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CVS Health's Q4 revenue increased to $93.8 billion

Fourth quarter revenue increased 11.9% from $83.8 billion in the prior year period, while revenue for the full year was up 10.9% compared to the prior year.
Sandra Levy
Senior Editor
Levy

A focus on care and value delivered strong fourth quarter and full year results for CVS Health, said Karen Lynch, president and CEO of the retailer. 

“With a focus on delivering care and value, we had a strong fourth quarter and full year in 2023 as we build a world of health around every consumer," Lynch said. "We will continue to drive affordable access to care when, where and how people want, while we improve transparency throughout the healthcare system,” 

The Woonsocket, R.I. company's fourth quarter revenue increased to $93.8 billion, up 11.9% from $83.8 billion in the prior year period. Its operating income for the quarter was $3.4 billion compared to $3.7 billion in the prior year period.

[Read more: CVS launches new pharmacy reimbursement model, brand for health services segment]

The company's adjusted operating income for the quarter was $4.2 billion compared to $4.1 billion for the same period last year.  

Diluted earnings per share for the quarter was $1.58 compared to $1.77 in the prior year period. Adjusted EPS for the quarter was $2.12 compared to $2.04 in the prior year period.

Among the company's full-year highlights:

  • CVS Health's revenues increased to $357.8 billion, up 10.9% compared to the prior year;
  • The company reported GAAP diluted EPS of $6.47 and Adjusted EPS of $8.74; and
  • CVS Health's generated cash flow from operations was $13.4 billion.

[Read more: CVS Health reports strong Q3]

CVS Health revised its 2024 full-year guidance, noting that upon finalizing the medical cost trend analysis for the fourth quarter of 2023 and recognizing potential implications for elevated medical cost trends in 2024, the company has:

  • Revised GAAP diluted EPS guidance to at least $7.06 from at least $7.26; 
  • Revised Adjusted EPS guidance to at least $8.30 from at least $8.50; and
  • Revised cash flow from operations guidance to at least $12.0 billion from at least $12.5 billion.
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