Cvs health market cap novemeber 2017

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Stock Screener. Historical daily share price chart and data for CVS Health since adjusted for splits. The all-time high CVS Health stock closing price was The CVS Health week high stock price is The CVS Health week low stock price is The average CVS Health stock price for the last 52 weeks is This takes into account the third quarter results at the top of expectations despite the impact of the hurricanes as well as favorability in the tax rate for the remainder of this year.

Now with only a few months left in the year, we are updating our revenue and operating profit guidance to better reflect our current expectations. These changes result in a narrowing of our consolidated net revenue growth range to 3. Turning to operating profit. Before moving to the fourth quarter guidance, let me quickly remind you of the timing factor affecting Q3, Q4 profit cadence.

In , we are seeing Medicare Part D members move more slowly through their benefits that we did in As I said earlier, this negatively affected Q3 profitability in , we expect it to positively affect Q4. You can find the details of guidance in the slides that we posted online before this call, but let me take a moment to point out a few items. For the fourth quarter, we expect enterprise revenues to be up 2. Additionally, enterprise operating profit is expected to grow by 5.

And as Mike said, we'll provide guidance at our Analyst Day in December. Our results in the third quarter and our expectations for the remainder of this year are evidence of our ability to execute on the plans that we've provided earlier this year.

We are committed to returning to healthy earnings growth and continuing to drive shareholder value. The steps we have taken over the past year position us well for the opportunities that lie ahead in the healthcare marketplace. We continue to work diligently towards the long-term targets that we provided at last year's Analyst Day. And with that, I will now turn it back over to Larry Merlo. We have always been focused on making pharmacy and everyday healthcare better for patients.

It has been and continues to be, for us, a point of differentiation. At the same time, we know there's more to be done. In terms of convenience, consumers want their medications on their schedules, and we've built a comprehensive network to serve those patients with a combination of 9, retail pharmacies in local communities all across the country and sophisticated mail order facilities, all of this powered by more than 30, clinical professionals.

Our mail order services provide a convenience that meets the needs of certain patients on maintenance medications. However, some patients prefer to get their medications immediately.

And for this group, there's no faster way than by walking into a CVS Pharmacy. Our pharmacists are readily available to provide counseling, answer questions and get a prescription in a patient's hands in 15 minutes.

It's also important to remember that one in five prescriptions have some type of clinical intervention that requires pharmacists' involvement. And with that in mind, despite the complexity and variation of regulations across all states, we built streamline connections utilizing both people and technology with insurance companies PBMs and providers to significantly and safely reduce the amount of time consumers have to wait for these issues to be resolved.

But there are also those with an immediate need who are unable to make it to a CVS either because of time transportation or mobility issues.

And today, we are announcing that starting next year we will bring the pharmacy to our patients' doorsteps, with nationwide next-day delivery from our stores.

And in select metro areas, we will even offer same-day delivery. Additionally, we're also announcing that we will offer free same-day delivery for pharmacy and a curated selection of front store products in Manhattan starting on December 4. We also recognize that medication costs are a concern for all patients. We use our deep connections with PBMs and insurance providers to help patients maximize their insurance benefit using our clinical expertise to find the lowest cost therapeutically equivalent option on their plans.

And we are investing in tools to make it easier for patients to navigate the confusing healthcare market and improve the understanding of their benefit designs. And we apply manufacturer coupons to help further reduce the cost. In addition, we aggressively source generic alternatives for consumers and use our scale to make care more affordable as we did with Adrenaclick, a lower-cost alternative to EpiPen.

We also continue to invest in our digital properties, including our highly rated retail mobile app. It helps patients manage when and how they want to receive their medications, set reminders and manage medications for their families all in one place. And to-date, the CVS Pharmacy app has been downloaded more than 21 million times. At the same time, we currently have 50 million people enrolled in our text message program which enables them to easily refill their prescriptions through their mobile devices and it's as simple as typing yes when prompted.

So I think you can see we have a solid foundation that's been built on compelling scale, unsurpassed reach and extensive pharmacy expertise. And we have a plan for how to do even more to make pharmacy an everyday healthcare even better. And we look forward to sharing this in more detail with you at our December 12th Analyst Day.

So with that, let's go ahead and open it up for your questions. Question-and-Answer Session. Thank you. Our first question comes from the line of Mohan Naidu with Oppenheimer.

Please proceed. Thanks for taking my questions. Larry, can you comment a little bit on what do you think of vertical integration to leverage your physical store location that can possibly influence the plan design in such a way that you can actually use the stores to deliver more care?

Yes, Mohan, we have always been very thoughtful in terms of how we can improve access, okay, and at the same time, ensure that the care that we're providing meets our quality standards. And you put those two together, okay, it results in improving outcomes and lowering cost. And I think we've demonstrated capabilities of doing that, whether it's the role it MinuteClinic plays or the role that home infusion plays. And it's something that we continue to evaluate and something that's always on our radar screen for evaluating and deciding what's next.

Just to follow-up on that, around the MinuteClinic, do you have any immediate plans to add more services than what you do right now? Yeah, Mohan, we have been — I think you've seen over the last couple of years where we have added services.

And we have in partnership with some of the health system affiliations that we have. We have begun to triage patients, where we are actively managing patients who have been diagnosed with some type of chronic care condition, in an effort to ensure that they're following their regimens of care, in an effort to keep them healthy.

Good morning. Thanks guys for taking the question. I'm going to follow-up on Mohan's question, Larry, a little bit, and there's obviously been a lot of talk about vertical integration. Can you talk about what you've seen in your non-pharmacy businesses as it relates to beneficiary steerage where you partner with payers?

I'm sure you see the claims information for people who walk into MinuteClinics or who use the home infusion business. I guess, from plans that you are more tightly aligned with, versus plans that you are tightly aligned with. And I guess, there's a lot of us sit here and think about the vertical integration story that plays out in the market. I guess, could you just walk through how you've seen between different partnerships and different segments in the book of business, how much the beneficiary steerage capability kind of enhances the offering?

Look, George, listen, I'll start and I'm sure others will jump in. But when you refer to steerage, we think about the role that plan design plays, okay. And if you look at MinuteClinic as an example, that's an offering that's available to our PBM clients, okay. And in some respects, it's a simple as some of the treatment and visits migrating out of the emergency room and into the retail clinics.

I think one of the other elements that we focus on is how does site of care become a variable, recognizing that there is a cost delta when you look at where that care is being administered. So if you jump over to infusion, we know that providing that care in the home versus in an ambulatory infusion site or perhaps in an outpatient segment of the hospital, there is a pretty dramatic cost differential there.

And so I think we have been able to demonstrate that our local presence, the fact that that can lead to direct engagement with customers and patients and as a result, produce better outcomes at a reduced cost. Hey, George, it's Dave here. I'd just add to that. If you think about moving members into one of our channels because we now touch many elements of healthcare given all the assets that we have, when those members move in our channel, typically what we have been able to prove quantitatively is we deliver better outcomes in totality to those members.

So there's an incentive to do that, number one, just from an outcomes perspective. And then secondly, it's not always about care delivery in the MinuteClinics, it's really about patient engagement. And to the degree that we engage with those patients, we can educate them on where is the best site of care or how best can they engage in the healthcare system at the most cost-effective point of entry. I think those two components really demonstrate our ability to improve outcomes and engage with that member to advance their journey on improving their healthcare.

Jonathan C. Hey, George, this is Jon. The only other thing I would add is that we see our clients offering an X or a range of plan designs that allow us to move patients into our channel. So one can simply be access to the patient where we explain to them that they don't need to go to the hospital for infusion, but they can actually get it done at home.

And so we see a lot of patients not even realizing they can do that, so that becomes an incentive. We see plans creating incentives to move them into one of our channels, which is — Larry talked about that with MinuteClinic and the reduction of copays.

And finally, there's the actual narrowing of the networks which we'll see for both Coram and some of our other assets. That's super-helpful. And I guess for my quick follow-up, either Larry or Dave, I think we're scratching our heads a little bit on what I would call the macro Rx softness. If you guys were trying to pick one driver to attribute to it, is it benefit design, is it copay design, is it payer mix, are you seeing an uptick in abandonment?

I'm just intrigued that volumes across the space continue to be pretty soft. George, we're not seeing anything that would tell us that patients are not taking their prescriptions as prescribed.

And I think if you look in the quarter, we've talked a little bit about the hurricanes, and I think that was tremendously disruptive because you see boluses of activity leading up. During the peak periods, you certainly see some unevenness in volume. And I would say that as you look at the seasonal related scripts, people are getting their flu shots, but we're certainly not seeing any incidence of the cold and flu season at this point in time. So that may be contributing a little bit to some of what we're seeing currently.

Okay, I appreciate the color. Our next question comes from the line of Charles Rhyee with Cowen and Company. Hi, this is James on for Charles. Same-store sales this quarter were better than expected despite the hurricane. Can you give us some insight into what drove that performance?

Hey, James, this is Dave. I think what we've continued to do is, I'll say, rationalize our promotional spend across the channel. And I think what's important as you look at same-store sales, it's probably more important to look at the gross profit yield on those. You're seeing our gross profit, certainly in the front, continue to improve on a sequential basis and a year-over-year basis.

And naturally the focus that we have. I would say, we were slightly better than expected, but I don't think our performance was out of line any major respects. Okay, great. Could you just explain why the shift in timing compared to last year? So mostly this was driven by the rate of beneficiaries using their Medicare Part D policy. And so they're moving through that benefit this year more slowly than what they moved through last year. And as you know, as the insurance company hits certain reinsurance corridors, the insurance company either earns, I'll say, higher profits during that period or actually can even be in a loss position during the timing.

Given that cadence of beneficiary utilization, profits this year are being shifted out of Q3 and into Q4. And so we have very good line of sight to that. And this is Jon. And then we're seeing less inflation. So I think those two factors is exactly what's causing what Dave explained.

Lisa C. Thanks very much and good morning. Larry, I just want to talk about the business model. And listening to what you had to say earlier of being paid for better outcomes, Dave talking about patient engagement, education getting paid around that, how do you get paid?

Do you have to own the vertical integration to truly be paid for that, or do you see a shift in the model where you start to take more risk like you do with other risk products, where the dollar amount that you're paid is based on some outcome or your pharmacist is getting paid for that incremental patient engagement, or is it just simply the script versus the MinuteClinic visit?

Lisa, it's Larry. Listen, when you think about our business model, you think about the fact that over several years now, we've assembled a series of assets that create countless touch points with which we can engage with the patient, with the consumer, in an effort not just to improve access to care, but create better outcomes, and in doing so, reduce costs.

So from an economics point of view, if we're not providing that fulfillment, then there's not an opportunity to do those other things. So we benefit from that share of going through one of our distribution channels. I think you've heard us begin to talk about the next evolution of that, taking elements of risk, and Jon can touch on the Transform Care programs, which we're in the process of marketing, at least beginning with diabetes and going from there.

And I'll use diabetes as an example. It continues to be a trend driver for plan sponsors, and that's both on the pharmacy side and medical side with 30 million people with diabetes. And so our Transform Care Diabetes program delivers on the objectives of lowering drug costs plus lowering overall healthcare cost. And then, for patients, we provide clinical support through diabetes coaching, pharmacist counseling, MinuteClinic monitoring, as well as digital solutions like a connected glucometer to help patients better manage their condition.

So, that's an example where payers are willing to move those members into our channel. We get value there, and we're delivering unit cost savings on the drug as well as lower overall healthcare cost. Okay, that's helpful. And then, just as a follow-up, Larry, your comments around CVS Health value proposition sounds like it's really geared towards all of the talk around Amazon and why CVS is well positioned even in the face of potentially Amazon coming into this market.

Is there anything that you think you could do better or how do you think about the Amazon's threat as it pertains to CVS? Lisa, listen, I'll start and maybe I'll ask Helena to jump in as well.

But your — in our organization and in our culture, we're never done, okay. So, we're always listening to our customers, and I think being good listeners helps us understand where they have friction points that we need to work to eliminate.

So, we think we do a good job, we think we've got a lot of ways in which we can serve the customer, and we're always looking for ways in which we can do that better. Helena B. I would agree. I think, Lisa, what we spend a lot of time talking about is serving the customer wherever, whenever and however she wants. And as Larry said earlier, getting a prescription in 15 minutes or less is super convenient, but we wanted to add on to that.

And so, that's why you see us announcing what we did today. But we're also doing even more just to make the in-store experience great, adding clinical programs. So, we keep pushing ourselves very hard to solve the customer pain points. Our next question comes from the line of Robert Jones with Goldman Sachs. Thanks for the questions. I guess just to follow-up on some of the announcements with the next-day delivery for all products and same-day for some, is there anything you can share as far as what you would expect the potential impact to be from this from a same-store basis and how it might impact the front-end?

I know it's early, but just curious if this — you guys see this as potentially a needle-mover on either of those fronts. And then, any costs you would highlight that would be needed to accomplish these accelerated timelines?

Sure, let me just start by saying that we have had 1, stores who've been doing home delivery for a long time. And part of what we did is we've really looked at that experience and said, how do we make it even better there.

It's still fairly small there even in those stores, and I would say that's because ultimately, we think the best experience for the consumer is one where she can toggle back and forth and decide, some days she wants to come into the stores, and some days she just can't get out of the house and we need her to do it — we need to get those prescriptions to her. So, whether it's our drive-through locations, it's our Curbside Pickup, we've been actively involved with Instacart, which we're now delivering from 2, stores.

We're pushing the envelope on basically serving the patient wherever she is. And so, it's too soon to know exactly what the impact will be. But we do know it's this holistic experience that the consumer is looking for, and I think we've got a set of experiences that gives us confidence this is an add-on to her holistic experience. In terms of the cost side of it, we do know that the cost per market can vary, but we've been able to use our scale to negotiate a low-cost competitive option that we think consumers will be willing to pay for, both in same and next-day delivery.

And we've been piloting, as I said, different options, so we have a good sense for the elasticity and price.

But we'll also be looking at options where maybe there will be free delivery with a purchase of some front store items. So we think it's that holistic review again of wherever, whenever and however she wants.

Got it. And I guess just a quick follow-up. The last two years, you guys used 3Q as an opportunity to give a preliminary outlook for the following year. I think in both cases, it seemed that the Street maybe was a little bit ahead of where that initial guide came out. This year, I'm assuming we'll have to wait till December for guidance. But could you share maybe the major swing factors that we should be thinking about as we look out into on a year-over-year basis?

Well, Bob, it's Larry. Maybe I'll start and Dave will jump in. And Bob, just for — our goal has always been to provide guidance for the following year in December at our Analyst Day. And as you heard from both Mike and Dave, that's what we'll be doing next month, and you shouldn't read anything into that. In terms of what you would think about as, I'll say, headwinds, tailwinds for , I'll start with some of the tailwinds. A lot of the network arrangements that we've been talking about, that certainly will drive Retail share next year.

As you heard this morning, we've had another strong PBM selling season. And the enterprise streamlining initiative that we began earlier this year will be in year two and the savings will outweigh the costs. On the headwinds side, we've talked — we'll continue to see the reimbursement pricing pressures. And I think when you think about what are the offsets to that, obviously, generic introductions play a role in that.

And at least at this point in time, we see contributing, but probably to a lesser extent than what we've seen the last couple of years. Great, thanks for all that.

I appreciate it. Our next question comes from the line of John Heinbockel with Guggenheim Securities. So, Larry, I wanted to start with — you're obviously doing a lot of partnerships with competitors, maybe people you hadn't partnered with in the past.

Maybe talk a little bit what's changed the last year or two, and you're doing it successfully, managing conflicts and then other natural limitations to working with those partners?

John, listen, I think that we have — the capabilities that we have created and the guiding principle of partnering with individuals or entities that as they grow, we grow, okay. I think that that has helped to create a real partnership where we can create a win-win scenario with that most important win being the clients and customers that we serve, okay.

And so, we have — whether you're talking about health plans or — we've got relationships with more than 70 health plans, and we've talked a lot about how — in the Med D space, how we've created a compelling offering, where SilverScript can be a competitor in the market.

But we can also support the Med D products for other health plans and how we've seen in the market that, through that relationship, they're growing faster than the overall market.

And I think the opportunities that we continue to see for innovation, I think, gives us the comfort level that even on the Retail side, we can partner with — as you pointed out, with — in a differentiated way from perhaps how we've thought about that in the past. So, I think we're pleased with the capabilities that we're able to offer and the value that that can create in the marketplace.

And then, just as a follow-up, one of those partnerships to a degree, I guess, is this performance-preferred plan with Walgreens. Where do you think that specific plan goes and more offerings like that go, correct? Because I think you probably agree that the two of you are probably the lowest cost providers out there. So, is this a way to get maybe one of the lowest-cost networks in the market? Well, John, let me start and then I'll flip it over to Jon. You've heard us say for a while now that the market has been focused on network constructs with CVS or Walgreens, pick one, okay?

And we've been talking about, as healthcare migrates to more value-based care or outcomes, that the market may not be thinking about it in the right way that the networks are not going to be based simply on unit costs.

They're going to be based on unit cost and the ability to affect outcomes through clinical performance measures. So, at the end of the day, that's what this network is all about.

And John, this is Jon. So, the power of being able to lower overall healthcare cost, I think, really has been underappreciated by the market.

And so, this network with — that we're calling high performance network with CVS, Walgreens and independents does deliver unit cost savings. But I think even more importantly, it delivers clinical outcomes. And part of the reimbursement to these pharmacies will be based on their ability to deliver clinical outcomes. So, we've selected providers that we believe have the best capability. And as I am out in the market talking to clients, we have not seen as much penetration in narrow networks as we historically have seen, because it was historically unit cost savings.

But as we add this clinical component, we're seeing much more interest in moving down this path. Our next question comes from the line of Eric Percher with Nephron Research. So, maybe combining those questions around partnership and profit, it seems very clear that the relationships you've created have come based on clinical outcomes in part and that also we've seen a change in market pricing and there's that ability to deliver lower cost.

How should we think about the impact next year? You spoke about reimbursement. Is there a change in the way that you've looked at the returns required in order to enter these contracts and any type of material impact for or even looking out further? What's the balance between partnership and profit? Hey, Eric, this is Dave. We can't give you a ton of color on that at this point in time.

It'll be something we'll discuss at Analyst Day. I will say that our — that conceptually, intellectually how we've thought about this has not changed. Obviously, we underwrite each one of these — I'll say underwrite. We look financially at each one of these relationships and make sure that it's both good for the client, good for the member and good for us, both short-term and long-term.

So, I think our approach to this is pretty disciplined. Our next question comes from the line of Alvin Concepcion with Citi. Thanks for taking my question. Generally, could you — just wondering if you could reach your vision of improving outcomes, creating a holistic experience, driving share to your distribution channels, can you do that with your current business?

I know you've been doing more partnerships to improve those. But down the road, is it becoming harder to create a win-win scenario, as there's more encroachment on your PBM business, for example? Hey, Alvin, this is Dave. I think our business model, as we think about how it stands today and we think about the evolving healthcare marketplace and landscape, I think we're very nicely positioned here. The assets that we've assembled really engage members and lower cost and provides a really robust access point into healthcare.

And I think if you look for the next 3, 5, 10 years, those elements are really critical. So, we do like our business model. And you've talked in the past about people migrating into retail out of mail.

I'm wondering if you could elaborate more on that. Can you talk about what happens when a network that may have been very restrictive in favoring mail order allows a retail option, how sizable are those very restrictive networks, and what have you seen when people switch over?

Our experience is pretty complete in this area, because if you look at our book of business at Caremark when we've sold-in Maintenance Choice and given members now options to either utilize the mail channel or utilize the retail channel, within six months, we see about half of the volume move out of the mail channel into the retail channel.

I think what's unique about our business model, and Helena touched upon this a bit, is we're creating a model here where the consumer doesn't necessarily have to choose consistently they're going to use mail or they're going to use retail.

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