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HomeBusinessCVS Has a New Plan to Save Customers Money on Prescriptions

CVS Has a New Plan to Save Customers Money on Prescriptions

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CVS is implementing a “more transparent” payment model and changing the way it pays for prescription medications.

On Tuesday, the pharmacy giant unveiled CVS CostVantage, a new payment strategy. Traditionally, a convoluted system involving middlemen known as pharmacy benefit managers, or PBMs, has set the rate at which pharmacies get paid for filling prescriptions. These payments are not dependent on the amount of money pharmacies spend on medications.

“We are successfully executing on our strategy to advance the future of health care while unlocking new value for consumers,” said CVS Health President and CEO Karen S. Lynch. “The combination of our businesses and the key growth areas we have invested in, drive our ability to lower the total cost of care, improve health outcomes, and deliver on our commitments to our customers, consumers, and shareholders.”

The Wall Street Journal broke the story first, quoting CVS executives, who stated that while some prescription pharmaceuticals may see price increases under the new system, others may see a decrease in cost. They argued that decreases should be more frequent than gains.

2023 Guidance

Today, the company is reiterating its 2023 guidance as shared on its November 1, 2023 earnings call:

Total revenues: $351.5 to $357.3 billion
Operating income: $13.6 to $14.0 billion
Adjusted operating income: $17.2 to $17.6 billion
GAAP diluted earnings per share (“EPS”): $6.37 to $6.61
Adjusted EPS: $8.50 to $8.70
Cash flow from operations: Upper-end of $12.5 to $13.5 billion

2024 Guidance
The company is initiating its 2024 full-year projections:
Total revenues: At least $366.0 billion
Operating income: At least $15.0 billion
Adjusted operating income: At least $17.2 billion
GAAP diluted EPS: At least $7.26
Adjusted EPS: At least $8.50
Cash flow from operations: At least $12.5 billion

Announcement of an increased quarterly dividend.

CVS Health has announced that its board of directors has approved a quarterly dividend of sixty-six and a half cents ($0.665 cents) per share, an approximate 10% increase from sixty and a half cents ($0.605 cents) per share. The dividend is payable on February 1, 2024, to holders of record on January 22, 2023. Investor Information Source: CVS

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