CVS Health Corporation (NYSE: CVS) today announced operating results for the three months and year ended December 31, 2019.

“As we work to transform the way health care is delivered to millions of Americans, we are driving continued business performance and generating positive momentum across the enterprise. Our fourth quarter and full-year financial results reflect strong financial and operational execution and a successful first year of integrating the Aetna business. We’re using our unmatched capabilities to create a higher-quality, simpler and more affordable health care experience, which benefits patients, clients and consumers and positions the company for continued success,” said President and Chief Executive Officer Larry Merlo.

Merlo continued, “As a result of the significant progress we made in 2019, and meeting or exceeding our expectations for the year, we raised our outlook for 2020. Client, patient and consumer reception to our innovative product and service offerings, including our HealthHUB ® locations, has been positive. We are confident that we’re on the right path to delivering significant value for all our stakeholders, which is a testament to the efforts of the nearly 300,000 CVS Health employees who work tirelessly to deliver these results while staying true to our purpose of helping people on their path to better health.”

Fourth Quarter Highlights:

• Total revenues increased 22.9% to $66.9 billion
• GAAP operating income increased to $3.0 billion
• Adjusted operating income  ⁽¹⁾  increased 1.3% to $3.8 billion
• GAAP diluted earnings per share from continuing operations of $1.33
• Adjusted EPS  ⁽²⁾  of $1.73

Full Year Highlights:

• Total revenues increased 32.0% to $256.8 billion
• GAAP operating income increased to $12.0 billion
• Adjusted operating income  ⁽¹⁾  increased 36.2% to $15.3 billion
• GAAP diluted earnings per share from continuing operations of $5.08
• Adjusted EPS  ⁽²⁾  of $7.08
• Generated cash flow from operations of $12.8 billion
• Net repayments of long-term debt of $4.7 billion

2020 Full Year Guidance:

• GAAP operating income in the range of $12.8 billion to $13.0 billion
• Adjusted operating income  ⁽¹⁾  in the range of $15.5 billion to $15.8 billion
• GAAP diluted EPS from continuing operations in the range of $5.47 to $5.60
• Adjusted EPS  ⁽²⁾  in the range of $7.04 to $7.17
• Cash flow from operations in the range of $10.5 billion to $11.0 billion

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