CVS HEALTH CORPORATION 
WOONSOCKET, R.I., May 3, 2016 /PRNewswire/ --
First Quarter Year-over-year Highlights:
-- Net revenues increased 18.9% to $43.2 billion
-- Operating profit increased 2.0% to $2.2 billion, including the effect of
acquisition-related integration costs of $61 million; operating profit
increased approximately 5.0% excluding the acquisition-related
integration costs
-- Adjusted EPS increased 4.0% to $1.18; GAAP diluted EPS of $1.04
-- Generated free cash flow of $1.8 billion and cash flow from operations
of $2.4 billion
2016 Guidance:
-- Confirmed full year Adjusted EPS of $5.73 to $5.88
-- As expected, GAAP diluted EPS is revised, to $5.24 to $5.39 from $5.28
to $5.43, recognizing the impact in the first quarter of the
acquisition-related integration costs and a charge related to a disputed
1999 legal settlement
-- Provided second quarter Adjusted EPS guidance of $1.28 to $1.31; GAAP
diluted EPS of $1.17 to $1.20; both excluding acquisition-related
integration costs
-- Confirmed full year free cash flow of $5.3 to $5.6 billion; cash flow
from operations of $7.6 to $7.9 billion
CVS Health Corporation (NYSE: CVS) today announced operating results for the three months ended March 31, 2016.
Revenues
Net revenues for the three months ended March 31, 2016 increased 18.9%, or $6.9 billion, to $43.2 billion, compared to the three months ended March 31, 2015. Revenues in the Pharmacy Services Segment increased 20.5%, or $4.9 billion, to $28.8 billion in the three months ended March 31, 2016. The increase was primarily driven by pharmacy network claim volume and growth in specialty pharmacy. Pharmacy network claims processed during the three months ended March 31, 2016 increased 22.6% to 283 million, compared to 231 million in the prior year. The increase in pharmacy network claim volume was primarily due to the growth in net new business. Mail choice claims processed during the three months ended March 31, 2016, increased 6.6%, to 21.7 million, compared to 20.3 million in the prior year. The increase in mail choice claims was primarily driven by the continued adoption of our Maintenance Choice(®) offerings.
Revenues in the Retail/LTC Segment increased 18.6%, or $3.2 billion, to $20.1 billion, in the three months ended March 31, 2016. The increase was primarily driven by the addition of the long-term care ("LTC") operations acquired as part of the acquisition of Omnicare, Inc. ("Omnicare") in August 2015, the addition of the pharmacies and clinics of Target Corporation ("Target") acquired in December 2015 and pharmacy same store sales growth. Same store sales increased 4.2% versus the first quarter of last year. Same store sales were positively affected by approximately 125 basis points due to an additional day in 2016 related to leap year. Pharmacy same store sales rose 5.5% and pharmacy same store prescription volumes rose 5.9% on a 30-day equivalent basis. Pharmacy same store sales were negatively affected by approximately 360 basis points from recent generic drug introductions, and positively affected by approximately 130 basis points from the additional day in 2016 related to leap year. Front store same store sales increased 0.7%. Front store same store sales were negatively affected by softer customer traffic, partially offset by an increase in basket size and the shift of Easter from April in 2015 to March in 2016, which positively affected front store same store sales by approximately 80 basis points. Front store same store sales were also positively affected by approximately 105 basis points from the additional day in 2016 related to leap year.
For the three months ended March 31, 2016, the generic dispensing rate increased approximately 170 basis points to 85.2% in the Pharmacy Services Segment and increased approximately 125 basis points to 85.7% in the Retail/LTC Segment.
Operating Profit
For the three months ended March 31, 2016, consolidated operating profit increased $44 million, or 2.0%. Excluding acquisition-related integration costs of $61 million and a $3 million legal charge related to a disputed 1999 legal settlement, consolidated operating profit increased $108 million, or 5.0%, from $2,132 million for the three months ended March 31, 2015 to $2,240 million for the three months ended March 31, 2016. For the three months ended March 31, 2016, operating profit increased by $48 million, or 6.6%, in the Pharmacy Services Segment and by $50 million, or 2.9%, in the Retail/LTC Segment. Excluding acquisition-related integration costs of $61 million, the Retail/LTC Segment operating profit grew $111 million, or 6.4% from $1,727 million for the three months ended March 31, 2015 to $1,838 million for the three months ended March 31, 2016. Both segments benefited from the Omnicare acquisition and increased generic drugs dispensed. The Pharmacy Services Segment was also positively affected by growth in specialty pharmacy and favorable purchasing economics, partially offset by price compression. The Retail/LTC Segment was also positively affected by increased sales and an improved front store margin rate. These positive factors for the Retail/LTC Segment, along with the benefits from the Omnicare acquisition and generic drugs dispensed, were partially offset by continued reimbursement pressure.
Net Income and Earnings Per Share
Net income for the three months ended March 31, 2016 was $1.1 billion, a decrease of $74 million or 6.1%. The decrease is primarily driven by an increase in interest expense of $149 million and $61 million of acquisition-related integration costs, partially offset by an increase in operating profit. The increase in interest expense is primarily due to the issuance of $15 billion of long-term debt in July 2015 that was used to acquire Omnicare and the pharmacies and clinics of Target, as well as the debt assumed through the acquisition of Omnicare in August 2015.
Adjusted earnings per share ("Adjusted EPS") for the three months ended March 31, 2016 and 2015, was $1.18 and $1.14, respectively. Adjusted EPS excludes $199 million and $129 million of intangible asset amortization for the three months ended March 31, 2016 and 2015, respectively. Adjusted EPS for the three months ended March 31, 2016 also excludes $61 million of acquisition-related integration costs and a $3 million legal charge related to a legacy lawsuit challenging the 1999 settlement by MedPartners of various securities class actions and a related derivative claim. GAAP earnings per diluted share ("GAAP diluted EPS") for the three months ended March 31, 2016 was $1.04, compared to $1.07 in the prior year.
President and Chief Executive Officer Larry Merlo stated, "We posted solid results this quarter and are off to a strong start in 2016. Operating profit in the retail business was in line with our expectations while operating profit in the PBM exceeded our expectations, driven by strong prescription volumes. We also generated $1.8 billion of free cash during the quarter and continued to return value to our shareholders through high-return investments in our business as well as dividends and share repurchases."
Mr. Merlo continued, "Our contract wins have grown for the 2016 PBM selling season and our 2017 season is off to a solid start with some early wins. Our distinctive, channel-agnostic solutions are resonating strongly in the market as they continue to control patient and client costs while improving health outcomes. We continue to believe we have the right strategy for success in the evolving health care marketplace."
Guidance
The Company confirmed its previous Adjusted EPS guidance for the full year 2016. The Company expects to deliver Adjusted EPS of $5.73 to $5.88. The Company revised the GAAP diluted EPS to $5.24 to $5.39 from $5.28 to $5.43 to reflect the impact in the first quarter of acquisition-related integration costs and a charge related to a disputed 1999 legal settlement. When the Company reports subsequent quarters, full-year 2016 GAAP diluted EPS is expected to be revised downward to reflect the impact from future acquisition-related integration costs, which are not currently included in guidance. The Company expects to deliver Adjusted EPS of $1.28 to $1.31 and GAAP diluted EPS of $1.17 to $1.20 in the second quarter of 2016. The Company continues to expect to deliver 2016 free cash flow of $5.9 billion to $6.2 billion and 2016 cash flow from operations of $7.6 billion to $7.9 billion.
Real Estate Program
During the three months ended March 31, 2016, the Company opened 24 new retail stores and closed five retail stores. In addition, the Company relocated 14 retail stores. As of March 31, 2016, the Company operated 9,674 retail stores, including pharmacies in Target stores, in 49 states, the District of Columbia, Puerto Rico and Brazil.
Teleconference and Webcast
The Company will be holding a conference call today for the investment community at 8:30 am (ET) to discuss its quarterly results. An audio webcast of the call will be broadcast simultaneously for all interested parties through the Investor Relations section of the CVS Health website at http://investors.cvshealth.com. This webcast will be archived and available on the website for a one-year period following the conference call.
About the Company
CVS Health is a pharmacy innovation company helping people on their path to better health. Through its more than 9,600 retail pharmacies, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with nearly 80 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, and expanding specialty pharmacy services, the Company enables people, businesses and communities to manage health in more affordable and effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. By their nature, all forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements for a number of reasons as described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the section entitled "Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
-- Tables Follow --
CVS HEALTH CORPORATION
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended
March 31,
---------
In millions, except per share amounts 2016 2015
------------------------------------- ---- ----
Net revenues $43,215 $36,332
Cost of revenues 36,471 30,168
------ ------
Gross profit 6,744 6,164
Operating expenses 4,568 4,032
----- -----
Operating profit 2,176 2,132
Interest expense, net 283 134
--- ---
Income before income tax provision 1,893 1,998
Income tax provision 746 777
--- ---
Net income 1,147 1,221
Net income attributable to noncontrolling interest (1) -
Net income attributable to CVS Health $1,146 $1,221
====== ======
Net income per share attributable to CVS Health:
Basic $1.04 $1.08
Diluted $1.04 $1.07
Weighted average shares outstanding:
Basic 1,092 1,128
Diluted 1,099 1,136
Dividends declared per share $0.425 $0.350
CVS HEALTH CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
March 31, December 31,
In millions, except per share amounts 2016 2015
------------------------------------- ---- ----
Assets:
Cash and cash equivalents $1,779 $2,459
Short-term investments 85 88
Accounts receivable, net 13,025 11,888
Inventories 13,912 14,001
Other current assets 612 722
--- ---
Total current assets 29,413 29,158
Property and equipment, net 9,862 9,855
Goodwill 38,115 38,106
Intangible assets, net 13,750 13,878
Other assets 1,494 1,440
----- -----
Total assets $92,634 $92,437
======= =======
Liabilities:
Accounts payable $7,361 $7,490
Claims and discounts payable 8,530 7,653
Accrued expenses 7,444 6,829
Current portion of long-term debt 1,202 1,197
----- -----
Total current liabilities 24,537 23,169
Long-term debt 26,267 26,267
Deferred income taxes 4,232 4,217
Other long-term liabilities 1,567 1,542
Commitments and contingencies - -
Redeemable noncontrolling interest - 39
Shareholders' equity:
CVS Health shareholders' equity:
Preferred stock, par value $0.01: 0.1 shares authorized; none issued or outstanding - -
Common stock, par value $0.01: 3,200 shares authorized; 1,701 shares issued and 1,081
shares outstanding at March 31, 2016 and 1,699 shares issued and 1,101 shares
outstanding at December 31, 2015 17 17
Treasury stock, at cost: 619 shares at March 31, 2016 and 597 shares at December 31,
2015
(31,058) (28,886)
Shares held in trust: 1 share at March 31, 2016 and December 31, 2015 (31) (31)
Capital surplus 31,254 30,948
Retained earnings 36,182 35,506
Accumulated other comprehensive income (loss) (339) (358)
---- ----
Total CVS Health shareholders' equity 36,025 37,196
Noncontrolling interest 6 7
--- ---
Total shareholders' equity 36,031 37,203
------ ------
Total liabilities and shareholders' equity $92,634 $92,437
======= =======
CVS HEALTH CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
---------
In millions 2016 2015
----------- ---- ----
Cash flows from operating
activities:
Cash receipts from
customers $41,482 $34,570
Cash paid for
inventory and
prescriptions
dispensed by retail
network pharmacies (35,575) (28,276)
Cash paid to other
suppliers and
employees (2,961) (4,162)
Interest received 5 3
Interest paid (378) (87)
Income taxes paid (161) (64)
---- ---
Net cash provided by
operating activities 2,412 1,984
----- -----
Cash flows from investing
activities:
Purchases of property
and equipment (598) (419)
Proceeds from sale-
leaseback
transactions - 25
Proceeds from sale of
property and
equipment and other
assets 2 8
Acquisitions (net of
cash acquired) and
other investments (51) (61)
Purchase of available-
for-sale investments (36) (113)
Sale or maturity of
available-for-sale
investments 50 16
--- ---
Net cash used in
investing activities (633) (544)
---- ----
Cash flows from financing
activities:
Decrease in short-
term debt - (185)
Purchase of
noncontrolling
interest in
subsidiary (39) -
Dividends paid (470) (399)
Proceeds from exercise
of stock options 92 126
Excess tax benefits
from stock-based
compensation 27 59
Repurchase of common
stock (2,066) (2,007)
Other (4) -
--- ---
Net cash used in
financing activities (2,460) (2,406)
------ ------
Effect of exchange
rates on cash and
cash equivalents 1 3
--- ---
Net decrease in cash
and cash equivalents (680) (963)
Cash and cash
equivalents at the
beginning of the
period 2,459 2,481
----- -----
Cash and cash
equivalents at the
end of the period $1,779 $1,518
====== ======
Reconciliation of net income to net
cash provided by operating
activities:
Net income $1,147 $1,221
Adjustments required to reconcile
net income to net cash provided by
operating activities:
Depreciation and
amortization 617 490
Stock-based
compensation 57 44
Deferred income taxes
and other non-cash
items 17 (31)
Change in operating assets and
liabilities, net of effects of
acquisitions:
Accounts receivable,
net (1,131) (481)
Inventories 89 (313)
Other current assets 106 269
Other assets (52) (52)
Accounts payable and
claims and discounts
payable 798 756
Accrued expenses 741 153
Other long-term
liabilities 23 (72)
--- ---
Net cash provided by
operating activities $2,412 $1,984
====== ======
Adjusted Earnings Per Share
(Unaudited)
The Company is providing non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the
analysis of underlying business performance and trends. Management believes that providing this information enhances investors' understanding of
the Company's performance. This information should be considered in addition to, but not in lieu of, information prepared in accordance with
GAAP.
The following is a reconciliation of income before income tax provision to Adjusted EPS:
Three Months Ended
March 31,
---------
In millions, except per share amounts 2016 2015
------------------------------------- ---- ----
Income before income tax provision $1,893 $1,998
Non-GAAP adjustments:
Amortization of intangible assets 199 129
Acquisition-related integration costs(1) 61 -
Charge related to a disputed 1999 legal settlement 3 -
--- ---
Adjusted income before income tax provision 2,156 2,127
Adjusted income tax provision 847 828
Adjusted net income 1,309 1,299
Net income attributable to noncontrolling interest (1) -
Income allocable to participating securities (7) (5)
Adjusted net income attributable to CVS Health $1,301 $1,294
====== ======
Weighted average diluted shares outstanding 1,099 1,136
Adjusted EPS $1.18 $1.14
===== =====
(1) Costs associated with the acquisitions of Omnicare and the pharmacies and clinics of Target.
Free Cash Flow
(Unaudited)
For internal comparisons, management finds it useful to assess year-over-year cash flow
performance using free cash flow.
The Company defines free cash flow as net cash provided by operating activities less net additions
to properties and equipment (i.e., additions to property and equipment plus proceeds from sale-
leaseback transactions).
The following is a reconciliation of net cash provided by operating activities to free cash flow:
Three Months Ended
March 31,
---------
In millions 2016 2015
----------- ---- ----
Net cash provided by
operating activities $2,412 $1,984
Subtract: Additions to
property and equipment (598) (419)
Add: Proceeds from sale-
leaseback transactions - 25
Free cash flow $1,814 $1,590
====== ======
Supplemental Information
(Unaudited)
The Company evaluates its Pharmacy Services Segment and Retail/LTC Segment performance based on net revenue, gross profit and operating profit before the effect of nonrecurring charges and gains and certain intersegment activities. The Company evaluates the
performance of its Corporate Segment based on operating expenses before the effect of nonrecurring charges and gains and certain intersegment activities. The following is a reconciliation of the Company's segments to the accompanying condensed consolidated
financial statements:
In millions Pharmacy Retail/LTC Corporate Intersegment Consolidated
Services Segment Segment Eliminations(2) Totals
Segment(1)
--- ---------
Three Months Ended
March 31, 2016:
Net revenues $28,765 $20,112 $ - $(5,662) $43,215
Gross profit(3) 1,102 5,830 - (188) 6,744
Operating profit (loss)(3) 782 1,777 (212) (171) 2,176
March 31, 2015:
Net revenues 23,879 16,951 - (4,498) 36,332
Gross profit 1,026 5,295 - (157) 6,164
Operating profit (loss) 734 1,727 (189) (140) 2,132
(1) Net revenues of the Pharmacy
Services Segment include
approximately $3.0 billion and
$2.5 billion of retail co-
payments for the three months
ended March 31, 2016 and 2015,
respectively.
(2) Intersegment eliminations relate to
intersegment revenue generating
activities that occur between the
Pharmacy Services Segment and the
Retail/LTC Segment. These occur
when Pharmacy Services Segment
members fill prescriptions at
either the Company's retail
pharmacies or long-term care
facilities. Revenues are recorded
in both segments and are
eliminated in consolidation. Gross
profit and operating profit
related to the Company's
Maintenance Choice(R) programs are
recorded in both segments and are
also eliminated in consolidation.
(3) The Retail/LTC Segment gross
profit and operating profit for
the three months ended March 31,
2016 include $4 million and $57
million, respectively, of
acquisition-related integration
costs related to the acquisitions
of Omnicare and the pharmacies and
clinics of Target.
Supplemental Information
(Unaudited)
Pharmacy Services Segment
The following table summarizes the Pharmacy Services Segment's performance for the
respective periods:
Three Months Ended
March 31,
---------
In
millions 2016 2015
-------- ---- ----
Net
revenues $28,765 $23,879
Gross
profit 1,102 1,026
Gross
profit
%
of
net
revenues 3.8% 4.3%
Operating
expenses 320 292
Operating
expense
%
of
net
revenues 1.1% 1.2%
Operating
profit 782 734
Operating
profit
%
of
net
revenues 2.7% 3.1%
Net revenues:
Mail
choice(1) $10,150 $8,750
Pharmacy
network(2) 18,536 15,059
Other 79 70
Pharmacy
claims
processed:
Total 304.8 251.1
Mail
choice(1) 21.7 20.3
Pharmacy
network(2) 283.1 230.8
Generic
dispensing
rate:
Total 85.2% 83.5%
Mail
choice(1) 77.3% 76.1%
Pharmacy
network(2) 85.8% 84.1%
Mail
choice
penetration
rate 17.6% 19.8%
(1) Mail choice is defined as claims
filled at a Pharmacy Services
mail facility, which include
specialty mail claims inclusive
of Specialty Connect(R) claims
filled at retail, as well as
prescriptions filled at retail
under the Maintenance Choice(R)
program.
(2) Pharmacy network net revenues,
claims processed and generic
dispensing rates do not include
Maintenance Choice, which are
included within the mail choice
category. Pharmacy network is
defined as claims filled at
retail and specialty pharmacies,
including our retail drugstores
and long-term care pharmacies,
but excluding Maintenance Choice
activity.
Supplemental Information
(Unaudited)
Retail/LTC Segment
The following table summarizes the Retail/LTC Segment's performance for the respective periods:
Three Months Ended
March 31,
---------
In millions 2016 2015
----------- ---- ----
Net revenues $20,112 $16,951
Gross profit(1) 5,830 5,295
Gross profit % of net revenues 29.0% 31.2%
Operating expenses(1) 4,053 3,568
Operating expense % of net revenues 20.1% 21.0%
Operating profit 1,777 1,727
Operating profit % of net revenues 8.8% 10.2%
Prescriptions filled (90 Day = 3 Rx)(2) 305.1 241.3
Net revenue
increase
(decrease):
Total 18.6% 2.9%
Pharmacy 23.7% 5.3%
Front store 2.6% (3.6)%
Total prescription volume (90 Day = 3 Rx)(2) 16.0% 6.3%
Same store
increase
(decrease)(3):
Total sales 4.2% 1.2%
Pharmacy sales 5.5% 4.2%
Front store sales 0.7% (6.1)%
Prescription volume (90 Day = 3 Rx)(2) 5.9% 5.1%
Generic dispensing rate 85.7% 84.4%
Pharmacy % of total revenues 74.7% 71.7%
(1) Gross profit includes $4 million and
operating expenses include $57 million of
acquisition-related integration costs
related to the acquisitions of Omnicare
and the pharmacies and clinics of Target
for the three months ended March 31, 2016.
(2) Includes the adjustment to convert 90-day,
non-specialty prescriptions to the
equivalent of three 30-day prescriptions.
This adjustment reflects the fact that
these prescriptions include approximately
three times the amount of product days
supplied compared to a normal
prescription.
(3) Same store sales and prescriptions exclude
revenues from MinuteClinic(R), and revenue
and prescriptions from stores in Brazil,
long-term care operations and from
commercialization services.
Adjusted Earnings Per Share Guidance
(Unaudited)
The following reconciliation of estimated income before income tax provision to estimated adjusted earnings per share contains forward-looking
information. All forward-looking information involves risks and uncertainties. Actual results may differ materially from those contemplated by
the forward-looking information for a number of reasons as described in our Securities and Exchange Commission filings, including those set
forth in the Risk Factors section and under the section entitled "Cautionary Statement Concerning Forward-Looking Statements" in our most
recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
In millions, except per share amounts Year Ending
December 31, 2016
--- -----------------
Income before income tax provision(1) $9,330 $9,606
Non-GAAP adjustments:
Amortization of intangible assets 800 798
Acquisition-related integration costs(1) 61 61
Charge related to a disputed 1999 legal settlement 3 3
--- ---
Adjusted income before income tax provision 10,194 10,468
Adjusted income tax provision 3,974 4,082
----- -----
Adjusted net income 6,220 6,386
Net income attributable to noncontrolling interest (7) (7)
Income allocable to participating securities (30) (30)
--- ---
Adjusted net income attributable to CVS Health $6,183 $6,349
====== ======
Weighted average diluted shares outstanding 1,080 1,080
Adjusted earnings per share $5.73 $5.88
===== =====
In millions, except per share amounts Three Months Ending
June 30, 2016
--- -------------
Income before income tax provision(1) $2,069 $2,138
Non-GAAP adjustments:
Amortization of intangible assets 195 195
--- ---
Adjusted income before income tax provision 2,264 2,333
Adjusted income tax provision 884 917
--- ---
Adjusted net income 1,380 1,416
Net income attributable to noncontrolling interest - -
Income allocable to participating securities (8) (8)
--- ---
Adjusted net income attributable to CVS Health $1,372 $1,408
====== ======
Weighted average diluted shares outstanding 1,075 1,075
Adjusted earnings per share(4) $1.28 $1.31
===== =====
(1) Excludes anticipated
acquisition-related
integration costs for the
acquisitions of Omnicare and
the pharmacies and clinics of
Target for the period from
April 1, 2016 through December
31, 2016.
Free Cash Flow Guidance
(Unaudited)
For internal comparisons, management finds it useful to assess year-over-year cash flow performance using free cash flow. The Company defines free cash flow as net
cash provided by operating activities less net additions to properties and equipment (i.e., additions to property and equipment plus proceeds from sale-leaseback
transactions). The following reconciliation of net cash provided by operating activities to free cash flow contains forward-looking information. All forward-
looking information involves risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking information for a number
of reasons as described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the section entitled
"Cautionary Statement Concerning Forward-Looking Statements" in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
In millions Year Ending
December 31, 2016
--- -----------------
Net cash provided by operating activities $7,575 $7,875
Subtract: Additions to property and equipment (2,550) (2,450)
Add: Proceeds from sale-leaseback transactions 275 175
--- ---
Free cash flow $5,300 $5,600
====== ======
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SOURCE CVS Health Corporation
