) — 117KB
• a03312024ex103.htm (EX-10.3) — 956KB
• a03312024ex151.htm (EX-15.1) — 3KB
• a03312024ex311.htm (EX-31.1) — 9KB
• a03312024ex312.htm (EX-31.2) — 9KB
• a03312024ex321.htm (EX-32.1) — 5KB
• a03312024ex322.htm (EX-32.2) — 5KB
• cvs-20240331_g1.jpg (GRAPHIC) — 4KB
• 0000064803-24-000016.txt (&nbsp;) — 13142KB
• cvs-20240331.xsd (EX-101.SCH) — 62KB
• cvs-20240331_cal.xml (EX-101.CAL) — 126KB
• cvs-20240331_def.xml (EX-101.DEF) — 335KB
• cvs-20240331_lab.xml (EX-101.LAB) — 778KB
• cvs-20240331_pre.xml (EX-101.PRE) — 564KB
• cvs-20240331_htm.xml (XML) — 2469KB

Financial Information

Part I Financial Information

Financial Statements

Item 1. Financial Statements 1

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 56

Controls and Procedures

Item 4. Controls and Procedures 56

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 57

Risk Factors

Item 1A. Risk Factors 57

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57

Defaults Upon Senior Securities

Item 3 Defaults Upon Senior Securities 57

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 57

Other Information

Item 5. Other Information 57

Exhibits

Item 6. Exhibits 58

Signatures

Signatures 59 Form 10-Q Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Index to Condensed Consolidated Financial Statements Page Condensed Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) for the three months ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Report of Independent Registered Public Accounting Firm 38 1 Index to Condensed Consolidated Financial Statements CVS Health Corporation Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, In millions, except per share amounts 2024 2023 Revenues: Products $ 53,724 $ 58,147 Premiums 30,391 24,352 Services 3,868 2,445 Net investment income 454 334 Total revenues 88,437 85,278 Operating costs: Cost of products sold 48,073 51,455 Health care costs 27,803 20,448 Loss on assets held for sale — 349 Operating expenses 10,290 9,580 Total operating costs 86,166 81,832 Operating income 2,271 3,446 Interest expense 716 589 Other income ( 25 ) ( 22 ) Income before income tax provision 1,580 2,879 Income tax provision 456 737 Net income 1,124 2,142 Net income attributable to noncontrolling interests ( 11 ) ( 6 ) Net income attributable to CVS Health $ 1,113 $ 2,136 Net income per share attributable to CVS Health: Basic $ 0.88 $ 1.66 Diluted $ 0.88 $ 1.65 Weighted average shares outstanding: Basic 1,260 1,283 Diluted 1,267 1,291 Dividends declared per share $ 0.665 $ 0.605 See accompanying notes to condensed consolidated financial statements (unaudited). 2 Index to Conden

View Full Filing

View this 10-Q filing on SEC EDGAR